House Buying whos pulling out

cashbackproblems

Even a "forever home" if you can get it for 50k cheaper why would you pay more (you have no legal obligation to the seller if at an early stage)

Morgan Stanley just announced 2000 immediate job cuts, markets crashed, years of uncertainty will inevitably have a knock on impact on house prices and loss of confidence

I personally will not dream of paying current prices

charlishae

I dont think we will pull out although I am obviously nervous about it all now. We are already paying 10k over the asking price so am tempted to negotiate down to asking price. Think we will have to think about things this weekend.

cashbackproblems

charlishae wrote: »

I dont think we will pull out although I am obviously nervous about it all now. We are already paying 10k over the asking price so am tempted to negotiate down to asking price. Think we will have to think about things this weekend.

Yep you should not pull out if you like the place, but massively reduce your offer. This morning already Rightmove is showing reductions. Things are only going to get worse over the coming months.

iantojones40

I just mentioned in another thread, had a msg from an EA friend earlier, apparently their phones haven't stopped all morning with buyers withdrawing, deferring and reducing offers.

moneycantbuyyouhappiness

Let me guess you believed the BBC regarding the Morgan Stanley job cuts?

Anyway regardless we are happy with the price we have paid.

I think I would be feeling differently if we were buying in London's over inflated house market and had paid over asking price but we feel we are getting lots for our money.

jimpix12

I am planning to see on Monday/Tuesday where we are, and likely pull out if they don't negotiate. I know a few select people on here will be angry about this, but it's a business transaction for me, and my money, and I think houses are vastly overpriced anyway down here.

Callie810

We are nearly at the end of our process and although I am a little anxious about all of this we won't be pulling out. We love the house, we offered 5k under the asking price, got all the integrated appliances included and it has room to extend both on the back and up into the roof. Our mortgage is a five year fixed rate which makes me a feel a little bit better. It is our first home and I don't see us needing to move soon (if at all because of the extension potential) so although there is some uncertainty we will be going ahead.

cashbackproblems

moneycantbuyyouhappiness wrote: »

Let me guess you believed the BBC regarding the Morgan Stanley job cuts?

Anyway regardless we are happy with the price we have paid.

I think I would be feeling differently if we were buying in London's over inflated house market and had paid over asking price but we feel we are getting lots for our money.

The MS job cuts are a matter of when not if, they have already announced it and many more expected

You might feel you have not overpaid, but as prices fall you will be in negative equity and realise the purchase you paid was overinflated after all

cashbackproblems

spunko2010 wrote: »

I am planning to see on Monday/Tuesday where we are, and likely pull out if they don't negotiate. I know a few select people on here will be angry about this, but it's a business transaction for me, and my money, and I think houses are vastly overpriced anyway down here.

You should not over pay 50k to not hurt a strangers feelings! It is a financial asset and assets go up and down in value.

Prices will only go down over the next x number of years, that Is certain. Not saying they will crash however.

charlishae

cashbackproblems wrote: »

Yep you should not pull out if you like the place, but massively reduce your offer. This morning already Rightmove is showing reductions. Things are only going to get worse over the coming months.

We really want the house but as our vendors arent in a chain (divorcing couple apparently moving into rented) so dont have as much pressure to sell and know we were willing to pay above asking as it had a lot of interest, Im not sure they'd go for a reduction. Worth a try though. We are renting but if our buyer for our btl property drops out then we will have to pull out.

Already seen a property that dissapeared from rightmove as sold a few months ago back on today with a 15k reduction.