Hey all, need some advice. Accepted an offer for 400k for our one bedroom flat in Bow, then all of a sudden buyer’s telling us that his mortgage conditions have changed and now he can only afford to offer 385k max. Pre-Brexit we were told we can expect 420k, it’s a gorgeous flat in Bow Quarter and we have spent a lot of time and care in renovations.
Should we rent it out to weather this shit economy storm, or accept the much lower offer? We have moved home to Melbourne and are hoping to buy as soon as possible as currently we are just renting here.
Without the money from the flat we can just scrape by to buy within the area we want to buy in, perhaps slightly further out or getting a slightly more run down place.
Just hate taking too big a blow to what we hoped would be a decent investment/ lovely piece of London that we get to own.
Thoughts?