Q I am a first-time buyer and I recently made an offer on a place. The style and interior of the property exactly matches what I have been looking for, but its location is not what I had hoped for.
I am afraid that because of my fondness for the property itself, I might have offered too much. Can I withdraw the offer? Nothing substantial has commenced to date, as I have only informed my broker and instructed a solicitor but am yet to sign anything.
Should the seller be willing to reconsider the price I might be more keen on continuing with the transaction. Please advise me. WW
A Yes, you can withdraw your offer. Until you exchange contracts you are free to change your mind about your offer without any financial penalty. However, to be fair to the people selling the property you should let them know as soon as possible.
If you like the place but not the location I am not convinced that lowering your offer is going to help. If you don’t like the area, whatever price you pay isn’t going to change the way you feel. Unlike the décor of a property, you can’t change the location. So I wonder whether you might be better off withdrawing your offer completely and looking for somewhere in an area in which you would be happy living.