If I have given an offer price to buy a property 3 months ago, now I want to lower the offer price again, can I?
Asked on Dec 13 2010,
House Prices in London |
You can, provided you have not yet exchanged contracts, but be careful as some sellers will take exception and refuse to sell, also have justified reasons as to why such as survey, comparable houses etc.
Answered on Dec 13 2010,
It depends if the offer has been accepted. If it has been accepted and you are close to completing, it is slightly unethical unless you have some reasons. But while it might be unethical, it is not illegal, as anything can be negotiated right until the contracts are signed and exchanged.
If the offer was not accepted, and the property is still on the market, you can offer a lower price. There's no harm trying; the seller might have been too confident in the value of their property 3 months ago, but after those long weeks of no sale, they might now be more willing to accept your new offer.
Answered on Dec 16 2010,
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