Buying a house - want to bargain the price again

tigerinhunt

I really appreciate most of the comments. Like renting and falling prices are concerned. Part of the greater london we live in, house prices have not gone down at all if not slightly gone up in the last 2-3 yrs. Even if they dont go up any further, at least I will be happy that I am saving on rent and have something of my own.

There is a prospect of extension and moving the kitchen in the extension but not a lot. Another great point is that it is very good and safe neighbourhood which is always very important.

hcb42

tigerinhunt wrote: »

but even if we dont sell it after 2-3 years, I would still want to keep my money intact if not grow. Offer accepted and money spent would take me to atleast £250 in less than 12 months and I think house would still be valued at what I have offered :-(. I know I should have thought about it a lot earlier, all my mind was towards arranging a mortgage.

Another thing that is bothering me is that there is very little difference between accepted offer and asking price. Though valuation is matched 100% of asking price. I think I should have bargained a little harder (which I know I did not at all) very early own. But is it too late now?

If you want your money intact, don't buy a house.

If the valuation matches the asking price or negotiated price, then I think you have a fair deal.

I would be pretty annoyed with a buyer changing at this stage. That isn't to say you can't but they can also tell you where to go as well.
You don't sound like you are in love with it however.

sonnythecat

Tigerinhunt, you can't have it all ways.

I definitely think you should do what you feel is right, but tbh if I was the vendor and you came back to me wanting to reduce (based on the reasons you've given here), I'd tell you to b**ger off and put the property straight back on the market.

If you're planning to move in a couple of years, couldn't you just live the house as it is?

If its any help at all, I've bought 3 houses in my life and every time got SERIOUSLY jittery before I moved in. good luck

DVardysShadow

tigerinhunt wrote: »

... Another thing that is bothering me is that there is very little difference between accepted offer and asking price. Though valuation is matched 100% of asking price. I think I should have bargained a little harder (which I know I did not at all) very early own. But is it too late now?

If that is what is behind this, the you just have cold feet. Nothing has come up in the survey to justify a drop in price. It is down to you negotiating poorly. If you do manage to negotiate a lower price, you will generate a lot of bad feeling which could have quite unpredictable consequences. And it is the kind of bad feeling which, if you pulled out, another buyer would not experience at £10k less than you would propose dropping the price to.

In your position, I would make my choice between pulling out and finding another property and living with my choice. If you feel you have got it seriously wrong, then walk away. Overall, I would draw some comfort from the valuation supporting the asking price. I would not consider renegotiating.

tigerinhunt

I think we still want the house, we have no doubt in our mind about that. But I do want to renegotiate the price little bit with no threat of pulling out and hope vendors does understand our concerns.

Many thanks to everyone for their positive comments.

DVardysShadow

tigerinhunt wrote: »

But I do want to renegotiate the price little bit with no threat of pulling out and hope vendors does understand our concerns.

I would offer you 20p. Renegotiating without the threat of pulling out is virtually meaningless. You will get yourself put down as a time waster - and don't be surprised if once you try this, they will refuse to deal with you any more.

If you want the house, then stick with the original deal. If you are not that bothered, then try negotiating down, but don't be surprised to lose it.

jimjames

tigerinhunt wrote: »

I think we still want the house, we have no doubt in our mind about that. But I do want to renegotiate the price little bit with no threat of pulling out and hope vendors does understand our concerns.

Many thanks to everyone for their positive comments.

The danger is that if there is no threat of pulling out then they will more than likely just say sod off as you are saying you don't want to drop the purchase.

Exactly the same as if you go to a car dealer and say you want the blue car over there, agree to buy it and then try to drop price. If the dealer knows you want it then there is no way they will negotiate on price.

If the house suits you then bear in mind that if you have already paid for valuation and perhaps mortgage booking fees so that you have more to lose than the vendor if they decide to pull out as a result of being asked to drop the price.

chocolatum

Ask to renegotiate (have figures in front of you) then go from there. All depends on the vendor and their position.

Good luck.

tigerinhunt

We are not feeling at all excited rather very stressed. We do understand that if we don't find another affordable house for couple of months, we will be loosing few grands on the rent plus what we have already spent trying to arrange the mortgage.

We have also found that another house in the neighbourhood was sold in the peak of prices (Mid 2008) for about 10 grand more than what are going to have it for. At the time of sale, that house already had an existing extended kitchen (the way we would want it) plus another ground floor toilet/shower. This is making me sick assuming prices have gone down well pretty much everywhere..

I just dont want to be let down by myself and we have no experience what so ever and having no on-hand advice is making our feet really cold.

WelshNic

Are you being serious OP?