Is it reasonable for us to drop our asking price given current climate?

csgohan4

Crashy_Time said:

csgohan4 said:

Crashy_Time said:

csgohan4 said:

abanksee said:

csgohan4 said:

If you are not affected financially, on what basis would you demand a reduction? It's like the people on here last year suggesting reducing offers due to Brexit

If one demands due to the economy which doesn't affect them directly, it would be poor form to do so, however you don't ask you don't get, but be prepared to walk away if they say no and ask you to foxtrot oscar. 

I don't ask/get  reductions in my petrol because oil prices have reduced as an example. 

Petrol prices have dropped to a 4 year low... so you kind of do.

Not to the level I was expecting. still above 1 pound,

the point is, If it's not affecting your own financial generation, would you expect a discount being in the seller's shoes? Why should they take a hit? In fact they may not care about your situation, from a business point of view why should they reduce because you want to play the economy card?

As above you can ask, but are you prepared to walk away from the sale either by force or indeed the the vendor may add more money on the price for your trouble

I doubt that boogeyman scares any potential buyers now, they would probably just classify the seller as a time waster and walk away.

Then as I said, is the buyer willing to risk their house ? Only they can answer that question, what are they going to do  if the vendor says no? Vendor may pull the plug as it is bad form anyways to gazunder before exchange.

 You might say that who else are they going to sell their house, well anyone but them. you are defined by ones actions and if you chose to go against a offer you made, then you only have yourself to blame if it goes pear shaped.

What else are the buyers going to do while waiting for their new mortgage offer? They may be deemed unreliable and untrustworthy understandably

If you agreed a price to sell your car to and then they turned round to want 10% discount on collection day, with no change in the car itself, most people wouldn't be happy. 

If most people thought like that no one would market their house for more than they paid for it, the odd little change to a garden or added conservatory doesn`t account for the profit many people expect to make on a house? Sellers don`t get to change the rules just because the bad times suddenly popped up.

I'll agree to disagree then. Just wanted to show it's not a one way street for buyers without consequences for their actions. There will be a house recession most likely but how much and how long is anyones guess.

As you have pointed out in your countless posts over the years, you support and indeed welcome a house price crash which is historically clear, sadly it is crystal ball territory what ever one's opinion.  

Thrugelmir

jbsn said:

 We have had to apply to a local school to that area for our son so it’s got a bit stressful recently not knowing if it was all going to work out or not.

How much do you want the property and the locality? Have a plan B is you intend to play hardball. 

jbsn

We have a plan B- we are in a good position and could walk away if needs be. We like the property- we did love it but all of this chasing has put a dampener on it a little. Just good to put the feelers out as it’s probably got a bit emotive on our end as we’ve been the ones putting all the effort in! Thanks all for the comments, appreciate it

blue_max_3

You say they were mid-move last time you saw the property? So they have moved? They got their purchase sorted out and kept you waiting. I'd say that given the situation, you're worried about negative equity and will have to make provision. But stress you can make the two week deadline. You have a strong position, but you have to be prepared to walk/compromise.
That's what I'd do. You may have 25 years to be glad you did, or a few months if you didn't.

OldMusicGuy

jbsn said:

We have a plan B- we are in a good decision and could walk away if needs be. We like the property- we did love it but all of this chasing has put a dampener on it a little. Just good to put the feelers out as it’s probably got a bit emotive on our end as we’ve been the ones putting all the effort in! Thanks all for the comments, appreciate it

So let us know what you do and how you get on. It will be helpful for others in your situation to get some real world feedback.

Semple

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

Crashy_Time

OldMusicGuy said:

jbsn said:

We have a plan B- we are in a good decision and could walk away if needs be. We like the property- we did love it but all of this chasing has put a dampener on it a little. Just good to put the feelers out as it’s probably got a bit emotive on our end as we’ve been the ones putting all the effort in! Thanks all for the comments, appreciate it

So let us know what you do and how you get on. It will be helpful for others in your situation to get some real world feedback.

 Surely they would already have that by being in the real world?

snollygoster7

Depends if the discount can be moved all along the chain as to whether they may listen. Massive delay there though. 

I'm downsizing and have thought the same about my purchase and even considering going in to rented for a while and just secure my sale. 

jbsn

Here you go 🔮 

Crashy_Time

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?