FTB ready to exchange contracts - feeling the blues due to Covid-19 and potential depression

Beck1987

lincroft1710 said:

So have probably all the other people in the chain, either now and/or as FTBs

But there wasn't supposed to be a chain. 
Advertised as chain free. The chain was added after we made they accepted the offer

babyblade41

If I was the vendor I would re-market straight away.. you are buying a home not an investment  and it's pretty low doing what you have done .

If it's a lovely house and you have been looking for a year are you prepared to look for another year maybe longer ?? 

jimbog

Beck1987 said:

We thought it is best to go ahead with the purchase, but that it would be best for both us and the sellers to sustain a potential decrease in price

I'm not sure the sellers would agree

Doozergirl

Beck1987 said:

greatcrested said:

Beck1987 said:

The EA called us back, trying to bully us into buying it, and stating that the sellers would never agree to a 30k drop and that we need to decide what we want to do, as there is another buyer in line (mind you there were 3 offers when we made ours). He started saying that our worries are unfounded, and that it would never be possible for a 2008 style crash, as just this week he had 5 completions. 
I really didn't like his tone and thought he was bluffing, and I pushed back, wanting to retreat out of the deal.
We agreed it was best to wait it over the weekend and we decide on Monday what to do.

Well in one sense he is bluffing and anything he says about a crash is purely him doing his job ie to pursuade you to buy at the price his client, the seller, wants. Ignore that and make your own mind up about

* whether there will be a crash or not

* whether you care, given that you are buying a home (not an investment) for the long term

But in another sense he may be reflecting the seller's position ie not to accept a lower offer. So if the seller simply says 'no' to your reduced offer, how will you feel and what will you do?

That's what I am trying to figure out as I'm torn between not wanting to lose a lovely house and not wanting to end up with the short end of the straw.
Last crisis had a big emotional impact on my upbringing as my parents divorced due to the financial problems cause by that crisis. 

My husband and I didn't have a great relationship before the financial crisis.  The proverbial hit the fan for us big time but we struggled through for a while and then ended up coming out of it stronger than we have ever been.   The financial crisis certainly wasn't the only factor and actually, it's about admitting you don't have the answers to everything and seeking help.  

I wouldn't take it back.  I don't think I'd be married if it hadn't happened. 

There's no reason for you to follow anyone else's pattern.  

Chumy

Proceed with caution. I understand your fears.
Dont let anyone bully you to do what doesn't feel right please.

Thanks

graphs

You need to ignore all the emotional people in this thread saying things like 'it's not right what you have done' blah blah blah

This is a business transaction and emotion should play no part. 

YoungDebtFreeWannabe

Stick to your guns. yesterday i dropped my agreed offer on a house by £15k due to the uncertainty of the market and it was accepted. Always remember estate agents work for the seller, not the buyer and a house is only worth what you are willing to pay!

xylophone

You can gazunder as proposed but the sellers may just refuse to play.
Do you intend to continue looking for a house if this proposed purchase falls through?
Will you act in the same way with the next purchase?
If you are as unhappy as you seem,  would it be fairest  on you and other people not to look for a property until you are feeling more secure?

Grenage

If I was buying a house at the moment, I would almost certainly pull out.   I can't see there not being a significant fall in house prices over the coming months/years.

This isn't like the Brexit speculation; a lot of old people are going to die, housing stock will become available, and many of people will be out of work.  There is no way in hell things will stabilise quickly.

Beck1987

I went ahead. 
The general consensus on this forum is if you are investing, pull out
If it is a house for a long term, go ahead, in 6-10 years house prices will recover
Housing is a basic need. We need to move, even in a pandemic.

Cheers guys