AIBU to decrease house price offer?

[Onefortheroad1]

Our offer on a house was accepted in late summer. Since then obviously there has been a lot of upheaval, lots of mortgage offers pulled, rocketing interest rates and house price drops widely expected.

If you were buying would you seek to renegotiate and lower the price because we are not committed to buying yet and the economy has got significantly worse since our offer was accepted? Or do you just think this is part of home ownership and we should proceed as agreed.

If it makes a difference the sellers have lived there for a while and the value of the house has increased significantly so I think they are mortgage free so a lower offer won’t push them towards negative equity or a financial loss.

I want to be fair and reasonable to the seller but can’t afford to overpay as prices come crashing down.

Crappy thing to do you have no idea of their financial situation.

But prices havnt dropped yet

It’s really bad form
you could try but I think it’s pretty crappy
if I was the seller i would refuse
that’s the nature of buying and selling

also you’re making a lot of assumptions about the sellers financial position and assume you have no idea what it really is

So if you were to reduce the offer, how much by? I think that would sway me. If it wasn't much I'd probably suck it up but if you are talking about 20K then yeah, I think I'd consider reducing.
Can you find out what similar properties are being marketed for now?

It's a really shitty thing to do.

I want to be fair and reasonable to the seller but can’t afford to overpay as prices come crashing down.

Some properties are seeing reductions but many others are still selling for close to or above asking price. Where are you that prices are crashing down?

Asking for a reduction would be a shitty thing to do, if you sold in the summer then you could be close to exchange / completion.

You can try. If the house is in a half decent area, the buyers would and should pull out and re market for a higher price.

The sellers I mean.

You could if you really wanted to. It depends whether you are happy to run the risk of them putting it back on the market. This happened to us a while ago and we put it back on and had a new buyer by the end of the week.

Our buyer dropped their offer by £60k on the day of exchange.

its the single most crap thing you could do in this process.

If I were th I would be telling you where to go and not let you buy the house and refuse any other offer.

People who do that are normally called cheeky fuckers on here.

Bit surprised by some of the responses. People you are buying houses from aren't your friends. If the market had changed you can change your offer. They can say no.

I’m assuming your mortgage offer and rate are reflected at summer rates? Therefore you won’t be paying more due to BoE increases

yabu

Are you buying with a mortgage? If so, your bank will tell you what they're happy to lend, I'd only change the offer if the lender came back with a lower valuation.

You should honour your offer unless there was an adverse survey.
You risk losing the house if you piss off your vendors.

So you're in an agreed chain and you now want to reduce your agreed offer? To take advantage of fluctuations in the market of house prices having a slight downturn for a temporary period?

It is an awful thing to do.

If you were my buyer I would send you packing and refuse to sell to you

You've had plenty of time to get this sale progressed since 'late summer'. It's a dick move.

I mean you can but I can’t imagine why they’d accept your offer

Presumably you have a mortgage offer locked in now? I think it would only be reasonable if you genuinely can't afford it anymore and it's either that or pull out totally. From what I've seen house prices haven't really dropped as yet, so if it's just because you want to save yourself some money you aren't being reasonable.

Is it possible your mortgage offer would then need to be reissued? Would they honour your rate?

Once you do a dick move like this, don't think estate agents won't remember you for it.

They hate buyers like this .

Vendors hate buyers like this.

It's all done in good faith at the time as everyone knows it takes months and months for chains to get to exchange and completion.

I'd say good luck in finding your future home when your vendors get pissed off and the many ways this EA don't help you after this move, last to view the good stuff...

Selling my house and buying myself, EAs definitely can help you or hinder you in your search. And negotiate for you or steer people clear of you if they think you'll rank another sale completion. They have long memories and keep notes ...!

*tank another sale
Not rank

People don't seem to have a problem with pulling out of a sale & re marketing at a higher price or accepting a higher offer later on in the process or asking buyer for more in a sellers market so I think it's fair enough.

But you need to factor in your risk, are you prepared to walk away? will you need a newer more expensive mortgage?

I wouldn’t want to sell to someone who did this.

It is merely a business transaction that is true but most would be on here wailing if someone did the same to them.

Just because they are fortunate enough to be mortgage free/have made money/won’t be in negative equity is not a cue for a random person buying their house to be requesting a share of their good fortune.

I’d call your bluff- I assume you have a mortgage rate agreed, if I the seller pull out and you offer on another house wouldn’t your rate be higher?