Reducing an already agreed price

Crashy_Time

mystic_trev said:

This is going to be a major problem once the market returns from lockdown. I can see many chains collapsing because at least one party will want to renegotiate. It would be nice if everybody  continued  with transactions at previously agreed prices. Unfortunately I can’t see that happening.

Really? That would be very unwise and very non-money saving in this economic climate.

MovingForwards

Crashy_Time said:

ToxicWomble said:

I hope the vendor sees this thread and contacts you to tell you the asking price has just gone up 50k 

The chances of that happening are pretty low IMO.

Not that long ago someone A posted up looking for info about a query they had, during the course of the thread a member B popped up and thought it sounded like their sale.

B took to messaging to A, both came back and the query was resolved, both were happy.

Never say the chances are pretty low as it's happened.

[Deleted User]

Do it. At least 10% off, if not more. Prices are crashing and will hopefully not recover for a long time and you don't want to be in negative equity.

Crashy_Time

MovingForwards said:

Crashy_Time said:

ToxicWomble said:

I hope the vendor sees this thread and contacts you to tell you the asking price has just gone up 50k 

The chances of that happening are pretty low IMO.

Not that long ago someone A posted up looking for info about a query they had, during the course of the thread a member B popped up and thought it sounded like their sale.

B took to messaging to A, both came back and the query was resolved, both were happy.

Never say the chances are pretty low as it's happened.

Did they raise their asking price by 50k because that is what the point was about?

[Deleted User]

[DELETED USER] said:

Do it. At least 10% off, if not more. Prices are crashing and will hopefully not recover for a long time and you don't want to be in negative equity.

I appreciate the nature of your point but I am in exactly this position too and it is still guesswork that prices are crashing. It's tremendously difficult when you actually have to decide. I've been waiting for a similar property at a lower price or better property at a reduced price for a month. There's been nothing!

Crashy_Time

brett19852010 said:

[DELETED USER] said:

Do it. At least 10% off, if not more. Prices are crashing and will hopefully not recover for a long time and you don't want to be in negative equity.

I appreciate the nature of your point but I am in exactly this position too and it is still guesswork that prices are crashing. It's tremendously difficult when you actually have to decide. I've been waiting for a similar property at a lower price or better property at a reduced price for a month. There's been nothing!

A month isn`t long enough, everything has been on hold for a month.

Bravo_Zulu

brett19852010 said:

[DELETED USER] said:

Do it. At least 10% off, if not more. Prices are crashing and will hopefully not recover for a long time and you don't want to be in negative equity.

I appreciate the nature of your point but I am in exactly this position too and it is still guesswork that prices are crashing. It's tremendously difficult when you actually have to decide. I've been waiting for a similar property at a lower price or better property at a reduced price for a month. There's been nothing!

Exactly. If there is a crash, it won't be happening overnight.

MobileSaver

Crashy_Time said:

brett19852010 said:

 I've been waiting for a similar property at a lower price or better property at a reduced price for a month. There's been nothing!

A month isn`t long enough, everything has been on hold for a month.

Something we agree on!

Anyone hoping to pick up a cheap property this year is living in dreamland. If the coronavirus causes a financial crisis like last time, it took 18 months for house prices to drop significantly. Add on a couple of months from when someone agrees a price to when they complete and get the keys and you would be lucky to actually move in by Christmas next year.

So basically it means putting your life on hold for approaching two years and, of course, keeping your fingers crossed that by then there's still a decent house in a decent area on the market, with a desperate seller and that you can still meet the stricter mortgage lending criteria...

blue_max_3

MobileSaver said:

Crashy_Time said:

brett19852010 said:

 I've been waiting for a similar property at a lower price or better property at a reduced price for a month. There's been nothing!

A month isn`t long enough, everything has been on hold for a month.

Something we agree on!

Anyone hoping to pick up a cheap property this year is living in dreamland. If the coronavirus causes a financial crisis like last time, it took 18 months for house prices to drop significantly. Add on a couple of months from when someone agrees a price to when they complete and get the keys and you would be lucky to actually move in by Christmas next year.

So basically it means putting your life on hold for approaching two years and, of course, keeping your fingers crossed that by then there's still a decent house in a decent area on the market, with a desperate seller and that you can still meet the stricter mortgage lending criteria...

There are likely developers with projects being finalised who are looking to sell quickly. With the outlook looking worse, rather than better, I think there may be deals to be had. I may be finding out soon as I am looking to buy!

jimbog

blue_max_3 said:

MobileSaver said:

Crashy_Time said:

[Deleted User] said:

 I've been waiting for a similar property at a lower price or better property at a reduced price for a month. There's been nothing!

A month isn`t long enough, everything has been on hold for a month.

Something we agree on!

Anyone hoping to pick up a cheap property this year is living in dreamland. If the coronavirus causes a financial crisis like last time, it took 18 months for house prices to drop significantly. Add on a couple of months from when someone agrees a price to when they complete and get the keys and you would be lucky to actually move in by Christmas next year.

So basically it means putting your life on hold for approaching two years and, of course, keeping your fingers crossed that by then there's still a decent house in a decent area on the market, with a desperate seller and that you can still meet the stricter mortgage lending criteria...

There are likely developers with projects being finalised who are looking to sell quickly.

New builds are sold at a premium and build quality is of a concern so be vigilant