[Brexit] Post offer renegotiate

ACG

Crashy_Time wrote: »

The uncertainty has ratcheted up very recently though due to the chances of "No Deal" increasing by a lot. This is an inaccurate but emotive term and many people probably are also aware that things in the global economy have shifted towards a more volatile outlook. No one is obliged to over-pay for property, and should change their mind when the economic outlook changes IMO. Sellers should accept that they are part of a market, not a guaranteed pay-out scheme.

I do not think you have the foggiest.
Busiest January we have had since starting in 2013.
I also know 3 other brokers at different companies who have had their busiest Januarys ever and one of them has had their busiest month ever.

We had a busy October, November, December, January and looking like a busy Feb based on recent enquiries.

I completely agree you do not overpay by £20k on anything. But you have been banging on about house price drops for years and it has never happened and even now when you would most expect it, demand is up.

lookstraightahead

Acg - interested to know whether you mean sales, enquiries, offers at asking price? Our village estate agents are really quiet in one of the Home Counties

ACG

Purchases and enquiries.
I cant really answer on asking prices as I have no idea what the properties are up for, only what the agreed purchase price is.

Funnily enough we have had no down valuations either which you would expect if you believed everything you read.

jimbog

lookstraightahead wrote: »

Loads of people are doing it.

Still doesn't make it right though

lookstraightahead

jimbog wrote: »

Still doesn't make it right though

The part where I said "loads of people are doing it" was to do with vendors removing their properties from the market with no apparent reason. They just change their mind. That's up to them surely? And is no different from a potential buyer doing the same. At the moment, lots of vendors are taking their properties off the market, because of the most recent issues / uncertainties surrounding Brexit. No difference from the buyer doing similar. Yes the vendor might get a bit narked, the buyer may lose the house, but etiquette is long out of the window when it's £20000. In actual fact, it's vendors in my past experience who have 'done the dirty' in the past. Overpriced, not being truthful on forms, still being in the property after completion, slowing things down etc.

jimbog

lookstraightahead wrote: »

At the moment, lots of vendors are taking their properties off the market, because of the most recent issues / uncertainties surrounding Brexit.

The uncertainties have been here for the last few years - way before the vendors listed their properties. Maybe there are uncertainties with the uncertainties?

lookstraightahead wrote: »

In actual fact, it's vendors in my past experience who have 'done the dirty' in the past. Overpriced,

that isn't gazumping. Buyer knows the asking price before viewing

lookstraightahead wrote: »

not being truthful on forms,

that isn't gazumping either

lookstraightahead wrote: »

still being in the property after completion

nor this in fact

AdrianC

jimbog wrote: »

Maybe there are uncertainties with the uncertainties?

Certain certainties
Uncertain certainties
Certain uncertainties
Uncertain uncertanties...?

JakeHall

LondonBuyer19 wrote: »

Hi - first time buyer and first time poster, but I am a long term reader.

I am in the process of buying a house, at around 370,000. I have secured the mortgage. I made the stupid mistake of not negotiating because there were number of viewers who were interested ( we arrived as they were leaving). I really like the house and wanted to secure it.

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.

Any advice ? Between 350 and 375 isn't much in the grand scheme of things as this is a long term asset for myself.

Would it cause any harm to ask the question ?
would this late into the process cause further issues ?
If i were to lower the mortgage price, would I need to redo the mortgage process?

Many thanks

When you're talking about these sums of money, it's critical you do what's best for you. You should never be concerned about upsetting the seller or an agent if acting in your best interests means that will happen.

However, that doesn't mean you shouldn't consider the consequences of your actions.

Your request may cause the seller to terminate the sale and re-advertise the property. Would you be ok with that?

As you intend on this being a longer term purchase and you really like the property, then that may outweigh the risk of losing the property.

But you should also consider the alternative and how you may feel. Is what you're paying at a record/close to the record for properties of that type on the street? If so, then there's a good chance you're right and you are overpaying. And that's before taking into account any further downward pressure on prices over the coming months and years.

How would you feel if the property quickly lost a chunk of its value? Again, you may feel losing out on the property matters more, but do make sure you've properly considered different outcomes.

These are large sums of money which means bad decisions can be very bad indeed.

Crashy_Time

ACG wrote: »

I do not think you have the foggiest.
Busiest January we have had since starting in 2013.
I also know 3 other brokers at different companies who have had their busiest Januarys ever and one of them has had their busiest month ever.

We had a busy October, November, December, January and looking like a busy Feb based on recent enquiries.

I completely agree you do not overpay by £20k on anything. But you have been banging on about house price drops for years and it has never happened and even now when you would most expect it, demand is up.

https://www.theguardian.com/money/2019/jan/20/brexit-gloom-property-mortgage-rates-cut


Looks like you are not representative of the wider market?

Crashy_Time

https://www.theguardian.com/technology/2019/jan/22/no-deal-brexit-panic-grips-major-uk-firms