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To pull out of house purchase?
bs93
Posts: 12 Forumite
We had an offer accepted on a house in January, it had just been reduced by 15k to 175 after sitting on the market for a few months. We don’t believe it was ever worth 190 at all, we got it for 170 in the end (2k of that was knocked off after survey).
We’ve paid for searches but they’ve not came back yet so we’re not overly far in the process yet and haven’t spent more than £600. We are now wondering whether we should proceed, lower offer, or pull out, as with the economy we are concerned that the value will drop as soon as we’ve signed on it. It’s not a forever home for us and we really don’t want to end up in negative equity. The house needs a lot of work and has been vacant for over a year now. Currently living with parents after selling our own place. Any thoughts or advice?
We’ve paid for searches but they’ve not came back yet so we’re not overly far in the process yet and haven’t spent more than £600. We are now wondering whether we should proceed, lower offer, or pull out, as with the economy we are concerned that the value will drop as soon as we’ve signed on it. It’s not a forever home for us and we really don’t want to end up in negative equity. The house needs a lot of work and has been vacant for over a year now. Currently living with parents after selling our own place. Any thoughts or advice?
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Comments
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If you like it, you should proceed but be getting a big discount. At least 10-15%0
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Lots of similar threads, and no right or wrong advice. My advice from this current post stands:
https://forums.moneysavingexpert.com/discussion/6121985/ftb-should-we-reduce-offer#latest
2024 wins: *must start comping again!*0 -
Any reason(s) to ask for a big discount like that?Vestraun said:If you like it, you should proceed but be getting a big discount. At least 10-15%0
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