[Brexit] Post offer renegotiate

HampshireH

As a seller if I had thst much interest in my house, accepted your offer and you tried to get a reduction because of brexit I would think you a timewaster.

Purely because brexit isnt new. You most certainly had the same level of info when you put your offer in as you do now. The brexit deal was never going to be accepted (& had it have been I doubt there would have been any dramatic impact either way on house prices/marjet certainty due to risks both ways) so unless you offered a good few months ago....

Bossypants

lookstraightahead wrote: »

I'm not sure why any vendor would be surprised at buyers wanting to renegotiate at the moment, it's a huge financial decision and at the end of the day you are entitled to change your mind and what the vendor thinks of you is not important if you are happy with both scenarios.

But Brexit uncertainty isn't new, no deal was looking like a distinct possibility as early as October. OP could have negotiated to a price they felt safe about in the first instance, popping up and wanting to renegotiate now that the seller has dismissed other interest and come off the market, even though the situation is no more uncertain now than it was then, smacks of trying it on.

fussyhumanbeing

You are in a position of power. I've never seen the housing market as shafted as it is today. As long as you have other options it is fair to play hardball.

Is the house in London and one which would have a lot of domestic demand or not?

AdrianC

LondonBuyer19 wrote: »

I am in the process of buying a house, at around 370,000. I have secured the mortgage.


I am in a position now where I feel due to more brexit uncertainty and possible ecnomy down turn that it might not be smart to maybe over pay. I am thinking 350,000 would be a good price.

When you say you've "secured" the mortgage, does that include the survey and valuation? If so, and if the valuer has agreed that the property is worth £370k, then you have no leg to stand on.

If the uncertainty had gone away, and you thought the market was on the way up, what would your reaction be to the vendor saying "Actually, £390k, please."?

HampshireH

y!fussyhumanbeing17th Jan 19, 8:23 AM

You are in a position of power. I've never seen the housing market as shafted as it is today. As long as you have other options it is fair to play hardball

Really? They put a quick offer in as there was so much interest.

The seller could easily revert back to other offers and/or put the house back on the market knowing its already got interest.

There is a very real chance the seller will rell them to do one. The OP already said they really want the property...... that does not put them in a position of power as generally some attachments are formed

laidbackgjr

AdrianC wrote: »

If the uncertainty had gone away, and you thought the market was on the way up, what would your reaction be to the vendor saying "Actually, £390k, please."?

This with cherries on the top - no-one knows what the Brexit impact could be - it could see house prices boom as the £ falls making it cheaper for foreign investors to come in and buy houses at what they see as knockdown prices pushing prices up.

AnotherJoe

lookstraightahead wrote: »

Also, I can't see many vendors saying no to you if you actually revert to the original price again afterward as they would be cutting off their nose to spite their face.

.

I could since they would be saving themselves from a buyer who then likely try to drop the price they would pay for every conceivable reason during the survey and most likely would try again on the day of exchange to screw them. Not worth dealing with, either a flake or a chancer.

To take it at face value, the OP speaks as if the Brexit shenanigans are a surprise out of nowhere. What will they do when the survey says the electrics aren't up to current standards or there's a window needs replacing?

MobileSaver

lookstraightahead wrote: »

you are entitled to change your mind and what the vendor thinks of you is not important if you are happy with both scenarios.

We don't have the full details but it sounds like the OP really wants the house, offered around full asking, there was interest from others buyers and the OP hasn't had a survey valuation yet.

On that basis the chances that the vendor turns around and says "Yes, no problem, I'll happily throw away £20,000" are slim to non-existent while the chances that the vendor asks the EA to see if the other buyers are still interested is pretty high or just re-markets it out of disgust.

Similarly the EA is also going to be miffed and is unlikely to be singing the OP's praises to vendors if others houses come up with more than one buyer interested.

Personally I think trying to drop the price before the survey is a really bad idea unless, as lookstraightahead says, you are happy to lose the property. In your shoes I would talk to the surveyor about your concerns, get the survey done and then see what (s)he values it at as you may then have justification to renegotiate.

hb2

OP, my advice would be to wait for the survey and then, using all the information at hand, decide whether your offer is still reasonable.

If the vendor were to accept a lower offer now, I would think there is no chance that they would take another drop when the survey has been done.

movilogo

UK house prices fall at fastest rate in six years on back of Brexit – Rics

Sales expectations for the next three months were the lowest since the survey began in 1999, with a balance of -28% – the difference between the number of respondents anticipating increases and the number expecting decreases.

https://www.theguardian.com/money/2019/jan/17/uk-house-prices-fall-at-fastest-rate-in-six-years-on-back-of-brexit-rics