Should we Gazunder???

MobileSaver

pararct wrote: »

End of the day this is the same as any other business transaction and there is no room for sentiment..

Anyone who thinks different is fooling themselves....

You've obviously never been in business!

Most business people have morals too and anyone trying this with their supplier would very quickly be told where to go and before long would find themselves out of business. Practically all successful business owners know that good relationships with suppliers is a key part of their success.

myhouse_2

Massive cuts in govt spending looming.
Big supply increase in housing on market
Buyer's market since at least spring.

None of these things have changed since August when you arranged to buy the house at a price you were happy with.

cte1111

If I were you I would view the other house that you are basing your new valuation on. Is it really as nice? Does it need more work doing to it / have a smaller garden, etc? If the second house is great, then by all means drop your price as you then know you have a great fallback position because there you could buy the other house.

However I would be willing to bet that that will not be the case and the other house is on at less because it is not as great as the one you are buying. So then when are you?

I think you need to realise that most people are going to react negatively because house buying and selling is such a stressful process. You coming along saying you will screw over your vendor means everyone automatically is blaming you for their worst ever house buying experience.

You asked for opinions, you've got them. I think if I were you I might try to reduce the price a little but not as much as you have suggested. More like 1 or 2k but only then if I really would be genuinely happy to lose this property and stay in rented for another year or so.

There must be a reason why you initially decided to move from rented to buying. Think about that and it should help you reach your decision.

rosyw

citizen11 wrote: »

Our vendor is buying a house off a deceased estate. The lives it will impact are minimal.

How do you know this? I am curently abouit to exchange on my own sale, 50% of my home is "deceased estate" as I lost my OH last year, and even though I am in a pretty desperate financial situation, if my buyers try this I WILL tell them to go forth and multiply!
Similarly, if this had happened a few years ago when selling my late fathers house, I would also have told the buyers where to go. My father fought tooth and nail to hang on to his house to "protect" the inheritance of myself and my brother, so we would not have taken anything less than the agreed price. And what if there are debts that need to be cleared from the deceased estate and they need that money to clear them? speaking from personal experience, dealing with that situation is extremely stressful, and you could be adding to that.
Judging from what you have already said, you will go ahead and try to do this anyway - I hope they tell you where to go, and I would be rifght behind them!

LisaLou1982

citizen11 wrote: »

Could I ask when you spent 5 years as an estate agent? As your name is incorporates 1982 I am thinking this is likely to be your year of birth and you were an EA in Gordon and Tony's lovely credit boom which has now gone.

I worked in EA during both the top and the falling times actually. Not that that makes any difference to how I do my job so i dont really see why thats relevant. Im now a surveyor so your sarcasm doesnt really bode well since i still work in the industry

The point I made stands - if you genuinely think the house is worth less then lower your offer. But, you cant just take a random figure off a price and expect the vendor not to be seriously pi**ed with you.

Take the professional advice - if you are concerned then have a survey done and see what the surveyor says.

Philippa36

missile wrote: »

or "if we accept 10K less this week OP will drop it another 10K next week". :rotfl:

Our buyers did this to us, after the survey they offered £5k less which we agreed upon but then thought after we'd sorted out our survey and instructed solicitors that they could then randomly offer less and we would be so grateful to have buyers that we would agree just so that we wouldn't lose our sale.

Life doesn't work that way - we expected them to cause chaos and stress right up until we completed and it just wasn't worth it. They lost a really nice house at a good price because of their greed.

I'm so glad our new buyers don't think like you.

Jimx26

citizen11 wrote: »

I much prefer that to your unedited 'Scum' which I felt was inappropriate for a discussion.

I agree, I was slightly tiddly and there was no need fir that comment, hence why I edited it.

Hope you get to pay what you want with minimum disruption to everyone else.

One_Day_Rodney

I do not suffer fools or people trying to shaft me and have a very strong head when it comes to money matters. It has always served me well.

I would not accept any further drop in price unless you could fully justify such e.g. major failings in the survey etc.

So with me it would play out like this..

1. Ask you if this was your final offer.
2. Presuming you say "yes", I would immediately withdraw from the sale. You would lose any fees paid and have to start your house search again.
3. I would have harsh words with the estate agents, who are supposed to be there working to get me the best the price and protect me from people like you. Not just lazily accepting any offer because they would still get their sizeable fees.
4. I would instruct them to put it back on the market at the previously agreed selling price. They would be very 'peed' off having to remarket and the costs involved. Tough - I'm the customer.
5. If an offer came in near your revised offer I would accept (even if it were slightly less than your original buying offer - £10k)

I would not worry about the property I am buying because (as I understand it) it is a probate sale. The executors have to show they have obtained the best price possible, so in the falling market, my offer would remain that. They are also not under any real time constraints. I would explain the circumstances that my buyer has pulled out because they could not 'justify' their original offer.


But then that just me :A

Emy1501

One_Day_Rodney wrote: »

I do not suffer fools or people trying to shaft me and have a very strong head when it comes to money matters. It has always served me well.

I would not accept any further drop in price unless you could fully justify such e.g. major failings in the survey etc.

So with me it would play out like this..

1. Ask you if this was you if this was your final offer.
2. Presuming you say "yes", I would immediately withdraw from the sale. You would lose any fees paid and have to start your house search again.
3. I would have harsh words with the estate agents, who are supposed to be there working to get me the best the price and protect me from people like you. Not just lazily accepting any offer because they would still get their sizeable fees.
4. I would instruct them to put it back on the market at the previously agreed selling price. They would be very 'peed' off having to remarket and the costs involved. Tough - I'm the customer.
5. If an offer came in near your revised offer I would accept (even if it were slightly less than your original buying offer - £10k)

I would not worry about the property I am buying because (as I understand it) it is a probate sale. The executors have to show they have obtained the best price possible, so in the falling market, my offer would remain that. They are also not under any real time constraints. I would explain the circumstances that my buyer has pulled out because they could not 'justify' their original offer.


But then that just me :A

Sorry but life does not work like this.

1) The OP has suggested that there is similar property for sale with an asking price of less so agreed sale if bought that one is likely to be maybe 10K plus less therefore any loss on fee paid so far will be offset.
2) A probate seller is not going to wait for ages whilst you try to sell your house again especially in a falling market. You are not a serious buyer unless you have a sale on your own house. Therefore you offer would not be a serious bid unless your property is under offer. They may give you a few weeks to find another buyer but in a falling market one needs to find a buyer as soon as possible.
3) Your making assumptions that the property may get near the selling price again. if the comment about another property with an asking price at less than the agreed sale price is true likelyhood of selling close to the previous agreed sale price is slim.

The reality is OP is right to walk away if property is no longer worth what he agreed and they can get a similar property for less money. If though the OP is just trying their luck based on the recent halifax drop then they might find themselves in trouble if the seller pulls out on principal.

Madmel

I wanted to put two points across.

Firstly, as others have said, have you actually viewed the house 2 streets away? Is it comparable to the one you are meant to be buying? If it's so much cheaper, why not buy that one instead?

Secondly, I was listening to the radio last week when the "3.6% fall" in house prices was being discussed. The presenters voiced some alarm at this, but the response from the *expert* was that the Halifax figures were calculated from a very low number of transactions. Therefore, a few unusual properties or those with problems that would not be statistically significant in *normal* market conditions carry far more weight as far as the calculations go. I think you should be looking at the trend rather than one month. After all, if you try hard enough, you can make statistics say pretty much anything you want.