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.