Reducing Offer Price Due To COVID-19 Financial Uncertainty

[Deleted User]

graphs said:

Ignore all the people saying stick to your offer. They have vested interests in the market and do not want to see house prices fall. Pretty disgusting advice really seeing as this is a money saving site.

You should be looking at a 10% discount. Go in with that.

I agree ! Its not their money 
just random people on the internet feeling indignant on behalf of some unknown random seller ! 

A 20% drop will help me and my son out big time 

MobileSaver

Disjoint said:

You have no upside in buying today, just potential downside.

That's total nonsense. For most people buying a home there is a good reason why they want to buy and that reason will not have changed just because of coronavirus.

This is one of the fundamental flaws of most crashists; they get tunnel vision that buying a house is purely about the price you pay forgetting that there are 101 other factors in buying your own home.

MobileSaver

Densol said:

jonnygee2 said:

Only a complete idiot hopes for a market crash anyway. We all live in the same economy, a big crash is ultimately good for no one.

my son a FTB with a 50% deposit from me is hoping to get a bargain when it all crashes and landlords need to sell sell sell their portfolios Im certainly not a “complete idiot” lol

I think the jury is still out on that one...

You do realise that any house price crash will never be in complete isolation to the rest of the economy? Your son's 50% deposit will be of no use whatsoever if the economy tanks and he loses his job or still can't get a mortgage due to stricter lending criteria.

Anyone hoping for an economic meltdown does need their head examining in my opinion.

jimbog

Densol said:

jonnygee2 said:

I think there may be some disappointed people when this is over if you're holding on to hopes of a big market crash

Only a complete idiot hopes for a market crash anyway. We all live in the same economy, a big crash is ultimately good for no one.

Nonsense!
my son a FTB with a 50% deposit from me is hoping to get a bargain when it all crashes and landlords need to sell sell sell their portfolios 
Im certainly not a “complete idiot” lol

Hopefully your son will still be able to secure a low interest mortgage at that point

Intenso

Densol said:

graphs said:

Ignore all the people saying stick to your offer. They have vested interests in the market and do not want to see house prices fall. Pretty disgusting advice really seeing as this is a money saving site.

You should be looking at a 10% discount. Go in with that.

I agree ! Its not their money 
just random people on the internet feeling indignant on behalf of some unknown random seller ! 

A 20% drop will help me and my son out big time 

I guess you'll be happy playing hard ball with some grieving probate executor some where down the line too...

Crashy_Time

MobileSaver said:

Densol said:

jonnygee2 said:

Only a complete idiot hopes for a market crash anyway. We all live in the same economy, a big crash is ultimately good for no one.

my son a FTB with a 50% deposit from me is hoping to get a bargain when it all crashes and landlords need to sell sell sell their portfolios Im certainly not a “complete idiot” lol

I think the jury is still out on that one...

You do realise that any house price crash will never be in complete isolation to the rest of the economy? Your son's 50% deposit will be of no use whatsoever if the economy tanks and he loses his job or still can't get a mortgage due to stricter lending criteria.

Anyone hoping for an economic meltdown does need their head examining in my opinion.

With that level of deposit he probably wouldn`t need a mortgage, but it is very unlikely that the banks won`t be lending, you need to think about what they have been doing since 2008 and what they did immediately this crisis hit, I know it doesn`t fit the story you would like to see happen but lending is not going to be stopped for the reasons you think IMO.

[Deleted User]

He is a telecommunications engineer - as the world isolates the need for internet, remote communications and keeping in touch is valuable and his job in the great scheme of things seems as safe as can be in this mad strange world. 

 

We’ll watch the market and see what happens with prices.  

No we wont be screwing over a probate executor. If prices drop and they are advertised less we’ll be looking at properties. 

I was buying a BTL myself. The moment this disaster happened, I pulled out. No trying to screw the seller etc asking for reductions. I just advised I could not risk an investment at this time, so he could remarket his house as soon as possible.

Its not “hoping” for economic disaster but its being aware its highly likely  

Crashy_Time

Densol said:

He is a telecommunications engineer - as the world isolates the need for internet, remote communications and keeping in touch is valuable and his job in the great scheme of things seems as safe as can be in this mad strange world. 

 

We’ll watch the market and see what happens with prices.  

No we wont be screwing over a probate executor. If prices drop and they are advertised less we’ll be looking at properties. 

I was buying a BTL myself. The moment this disaster happened, I pulled out. No trying to screw the seller etc asking for reductions. I just advised I could not risk an investment at this time, so he could remarket his house as soon as possible.

Its not “hoping” for economic disaster but its being aware its highly likely  

Sensible move.