Lower offer days before Exchange and Completion

POPPYOSCAR

Crashy_Time wrote: »

Taking the reduced price would be far less stressful in the long run in this market, IMO.

"in this market"

I am currently researching properties to buy for our daughter.

There is very little up for sale and when something good comes on the market it is snapped up immediately.

The only properties that remain are those that have some sort of problem/s like a flat above Tesco Express and is cash only because it has a short lease.

Crashy_Time

POPPYOSCAR wrote: »

"in this market"

I am currently researching properties to buy for our daughter.

There is very little up for sale and when something good comes on the market it is snapped up immediately.

The only properties that remain are those that have some sort of problem/s like a flat above Tesco Express and is cash only because it has a short lease.

Rising interest rates should fix your problem

POPPYOSCAR

Crashy_Time wrote: »

Rising interest rates should fix your problem

Quite possibly it may.

However, we are not currently in the Buyers market that you stated.

societys_child

CT's view from his bedsit maybe a bit tainted.

SVFM

Thanks for all the encouraging replies.
We stuck to our principles and the good news is that within less than a week we have had two offers (from new buyers) and have accepted one of them which is at the same amount which we initially agreed.
If people start accepting this type of behaviour , it will become the norm but we were determined not to, as we find it immoral. Think the initial buyers thought we would panic and accept, glad we didn't. We could not have trusted them again. Hope the initial buyers are happy at losing out on purchasing a lovely home due to their underhanded tactics.

LdnFtB

SVFM wrote: »

Thanks for all the encouraging replies.
We stuck to our principles and the good news is that within less than a week we have had two offers (from new buyers) and have accepted one of them which is at the same amount which we initially agreed.
If people start accepting this type of behaviour , it will become the norm but we were determined not to, as we find it immoral. Think the initial buyers thought we would panic and accept, glad we didn't. We could not have trusted them again. Hope the initial buyers are happy at losing out on purchasing a lovely home due to their underhanded tactics.

There's a time for honest negotiations and then there's skullduggery. Now't wrong with offering below asking but good on you for not letting them take the !!!! afterwards.:beer:

They'll be on the EA's naughty list now as well so unlikely to be taken seriously again.

Crashy_Time

SVFM wrote: »

Thanks for all the encouraging replies.
We stuck to our principles and the good news is that within less than a week we have had two offers (from new buyers) and have accepted one of them which is at the same amount which we initially agreed.
If people start accepting this type of behaviour , it will become the norm but we were determined not to, as we find it immoral. Think the initial buyers thought we would panic and accept, glad we didn't. We could not have trusted them again. Hope the initial buyers are happy at losing out on purchasing a lovely home due to their underhanded tactics.

Looks like some are ignoring your advice and breaking ranks....


http://www.mortgageintroducer.com/first-time-buyer-house-prices-drop-10-august/#.WcT8GqyWzct

glasgowdan

They'll soon realise the error of their ways when they try to buy something similar in the coming months and see the prices creeping up! You were very sensible, good on you. It's obviously an area people want to buy in, a seller's market.

Crashy_Time

glasgowdan wrote: »

They'll soon realise the error of their ways when they try to buy something similar in the coming months and see the prices creeping up! You were very sensible, good on you. It's obviously an area people want to buy in, a seller's market.

So far they have just accepted an offer, lets not crack open the champagne just yet I am pretty sure the original buyer won`t be stressing about prices flying away from them in this economic environment ...:)

POPPYOSCAR

Crashy_Time wrote: »

Looks like some are ignoring your advice and breaking ranks....


http://www.mortgageintroducer.com/first-time-buyer-house-prices-drop-10-august/#.WcT8GqyWzct

Taken from the article

“Prices are still rising, but at a slower pace than inflation, and now that unemployment has reached a record low it’s only a matter of time before interest rates climb back up again. The savvy buyer will act now before prices begin to rise at a faster pace.
“With nine buyers chasing every instruction across the UK, 15 across London, and as we are seeing almost 100% of asking prices achieved across many of our London branches, it is impossible to deny that the demand to buy is there.”