Skip to main content Skip to footer

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 (2)

Was this question useful? Yes 0 No 0

Sort by: Oldest | Recent | Highest rated

  • As you said you will learn from this experience. Whilst you don't want to lose the property, it's also clear that you don't want to pay the £125k agreed. I would go back to the agents now and try and renegotiate before you or the vendor has any associated costs. Yes you run the risk of the vendor saying no, but you have nothing to lose, and if the agent did "hard sell" then I guess he or she is confident they will find another buyer if a deal can't be struck with you. I think this is a case of honesty is the best policy, good luck and hope it works out for you and if it doesn't then it wasn't meant to be.

    Answered on Jun 10 2013, Report content
  • Darrins advice is spot on

    Answered on Jun 13 2013, Report content

Didn't find what you were looking for? Ask a question

More House Prices in Guildford questions on AskMe

See more AskMe Q&A about House Prices