Withdrawing offer

havana

What is the process for withdrawing an accepted offer (sale agreed, no contract yet)?

Do I go to the selling agents or is it via my solicitor?

Thanks

Horusire

Can't answer your question however I am sale agreed on a property at the moment and a lot of people seem to ask me if I plan to sign contracts due to brexit etc.

Is this why you have decided to pull out?

havana

havana wrote: »

What is the process for withdrawing an accepted offer (sale agreed, no contract yet)?

Do I go to the selling agents or is it via my solicitor?

Thanks

Both usually, if you want to keep your options open on future houses being sold by same EA, you might want to give them a heads up as to why you changed your mind. Otherwise they may not be inclined to consider bids from you on other properties.

havana

Thanks to you both.

Horusire, no, following the survey it just requires too much work, adding min 20k to the cost. It's not worth that to me. I'm not factoring in Brexit. I need to move....I am getting decent equity from my own place so happy to keep going on the right house.

Thanks Dav010, hadnt considered that aspect of it. They would usually have a few properties in the area

the_syco

havana wrote: »

Horusire, no, following the survey it just requires too much work, adding min 20k to the cost.

Would you give a new offer, minus the amount needed? If they say no, walk.

Millionaire only not

the_syco wrote: »

Would you give a new offer, minus the amount needed? If they say no, walk.

I’ve had a client drop the price at last minute letting on they can’t come up with it last 15k !
It’s worth a gamble to see would they take it !

havana

I have considered it, done all the figures but I'd be surprised if they'd drop by as much as I would need and even then the amount of work needed would be pretty disruptive which doesn't really work for me.

If you’re looking to keep an agent onside then an insulting offer probably won’t do that. I’d still make it and not worry about them, but it’s worth a thought.

boege

I pulled out and just told my solicitor to sort it. Bizarrely, if the sellers solicitors had got the contracts out on time, I would be probably living in a different house no. The delay allowed a better opportunity to come back.

Personally, in this circumstances you describe, I would pass back my reason for pulling out. It can only help the seller to know why a buyer pulled. Your reasons sound legitimate and they should understand your point of view.

silver2020

Just be straight up and honest. Call the estate agent. Say that after the survey, the work needed is too much and just doesn't suit you. Ask the agent if there are any similar properties on his/her books.

Agents get this regularly especially if a house needs some work.

Dolbhad

silver2020 wrote: »

Just be straight up and honest. Call the estate agent. Say that after the survey, the work needed is too much and just doesn't suit you. Ask the agent if there are any similar properties on his/her books.

Agents get this regularly especially if a house needs some work.

Pretty much what I would do.

havana

silver2020 wrote: »

Just be straight up and honest. Call the estate agent. Say that after the survey, the work needed is too much and just doesn't suit you. Ask the agent if there are any similar properties on his/her books.

Agents get this regularly especially if a house needs some work.

Yes this is basically what I did today.

Thanks all