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Is it too late to renegotiate after a deal has been agreed?

I am a first time buyer looking for a buy to let property. I found a property that I really like in the town centre (yield over 6%). However due to naivety on the advice of the estate agent put a bid at full asking price to take the property off the market (there was a real hard sell by the estate agent). The vendor has now accepted the offer. However I feel I offered about £5000 more than I should have by bidding at full asking (£125k). I am now wishing I had started with a lower offer and then worked up, I know its a lesson I'll learn from. Do I have any options for renegotiating after the deal has been agreed? There may be some unforeseen work in the kitchen area that would give grounds for renegotiation. I don’t want to lose this property or aggravate the vendor so they pull out on me and I haven’t instructed a solicitor as yet.

Asked on Jun 9 2013, House Prices in Guildford | Report content

Answers (1)

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  • No it's not uncommon to re-negotiate a deal although it can be hard if the market is strong in that area. There is always no harm in trying. It is a common saying in property that you make your profit when you Buy the property so get the best deal you can. Don't worry if you miss out there will be others

    Answered on Jun 10 2013, Report content

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