Buyers asking for £60k off just before exchange

[Loobydoobies]

Just as the header says. Suddenly wrote us a long letter ranting about interest rates etc, and asking for a huge discount.

We live in an area where property is scarce and holding its value ATM due to that. Told agent to tell them where to go. I am furious as we will lose our dream home.

Mortgage applications rose sharply following the Covid Lockdown/Stamp Duty holiday announcement. There were so many purchases, conveyancing solicitors were inundated with clients; searches, surveys and enquiries were all backlogged. It was common for properties to be sold within 24 hours, for thousands over asking price. I struggle to remember that happening before.

Now the stamp duty holiday has ended and interest rates have risen, there will be a natural correction; so your 40% decrease is from an over-inflated market of applications anyway, and not a helpful statistic in terms of evaluating the current demand.

Applications always naturally decrease in uncertain times, especially after interest rate rises, and lots of potential buyers are waiting and 'seeing what happens'. Home owners are also delaying moving/upsizing due to uncertainty. It doesn't mean there's less demand.

Stick to your guns! We've had a few of these 'types' in the past and, ultimately, it became clear that they didn't have their finances in order. Also, if you agree to this I guarantee they will push for other concessions. Plenty of more genuine buyers around the corner,

Thank goodness that 2 months and 17 pages of posts, @ValSand1 is finally here with their words of wisdom 🤣🤣bless

The 40% drop seemed to coincide with rates hitting 5%, I would say that indicates less demand for home loans at higher interest rates (many people posting on the housing market like to confuse need for shelter with wanting to move house, MSE property boards used to be very bad for this, but a moments thought tells us that everyone thinking about a mortgage already lives somewhere!) The drop in mortgage applications for the U.S was the biggest since 1995 (didn`t check the UK figures) so globally I would say it is more to do with the price of debt than Covid etc.

@ValSand1 Thankfully a happy ending up thread :) It's moving week!

@Loobydoobies Congrats! 🍾

I hope the move goes well!

In my area, rents have gone up around 25% in the last three years. It's madness.

... And not be able to think that in the 2 months since the OP posted, things might just have been resolved...

Or does your "dipping' in mean you are far too busy to read the date of posts 🤣 unlike us lesser mortals who luckily have the 0.2 seconds it takes

Unprofessional. A deal is a deal. As a buyer (FTB), the agreed price is the agreed price unless there was major significant repair needing done. I know someone who asked for £2K (for engineer and labour cost) to be knocked off from a £210K deal because there was a significant repair needing done for a leak and even so both parties were professional and comprised just tiny bit for the sale to go through. Whole thing was not cheeky but a genuine negotiation.
just shows you their credibility and likelihood to pull out of deal later on again.

And? Doesn't take a brainiac to think after 17 pages things may just have been sorted

You have never once revealed anything about your own property circumstances, not even the faintest whiff of information in fact @CrashyTime

you just come on mumsnet, pull out your soap box and try to educate us all

Intriguing

would you provide a nugget of info re your circumstances?