I was about to put in an offer but now what?

MobileSaver

Stuart788 wrote: »

I am going to reduce my offer and hope their worry will get me a good price.

You could get lucky and they fall for your dastardly plan...

...or more likely they'll do what most people did last time and decide to hold off selling while there's all this uncertainty. A lot depends on their own circumstances and whether they need to sell.

You may want to start looking at rental properties instead, I have a feeling you won't be spending this Christmas in your own place.

mildredalien

We're in the same position, about to put in an offer that would have been right at the top of our budget. The pound is falling in value, the stock market looks problematic and we just have no idea what interest rates and lending criteria will look like... We'll probably just hang fire for a couple of months to be honest, we aren't in a huge rush. If nothing drastic happens over the next couple of weeks we may reconsider, but it's all too unknown today.

iantojones40

pelirocco wrote: »

Why would house prices fall ? unless circumstances force people to sell , no one is going to sell in a low market.

Well you've answered your own question... not for quite sometime have circumstances looked like they could force people to sell as much as they do now, unless things reverse and stabilise very quickly.

iantojones40

Stuart788 wrote: »

I am going to reduce my offer and hope their worry will get me a good price.

Good luck. How much are you going to reduce by?
For me it would have to be at least 10%... and only then if this was my dream home and already very keenly priced.

Knicknack

I say go for it. 10-15% reduction.

jimbog

I would say aim to reduce your offer by around 20%

solidpro

Forgive me for being Naive but what legal position does 'offer accepted' mean?

I have everything in place and an offer accepted earlier this week, with a mortgage offer at £100k more than the property I've offered on. It's a long term investment with a high percentage of deposit (50%), so fairly confident with my position - but say now the mortgage doesn't come in at the interest rate, or their BTL calculation shoots up to 150% and somehow doesn't come in now the goalposts have moved...?

In theory, is an offer, just an offer until you sign on the dotted line?

cheers

Stuart788

Thanks for all the replies a lot to mull over! I am going to reduce it by 10%. Which is what the bank of England expected property prices to reduce by and then hope they accept!

marksoton

Stuart788 wrote: »

Thanks for all the replies a lot to mull over! I am going to reduce it by 10%. Which is what the bank of England expected property prices to reduce by and then hope they accept!

And if they don't?

indianabones

solidpro wrote: »

Forgive me for being Naive but what legal position does 'offer accepted' mean?

I have everything in place and an offer accepted earlier this week, with a mortgage offer at £100k more than the property I've offered on. It's a long term investment with a high percentage of deposit (50%), so fairly confident with my position - but say now the mortgage doesn't come in at the interest rate, or their BTL calculation shoots up to 150% and somehow doesn't come in now the goalposts have moved...?

In theory, is an offer, just an offer until you sign on the dotted line?

cheers

Seriously why would you do such a thing in the week of such a huge referendum?

Well I suppose no need to mull over what's happened, but if you've got a conveyance solicitor involved, have a word with him. He'd be able to advise better than most here.