Offer accepted, now buyer wants to drop offer

kiddy_guy

Honestly it's entirely your call based on your circumstances and finances. Also whether the house is in demand or whether it took an eternity to sell.

That said, I'd tell them to do one. There's no hard and fast on where the economy is going in terms of houses. Interest rates may drop but borrowing may become harder. I think the buyer has nothing on which to base the fact that house prices are dropping currently. I think they will but on that basis you'd never buy a house full stop!

LottieLou

I would see if you could recoup at least some of the 8k up the chain. If not, I would probably be inclined to say no to the buyer. 4% or not 8k is still a lot of money. But in doing this you run the risk of loosing the house you like and the uncertainty of house prices further down the line of brexit.

NewHomeOwner_2

Personally I'd put it back on the market and see what happens. Firstly if your house is well priced you may still get your original price. There is very little evidence of what is going to happen to house prices yet. Secondly if you do have to accept 8k lower from a new buyer id prefer to receive that from a buyer that has offered post Brexit. I'd think they'd be less of a risk than your original buyer who could decide in another 4 weeks they want to reduce it again and again, depending on what's going on in the news that day.

Davesnave

So, there you are: accept the new reality/see if you can pass it up the chain/ tell them to do one....delete as applicable!

No one here knows the exact circumstances, but there are usually more considerations than just the money.

bris

For me I would gauge it on the saleability of the house. If the house is a sought after area and sold pretty quickly I would wait it out. If it's bee on the market for months I would take the hit if I could afford too, but try and pass some of it down the chain.

cashbackproblems

FBaby wrote: »

Spoke with Estate Agent yesterday and told that except for the week following the vote, the prices were continuing to go up, maybe it depends on where you live.

I think they are using this as an excuse, way too early to say how it will go, but ultimately, it now becomes irrelevant, where you are now is a question of who is more desperate to sell/buy.

:rotfl: you must still be new to all this!!! EA's are trained to tell you prices are rising offer quick, other buyers before you indicated they will make an offer on monday etc etc!! After 18 months of searching and having a partner who is an EA, you get wise to the game!!

As others have said, its a falling market, the offer isn't silly, you can waste another 3 months putting it back on but sounds like you will lose out your next place and unless its already priced cheaply, people will offer less.

ciderboy2009

cashbackproblems wrote: »

its a falling market.

I think that depends on where in the country you are.

Here in Bristol houses are still going onto the market at ever increasing prices & being shown as sold stc within a few days.

glasgowdan

ciderboy2009 wrote: »

I think that depends on where in the country you are.

Here in Bristol houses are still going onto the market at ever increasing prices & being shown as sold stc within a few days.

The same in East Dunbartonshire...demand is high, the schools are good and houses are selling for more than home report values.

brodawel

If they love the house would they risk losing it if you said no to the reduction, or you agree to a much smaller reduction. I am 3 weeks into a purchase and I certainly wouldn't risk losing it, even if my OH tried a cheeky tactic to get a bit knocked off we would still proceed at original price but I imagine my OH would probably concede to just 1K off, just so as not to lose face.

eddddy

If you are up-sizing and you think prices are going to drop, rather than rushing to accept the reduced offer, the 'financially sensible' thing to do is wait.

If prices go on to drop by, say, 10% you would lose £18k on your house.

But if the house you're buying currently costs, say, £250k it will reduce by £25k.