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Thinking of pulling out/asking for a reduction?

(45 Posts)
peardroplets Fri 24-Jun-16 13:15:53

We're buying a house for £265000 and the surveyor had already said it was overpriced. We decided to go ahead at that price nonetheless. But obviously with brexit spooking the market I'm getting very nervous that we're overpaying. Would you renegotiate and if so by how much? We're not really experts at this game and I was worried enough about it as things stood before the Brexit vote...

downright Fri 24-Jun-16 13:28:11

If I were your seller and you tried that, I tell you to fuck off and pull out myself.

CotswoldStrife Fri 24-Jun-16 13:35:03

There must have been a reason that you wanted to pay more than it was worth in the first place - what has changed for you now with the Brexit?

If I was the vendor, I'd be pretty hacked off too if you tried that!

MadameCholetsDirtySecret Fri 24-Jun-16 13:43:08

How would you have felt if remain had prevailed and the vendor increased the price ?

peardroplets Fri 24-Jun-16 13:55:01

I realise the vendor is entirely within her rights to tell us to do one however there is no denying that the market is now very different beast than it was 24 hours ago. It is either this is or possibly pulling out of the purchase completely.

If the vendor did that Madame i would take a view in the market exactly as I am trying to do now and consider whether I thought we were getting a good deal.

Costacoffeeplease Fri 24-Jun-16 13:59:01

Pull out if you've got doubts, don't try and negotiate downwards you'll just get their backs up. Surely you realised this was a possibility when you agreed to buy the house?

peardroplets Fri 24-Jun-16 14:09:45

Of course it was a possibility but we were negotiating in the market at that time in which the possibility obviously wasn't priced in properly if you see what i mean. If we'd have made a low offer then we would have been refused as it was a bouyant market.

Thanks for your advice. We will think it over over the weekend.

sall74 Fri 24-Jun-16 14:15:04

Had a msg from an estate agent friend of mine at lunch time... their phones have been ringing off the hook all morning with buyers withdrawing or reducing offers.

Imperialleather2 Fri 24-Jun-16 16:02:34

I'm a solicitor and no deals have fallen through here. It's all very much business aa usual.

Utterly ridiculous panicking presumably you still need somewhere to live and you still like the house. What has changed with thr brexit vote that you no longar need somewhere to live.

Everyone just needs to calm.down a bit.

JE678 Fri 24-Jun-16 16:08:27

Well said imperialleather, we are exchanging next week on a property at the price agreed long before the referendum. Time will tell what the impact on the markets will be but it's too early to panic.

Northernlurker Fri 24-Jun-16 16:25:12

I think you're being silly OP. It was overpriced yesterday and you were ok with it. Now you're not? Get a grip.

peardroplets Fri 24-Jun-16 17:48:08

Thank you people for your 'robust' comments. I appreciate that a lot of people on this thread might be in chains where you are vendors as well and that you would be perfectly within your rights to be peeved at people like me.

However I still believe I asked a legitimate question given that I am on the eve of the biggest financial transaction of my entire life after a day where an enormous sh*tstorm has been unleashed on the world economy and experts are now predicting a 10% drop over two years.

In my position as a purchaser would you really not have felt a slight anxiety and want to seek advice on this as I have done on this forum!??

Anyway vent away if you wish. But I am genuinely interested in opinions particularly from those who are purchasers only as to what you are doing.

Thank you the solicitor for your input, that is interesting that you have not seen the panicking that others are reporting and that is being reported on Twitter and in the press.

alazuli Fri 24-Jun-16 17:52:41

OP i think your worries are entirely legitimate. i'm a ftb as well and due to exchange soon. think i will also ask for a reduction as it's not a place i can see myself in for a long time (but the only thing i can afford right now). if you look on other forums there are a lot of people with the same concerns.

Imperialleather2 Fri 24-Jun-16 18:17:44

Sorry if I was harsh I just think there is a lot of scaremongering.

It will come down to you Ltv and if it drops 10% then will you be in negative equity.

The other school.of thought is that if the pound is week property will attract even more overseas investment and prices may go up.

I thinjbyou were spooked before brexit.

alazuli Fri 24-Jun-16 18:25:49

i think the problem is buying a house is such a huge purchase that it's hard enough as it is not to get buyers remorse. add to that over inflated prices and now potential financial disaster, well, how can you not be scared??

peardroplets Fri 24-Jun-16 18:37:58

Thanks ladies. Exactly alazuli. My DH has just got home and thinks I'm panicking so we will certainly not be making any rash decisions just yet smile

alazuli Fri 24-Jun-16 19:24:57

i would say if it's a place you can see yourself in for a long time then i would hold your nerve and just got for it. if there is a drop/crash there might be less supply. long-term house prices always go up.

specialsubject Fri 24-Jun-16 19:33:14

Interest rates may go up (some of us would like that, some wouldn't), or down (ditto)

Jobs are never stable. Negative equity happens.

justbogoff Fri 24-Jun-16 19:34:54

I would.

Sleepybeanbump Fri 24-Jun-16 19:53:45

The 'logic' that people still need somewhere to live etc etc is not v convincing. In the beginning of the last recession the market, after plummeting, then dried up almost totally for 6 months. Since we are entirely possibly on a brink of another recession, it's not unreasonable for buyers to assume that they might be about to get burned falling values, negative equity etc, or are spooked by potential job losses etc not to mention that they might get a better deal in a few months if prices drop.

wavingnow Fri 24-Jun-16 19:59:38

I would too. It's a big decision not one to rush ahead into without thinking seriously about your hard earned money and what the future might hold.

Lonecatwithkitten Fri 24-Jun-16 21:04:28

I would have a really close look at what has happened to properties on rightmove today in my area about half of what was on the market went under offer today.

user1466799132 Fri 24-Jun-16 21:20:16

I had to join because some of the comments in this thread are cringeworthy. One of comments is "If I were your seller and you tried that, I tell you to fuck off and pull out myself."

House prices are absurd and have been for a long time, they are selling 30/40/50% more than they actually should be selling for. Finally an event has occured to re-address the balance and in my opinion rightly so and the ones who have been feeding off this imbalance are crying unfair?

Too damn right buyers should be withdrawing their offers or reducing them. We've got our kids and grankids to think about. The average age of a FTB is higher than it's ever been before and people are concerned about their own little situation and their equity bla blah.

I hope house prices drop (initally a big drop and then later a gradual one) to about 25% of where they are. It's for the good of the next generation so they can finally get on the ladder with a deposit that amounts to more than 5% or 10%.

user1466799132 Fri 24-Jun-16 21:22:01

My advice to the OP, don't buy anything for the next month. Absolutely do no under any circumstances, whether as a home or an investment. You will be throwing away money.

Sit it out like most sensible people. Unless you have an absolute need to, don't even contemplate it.

Sootica Fri 24-Jun-16 21:25:13

I would think hard about it if I was a first time buyer and putting down a hard saved deposit and needed to upsize in the next 10 years. Trading up, not so much if I was happy to stay put for a while as my property also selling at overinflated prices although of course the gap would narrow, I firmly believe house prices are overinflated and there was a crash coming regardless but brexit now likely to be the trigger.
House buying is a massive financial commitment and it should make absolute financial sense.

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