Any mortgage brokers seeing buyers put in lower offers on houses?

homeless9

After what's happened with the world in crisis are mortgage brokers seeing buyers put in lower offers on houses? if so, how much are buyers getting off their purchases?

Is it newer builds that buyers are having more luck with getting a lower price?

[Deleted User]

Buyers gave been putting in lower offers since the beginning of time.  How much - if anything - you can drop your offer by depends on your unique circumstances and those of the buyers. 

Some may negotiate a large discount,  others nothing, while some sellers will simply withdraw from the market.

Go in with an offer you're comfortable paying.

ACG

Up until the lockdown happened, even a few days after people were making offers as normal, no higher or lower. 
Since then, we have not really seen any new purchase customers - nobody can see property so that is to be expected.

At the minute mortgage lenders are cutting back, but that appears to be mostly down to getting valuations carried out. I dont think estate agents will be advising their customers to accept low ball offers as that is a slippery slope and at the minute there is no indication that will happen. But I think we need to see what happens when the lockdown is lifted. 

homeless9

ACG said:

Up until the lockdown happened, even a few days after people were making offers as normal, no higher or lower. 
Since then, we have not really seen any new purchase customers - nobody can see property so that is to be expected.

At the minute mortgage lenders are cutting back, but that appears to be mostly down to getting valuations carried out. I dont think estate agents will be advising their customers to accept low ball offers as that is a slippery slope and at the minute there is no indication that will happen. But I think we need to see what happens when the lockdown is lifted. 

What about the people who have been going through the buying process, already had arranged a price, reserved, going through the searches, signing of documents etc and then now the whole world economic outlook has changed pretty quickly and is very uncertain........ what are you seeing these buyers do? are most people putting the purchase on hold, pulling out, agreeing a lower price on the property, or just following through with their purchase?

soupy600

homeless9 said:

ACG said:

Up until the lockdown happened, even a few days after people were making offers as normal, no higher or lower. 
Since then, we have not really seen any new purchase customers - nobody can see property so that is to be expected.

At the minute mortgage lenders are cutting back, but that appears to be mostly down to getting valuations carried out. I dont think estate agents will be advising their customers to accept low ball offers as that is a slippery slope and at the minute there is no indication that will happen. But I think we need to see what happens when the lockdown is lifted. 

What about the people who have been going through the buying process, already had arranged a price, reserved, going through the searches, signing of documents etc and then now the whole world economic outlook has changed pretty quickly and is very uncertain........ what are you seeing these buyers do? are most people putting the purchase on hold, pulling out, agreeing a lower price on the property, or just following through with their purchase?

I'm wondering the same but just at the start of this and thinking nothing is changing just yet as where in a lock down?

ACG

Everything is holding together so far.
Buyers still want to buy, sellers still want to sell. We have not had anyone pull out or try to renegotiate yet. 

House prices are based on supply and demand. Demand is still there and unless we start seeing large scale redundancies it will remain as there is still a shortage of houses. If anything you may even see the opposite in some areas, house builders are a bit nervous and also are under increasing pressure to lay off tradesmen so less houses being built...

homeless9

ACG said:

Everything is holding together so far.
Buyers still want to buy, sellers still want to sell. We have not had anyone pull out or try to renegotiate yet. 

House prices are based on supply and demand. Demand is still there and unless we start seeing large scale redundancies it will remain as there is still a shortage of houses. If anything you may even see the opposite in some areas, house builders are a bit nervous and also are under increasing pressure to lay off tradesmen so less houses being built...

Thanks for this info.

Are you finding it difficult to process any mortgages/purchases due to banks or solicitors being busy / understaffed

ACG

Not so much that, solicitors are generally ok, lenders are slower but seem to be catching up.
The biggest issue is lenders changing products and criteria every time the wind changes direction. I have decided to not take on any new cases until next week. Lenders are too volatile at the minute, I cant work in that way. So we will just spend the week catching up on admin, compliance, accounts and put together some ideas to hit the ground running once we are all free to work properly. 

Thrugelmir

Solicitors like everybody else will be furloughing staff now. As workload diminishes.