Reducing offer price at last minute before exchange

not_loaded

Poor mum and dad!

bluejake wrote: »

…That means it is vital first time buyers bargain hard and 'gazunder' if necessary in a falling market. All the other moneysaving on this site pales into insignificance if you get your first house purchase wrong at this time.

Yes, but you bargain at the offering/bargaining stage, and you exchange at the exchange stage. It’s morally wrong to do this to the chain on exchange day.

If you have no morals, then it’s fine of course. :rolleyes:

bdl1brick

Just having a quick look on rightmove at other stuff within 1/2 mile and given the current market plus that big garage and loft room they will probably have another buyer lined up at £180k+ soon.....

You can add value to it by refurbishing inside and a lease extension which should cost more like £5k on that value of place not £13.5k.

I think you will come to regret loosing it but that just my opinion!

Welshwoofs

mike5678 wrote: »

They got back to me eventually saying the lowest that they would go is a reduction of £1750, making the price £178,250.

I stated that I would deal at £175k. That was rejected and they are back on the market. Looks like my parents aren't getting rid of me any time soon!

Well I guess you've learnt a couple of lessons there:

1. Gazundering on the day of exchange doesn't always go your way.
2. Don't bother spending money on surveys etc for properties you're not totally convinced by.

dfh

Good for you.You found out that the survey valued the house at 10,000 pounds less and refused to pay over the odds for the house.By next year,the sellers will realise the house is worth even less !

dfh

You will find it is a blessing in disguise.When house prices have fallen further,you will get a better house for less.

mike5678

I am however considering taking it at £178k today still, as bdl1brick said above, there is nothing else in that locality for that sort of money for the same sort of thing. Also considering that I already have a friend lined up willing to pay £500 per month to live with me I should make the jump while I can, I'm going to be there for at least 4 years.

They will be able to sell it at £180k without too much difficulty I don't think. Decisions decisions.

bdl1brick

Swallow your pride and go for it mate....at least you got enough money off to buy a nice big TV!

purplebuzz

I think that you are silly to give it up now, at this late stage, and after all the hard work getting to this point.

I say ring them back and ask them to consider 178k and hope that they don't say no out of principle

Pigster_2

....and if you do take the advice above, do it quickly and put the rest of the chain out of their misery. Personally I hope I never have to be in a chain with someone like you anywhere in it!

penguine

mike5678 wrote: »

I am however considering taking it at £178k today still, as bdl1brick said above, there is nothing else in that locality for that sort of money for the same sort of thing. Also considering that I already have a friend lined up willing to pay £500 per month to live with me I should make the jump while I can, I'm going to be there for at least 4 years.

They will be able to sell it at £180k without too much difficulty I don't think. Decisions decisions.

I think the sellers are nuts, frankly. £5000 off your offered price isn't that much considering they know it's been valued at £170k and you're offering to pay £175k.

If you really want the property I'd ask if they'd be willing to pay for the lease extension. I wouldn't buy a property with a short lease, personally. And they're likely to have difficulties selling it at a higher price to anyone else because of the same issue.