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

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

    There is a property that I really like in the town centre (yield over 5%). Its a wonderful 1 bedroom studio with a great view and has a lot of interest from letting agents. Furthermore I wanted this property from the very start but someone had already made an offer when I began looking for buy to let properties. The estate agent also said it was under offer and the person had put in a few thousand less than the asking price. The vendor also wanted a quick sale as he is funding a London theatre show and I am a cash buyer.

    Then last week unexpectedly the estate agent called me to say the previous buyer had pulled out and the property was available. So I rushed over there and 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. 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? 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.