House Buying whos pulling out

cashbackproblems

charlishae wrote: »

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.

If you get less from your BTL, then you offer less for your place you are buying then it evens out.

If prices are falling why on earth pay more than its worth just so not to break a chain, you will find somewhere else.

My partner is an EA and she wont say this to clients, but they all know they are stuffed for the next 2 years and seeing people pulling out/offers being cut by 20%.

lewishardwick

I'm off to view tomorrow. Status quo for now. Unless my lender has a massive hissy and starts canning packages.

evansc1

cashbackproblems wrote: »

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.

That's irresponsible to say. There is no certainty in these markets. Would you bet the value of your house on it?

cashbackproblems

evansc1 wrote: »

That's irresponsible to say. There is no certainty in these markets. Would you bet the value of your house on it?

When there is uncertainty, do you be cautious or do overpay the market price...you are not betting on a horse but something which will impact you till death i.e. large debts.

Its irresponsible to say keep paying these ridiculous prices when the economic outlook is bleak and job losses are happening.

magicpork

I know a lot of people here won't like it, but I'm also one of those who's very likely to walk away from my purchase process. It's due exchange next week, and it's a new build flat in London Zone 3 so I'm not that comfortable to proceed. I'm not in a rush to move any time soon and I'll just wait for some time.

NeverAgain2

Let's not create further fear & panic eh? Rightmove regularly has houses at reduced prices.

We are carrying on with our purchase at the original price. It's not our forever home but it does have potential to extend and we will be happy there for many years.

gg234

I am selling my flat in london and we have exchanged contracts today.My buyer stick with me after today result which is great for us.I was really in panic mode whole day today thinking about what my buyer is going to do finally exchanged contracts which is big relief after my previous sale fell through.

jimpix12

NeverAgain2 wrote: »

Let's not create further fear & panic eh? Rightmove regularly has houses at reduced prices.

We are carrying on with our purchase at the original price. It's not our forever home but it does have potential to extend and we will be happy there for many years.

Let's not create a panic so that your sale goes through. ie I'm alright, Jack.

NeverAgain2

spunko2010 wrote: »

Let's not create a panic so that your sale goes through. ie I'm alright, Jack.

Not at all. I'm still in a position to pull out & I'm not part of a chain either side.

dexterwolf

People need homes don't they so surely the market won't drop that much. Or hardly any houses will sell so that will mean less choice and cost will stay the same or go up .