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Is changing an offer acceptable?

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  • Is changing an offer acceptable?

    Since agreeing the price on our first flat some 12 weeks ago there has been alot of negative attention on the housing market.

    Would it be acceptable to attempt to renegotiate the agreed price to reflect any fall in prices in the time it has taken to exchange?

  • #2
    Have you actually signed any contracts or made any binding offers as yet?


    • #3
      Providing you have not signed contracts, then yes you can renegotiate.

      I have done this a number of times , right up to the date of exchange


      • #4
        Hi there,

        When I was buying my house around a year ago, I too wanted to renegotiate on the rate. I did not know if that was possible. My conveyancing firm Convex told me that I can renegotiate on the price until the contracts are signed and exchanged. I renegotiated and got a good rate on our house. Hope that was of some help to you. Bye and all the best.


        • #5
          Should be possible...just they might not like that too much and search for a higher bidder.


          • #6
            I would hate that if it were me, but these days, as it can be done I would give it a try.
            Pinoso Property Property Murcia


            • #7
              Don't forget --- Who dares - wins!
              Pinoso Property Property Murcia


              • #8
                I am thinking about doing the same thing as we put an offer on our house some 3 months ago but due to unforseen circumstances havent actually completed the purchase yet - during which time the prices have plumetted.

                I suppose there are moral issues there, and it depends how cheeky you are prepared to be, but like Rebecca says, who dares wins!


                • #9
                  Chipping your price at the last minute is always an option. It's really a moral question. Personally if I thought the property really had dropped in value since agreeing the purchase price, I'd go back for a chip.


                  • #10
                    You are entitled to withdraw / renegotiate at any point up until exchange of contracts.
                    Worldwide Financial Planning is a specialist independent provider of Large mortgages.