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    Buying a house, can you decrease your accepted offer?

    I am buying a house in Cambridge area, I made an offer of 3% less than asking price whcih was accepted after negotiation. This was 3 weeks ago. Since then 3 houses I've seen before has had like 8% price reductions. Should I decrease my offer, and when. I know it is legal as no contracts signed but is it acceptable. This is my first house so I have no experience with this. Thanks in advance

    10 Comments

    Legally you can.

    But in all honesty, it is not generally done in practice as you and the Seller have an agreement. When you made your offer, you must have felt you had made an offer which reflected the price of the property.

    You must also remember that you could be in a chain and if you decrease your offer this could have a knock on effect for your Seller on the property they are buying.

    You will also need to have your mortgage offer changed if the purchase price changed.

    Hope that helps.

    if it were me id change the price no problem , think of number 1 i done it on my first house and my offers were excepted ended up saving 6k

    Bear in mind they might also tell you to go swing. They may have other offers that beat your 8% drop meaning you would lose the house you want to buy. Add to the fact they may then refuse to deal with you out of principal if you were then to increase again by deciding you are probably a timewaster. Up to you at the end of the day, but I would stick to what I offered. Someone tried it on me once the day before exchange and dropped his offer by 10 grand. He didn;t realise that I wasn't actually selling to buy again, so I told him where to go, surprise surprise next day he increased his offer back to the original but by then I took it off the market and decided to rent. His side of the chain collapsed and he ended up looking like a fool (or homeless!)

    Bear in mind how you would feel if it was reversed and he came to you asking for more because they had received a higher offer??
    If you are that unhappy, withdraw your offer and look elsewhere, as the other guy said, if you did it to me I would tell you what to do with your decreased offer

    Have u had a survey yet? If not, wait till results are in - they will probably find some niggles and you can use this to negotiate. As others have said tho, be aware that they might not agree. The further u go on with the purchase the more the costs add up - legal fees, searches, surveys etc. so work out soon if u wanna continue.

    Banned

    What others have said - how much do you want the house, and are the desperate to sell?
    I sold my house last year, wasn't desperate, accepted an offer then 4 weeks later he told me he wouldn't pay that and would only pay £5000 less (about 8%).
    I told him to get stuffed and refused to sell to him even when he went back to his original offer. He had already spent money on a full survey (which didn't show anything bad) and solicitor's fees, so he lost money by being a dick.
    However if I was desperate to sell I would have probably taken it.

    Have a look on the land registry site (or houseprices etc) and see what they paid and when, if your new offer isn't going to cover the debt on the property then theres probably even less chance he will take it

    What I would say is - if you had to negotiate the 3% - how hard was it?

    Do you really want the house and no other house will do?
    If so, I would not risk it, if someone did this to me after verbally agreeing a price, I would not be too happy especially if my sale was reliant on me buying my next property.

    On the other hand, if it is not your dream house and you feel like looking elsewhere, you have nothing to lose.

    TBH 3% less than asking price is not enough. Prices are falling. Go for 20%.

    Personally if you done a deal with me bid and then excepted a price, then kicked and bid less I would tell you to go and **** yourself, even if it meant I had to starve as a result of the deal.

    I must be old fashioned, my granda used to spit in his hand then shake, all that jazz.

    Dont be offended though, you asked the question

    BlinneOrlaith

    Personally if you done a deal with me bid and then excepted a price, then … Personally if you done a deal with me bid and then excepted a price, then kicked and bid less I would tell you to go and **** yourself, even if it meant I had to starve as a result of the deal.I must be old fashioned, my granda used to spit in his hand then shake, all that jazz.Dont be offended though, you asked the question



    Hope its not your house OP buying
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