FTB - Should we reduce offer?!

JessJ23425

Densol said:

I pulled out last week - Im not paying full price for something I could possibly buy at a big discount next year 
I think a lot of landlords will be running for the hills and dumping properties left right and centre when this is over ! 

Crashy_Time said:

Densol said:

I pulled out last week - Im not paying full price for something I could possibly buy at a big discount next year 
I think a lot of landlords will be running for the hills and dumping properties left right and centre when this is over ! 

Good advice.

Pulled out if a BTL investment right, as you said on another thread..?

OP is a FTB buying a possible forever home with secure employment. Very different circumstances.

Anyway, it's worth trying for sure you might get lucky and if you really want the house you're not going to pull out even if they say no probably. No harm in trying.

tealady

Also bear in mind if you do pull out there may be other "bargain hunters" out there and you could risk losing this house.
Could you guarantee to get the same, or better mortgage deal when you decide to house hunt again.
I think it all depends on how much you want this house.

GDB2222

Purplezinc said:

We are in a similar position having had an offer accepted and have paid the reservation fee. We haven’t yet exchanged. It’s a new build and there are still units lefts to sell on the development (approx 5). Would it be reasonable to try and negotiate a discount to at least match about the lowest others have paid (Nov19)? We’re  worried that they’ll sell the last few units at a much lower price (It’s only 16 in total) and remortgaging at the end of term won’t be pretty. 

Are you saying that they agreed lower sales prices for other flats since you made your reservation? Why on earth would you go ahead then?

Purplezinc

GDB2222 said:

Purplezinc said:

We are in a similar position having had an offer accepted and have paid the reservation fee. We haven’t yet exchanged. It’s a new build and there are still units lefts to sell on the development (approx 5). Would it be reasonable to try and negotiate a discount to at least match about the lowest others have paid (Nov19)? We’re  worried that they’ll sell the last few units at a much lower price (It’s only 16 in total) and remortgaging at the end of term won’t be pretty. 

Are you saying that they agreed lower sales prices for other flats since you made your reservation? Why on earth would you go ahead then?

They actually agreed slightly lower prices before we offered. We just didn’t know. I think moving forward they may offer even lower again. 

Crashy_Time

numbercruncher8 said:

Of course you're within your right to decrease your offer - but the risk is the sellers would tell you to get fecked. How badly do you want the house or the move?
I don't suppose if interest rates went negative, that you would increase your offer to reflect that house prices may rise? IMO what might happen in the future is poor reason for reducing unless you can demonstrate to the seller that they are overpriced for the area. But in that case, why offer in the first place?

In a world where the US Fed are now talking about unlimited corporate bond purchases to try and create a price floor in the debt markets this really will be the least of your worries.

creditmanessex

Any update on this?

Crashy_Time

Densol said:

I pulled out last week - Im not paying full price for something I could possibly buy at a big discount next year 
I think a lot of landlords will be running for the hills and dumping properties left right and centre when this is over ! 

Airbnb must be struggling?

gemmalouise93

creditmanessex said:

Any update on this?

Thanks everyone for the advice.
Our solicitor is not processing any exchanges/completions so everything is on hold at the moment. We are still undecided as to what to do once lockdown is lifted! 

Crashy_Time

numbercruncher8 said:

Of course you're within your right to decrease your offer - but the risk is the sellers would tell you to get fecked. How badly do you want the house or the move?
I don't suppose if interest rates went negative, that you would increase your offer to reflect that house prices may rise? IMO what might happen in the future is poor reason for reducing unless you can demonstrate to the seller that they are overpriced for the area. But in that case, why offer in the first place?

Not at this level of potential damage to the economy, it is the only sensible option, in fact pulling out completely is probably a better option.