We have been looking for a flat in London for about a year. Before we found the current property, we had put offers in for 3 others flats. Each time we had offered over the asking price, and each time we had lost out, either to a higher offer or to a cash buyer. House prices is London are going crazy…
In late January we found a property advertised for £285k. With house prices going up so quickly, and with it being very rare to find a property in the area for under £300k, we offered £297k. Our offer was accepted, and from what the estate agent said, it sounds like we could've offered quite a bit less and still been accepted.
Since January, house prices have shot up even further, and it is now very rare to find a flat for under £320k in the area. The flat next door, which is very similar (although in a better cosmetic condition) sold for £320k in February.
We have our mortgage sorted now and the legal side is progressing. A few weeks ago we had the results to the Home Buyers survey, and it pointed out that there was some damp. We have had a couple of builders in to give quotes, which are in the region of £2k. My sister, who is an architect, also feels it will cost about £2k to fix the damp.
So, we want to reduce our offer by £2k BUT we do not want to risk losing the property. When is the best time to re-offer? Do we want to wait so that the seller is less likely to pull out? Or should we not bother risking the purchase for £2k? Also, is it horrible etiquette?
Read more: When should we reduce our house offer?
