Anyone else terrified their buyer will pull out?

boo80

I'm so scared we're going to lose our buyer/the chain is going to collapse with all this uncertainty. Is anyone else feeling the same way? Is there anything we can do to be proactive and keep things moving?

jimpix12

I was in the supermarket earlier and overheard 2 women talking, one of their buyers had pulled out but she sounded miffed that they had an agreement even though contracts weren't exchanged! Silly woman. All you can do is wait.

cashbackproblems

I would prepare for a renegotiation of an offer, any buyer who has not yet exchanged would be foolish to pay what they would have last week (with remain being the likely outcome) and reduce accordingly

marksoton

cashbackproblems wrote: »

and reduce accordingly

Which is what exactly? Please advise. Bearing in mind every region and demand is different.

But you've factored that in right?

jimpix12

According to what other reductions you see on the market, I guess? There's no hard and fast rule.

cashbackproblems

spunko2010 wrote: »

According to what other reductions you see on the market, I guess? There's no hard and fast rule.

Exactly, in the same way you decide what to offer in the first place, looking at what similar places are going for (note not the same thing as asking prices!), what is your personal job security and how it the wider economy performing i.e. are there predictions of rate increases, is their uncertainty, are prices falling etc. There is no simple calculation.

Offer low and work your way up. Remember this stamp duty rise and extra BTL tax relief announcements had already knocked the stuffing out of the market.

robbyd50

boo80 wrote: »

I'm so scared we're going to lose our buyer/the chain is going to collapse with all this uncertainty. Is anyone else feeling the same way? Is there anything we can do to be proactive and keep things moving?

Well, I have to say i do feel for you. I have been aiming to buy for a couple of months but have waited until this outcome. I would certainly be offering a lower price right now and wouldn't pay today what i would have paid 2 weeks ago. NO CHANCE. The best thing you can do i s just push it and keep your fingers crossed.

I'm not in a chain but one bright light of this brexit IMO is house prices will decrease somewhat. How much - who knows!

I know of 2 other guys at work who are about to exchange and are going to pull out unless they get a price reduction!!!!

Good Luck

boo80

When would the prices come down on rightmove? At the moment our property is the cheapest on our little estate..

cashbackproblems

boo80 wrote: »

When would the prices come down on rightmove? At the moment our property is the cheapest on our little estate..

There are also many reductions today! But the real drops will come slowly...months not weeks

magicpork

maybe also do some research on sharpening your renegotiation skills, I think it's very sensible for your buyer to ask for a small reduction.

I know a few people (myself included) are considering asking for just that

jimpix12

Yes, you have to remember that the EA will have already fielded (probably) many phonecalls from other panicked buyers, and will try to brush you off. Make sure you have all your ducks in a row with your economic arguments; you are after all playing a high stakes poker game against professional liars.