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Original poster

yet more property advice for custy

34 replies

Tortington · 11/05/2008 22:47

and i know you are all going to say " oh yes i would do such and such" but i want you to try and think like me

ok dh and i are really embarrassed about the whole money thing - its ridiculous i know - putting offers in etc - we cant be cutthroat - we cant.

so we put an offer in on a house that is just in THE most perfect location.

the price at the time in february was fair and in fact we got told ( by their estate agent so could be pile of shit) that it had been reduced by 25k becuase the woman was pregnant and they were desperate to move, the previous buyer couldnt get a mortgage and they had put an offer in on a house.

we have been dicked about selling my mothers property which all fell through recently and so we are getting a bigger mortgage and buing the house anyway and just waiting until mums house sells - cos it will but it might be months.

so consequently as we have been dicked about - we have in turn dicked about this couple who have now had their baby.

if i was like lots of mumnsetters who are self assured and confident i would like to say to estate agent " the market is on a down turn and therefore as we are getting a larger mortgage, we have done the survays and we can exchange rapido - we want to reduce our offer by 5k"

but i feel like such a shit as does dh.

so dont just sya " go for it" imagine you are not confident in these matters and the mere phonecall doing this scared crap out of you

also they might say " you have dicked us about for months - fuck off am not selling to you" might they?

another factor on the other side is that i have never asked them to take it off rightmove, and although we have an offer in we never signed anythng - so presumably if someone had come along with a better offer they could have sold it to them?

lots of questions there - all higgledy piggeldy - not sure if it makes sense

OP posts:
CoolYourJets · 11/05/2008 22:51

If they had had a better offer they would have taken it.

5k in your pocket or theirs?

I think what you are saying is fair. You are giving them the chance to say no and you can always complete on the original price if they won't budge/

Saturn74 · 11/05/2008 22:53

Put it in writing, Custy, thereby avoiding face to face embarrassment.

Original poster
Tortington · 11/05/2008 22:54

ohhh i know my pocket is best

but actually saying it?

and they have been waiting on us for ages.

OP posts:
Original poster
Tortington · 11/05/2008 22:54

who would i write to?

thats a chuffin great idea?

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Pavlovthecat · 11/05/2008 22:55

I really dont think you will lose out if you ask for less. If they say no, you can proceed as normal if you choose.

Yes, they could say, well screw you then, but they are unlikely to do that, as if they have waited this long they will just as desperate to complete as you are.

They will either say yes or no, think you are not likely to lose for asking, not in the current climate.

Sobernow · 11/05/2008 22:55

This reply has been deleted

Message withdrawn at poster's request.

Saturn74 · 11/05/2008 22:55

Write via the estate agent.
They'll be chuffed, as their commission will go up too probably.

Tinker · 11/05/2008 22:57

But you get the estate agent to say it for you? What is teh 5k reduction based on? Market or something specific?

Sobernow · 11/05/2008 22:57

This reply has been deleted

Message withdrawn at poster's request.

SniffyHock · 11/05/2008 22:58

Our buyers did this to us. We were but really had no choice other than accept. We had no other offers and we'd gone so far with them.

We also never saw them face to face after their initial viewings. They didn't come over after all of the offers etc.

Saturn74 · 11/05/2008 22:59

It wouldn't.
I made a mistake.

SniffyHock · 11/05/2008 22:59

The only thing you risk is whether it will cause their purchase to fail. Our buyers knew that we had already completed on a property.

Original poster
Tortington · 11/05/2008 23:03

they are now not buying and would move into rented - so the immediate urgency is no longer there for them.

when we mentioned that we would be getting a larger mortgage than originally anticipated to complete the purchase the estate agent said " mr & mrs xx will be so glad to know you are this committed to buying hteir property"

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Original poster
Tortington · 11/05/2008 23:04

i know tinker - but even the thought of saying it to the estate agent makes me feel scared/embarrassed/

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Tinker · 11/05/2008 23:07

I used to get my partner to speak to the EA . I find the whole thing cringeworthy as well. But what is teh reason for a 5k reduction? If you're going to be there long-term (which I assume you are) then I wouldn't bother haggling and upsetting people over 5k tbh.

Tinker · 11/05/2008 23:07

Sorry your mum's house sale has fallen through.

laidbackinengland · 11/05/2008 23:08

This recently happened to my ex dp and he had to reduce his by £10k to complete his sale - BUT he also plans to offer £10 less on the house he is buying....what goes around ....

WanderingTrolley · 11/05/2008 23:09

If they get another offer and accept it, they can drop you.

I live in London and £5k is small change in property prices around 'ere, so I'm not sure how big a deal it is where you are. I think before you approach anyone about the drop in price, you need all your figures to hand - you need to say when your mortgage was approved, how long the offer stands, when you'll be ready to exchange and complete....can't think of anything else right now.

It may help if you can offer them something for the £5k - like being flexible about moving dates or something. Take advice from a solicitor over this - can you offer them some money now as a deposit, with the rest on completion? That may cost you more in the long run though, because you'll need a solicitor to draw up an agreement.

Original poster
Tortington · 11/05/2008 23:10

no reason other than proportionatley in the area houses that were marketed at the original price are at least 5k less - often more.

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edam · 11/05/2008 23:11

If they are going into rented, they might well think 'sod this for a game of soldiers, the deal's off'. But hopefully common sense and the estate agent's desire for commission would persuade them to take what they can while they can get it.

I dunno, I'd be livid if buyers did this to me if the delay had been their fault. BUT they do want to sell their house and obviously haven't had any better offers in all that time.

gomez · 11/05/2008 23:11

See Custy I actually would want to but wouldn't cause I would feel like shit. Sorry mate, buying and selling houses is a bloody nightmare.

What you could do however and may in fact need to depending on when you got your mortage offer is get the house revalued. If it has been affected by the downturn in the market this will be reflected in the valuation but more importantly it will give you the chance to day 'really shit I know but what can we do. Mortage based on valuation /LTV type char, hence we need to try and agree a new price."

Good luck......

peanutbear · 11/05/2008 23:11

they might not be able to afford the mortgage and are renting so they can use the house sale to pay off debts so I would get my solicitor to ask or write to the estate agents

The can only say no and if you pull out now they will be told by the Estate agent that they might have months to find another buyer

Just do it you never have to see them again

Original poster
Tortington · 11/05/2008 23:12

thanks for all your responses - food for thought.

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Tinker · 11/05/2008 23:13

If you're now getting a bigger mortgage, has teh mortgage compnay revalued it?

Original poster
Tortington · 11/05/2008 23:15

no. the original mortgae offer was for three months and we are within that - maybe that's why?

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