2 days away from exchage

caveatvenditor

You absolutely must NOT buy. Give it a year or two and you can take the negative equity knock then - and pick up a nicer house to boot.

You wont have problems getting a mortgage with your deposit - but please wait you will regret it.

Zammo

I've made up my mind. I'm going to pull out today. Not realy looking forward to making that phone call this morning, but I am looking forward to a decent nights sleep tonight.

:money:

Daddy_Bear_2

Zammo wrote: »

The seller has also shown absolute integrity by allowing me to renegotiate the price as the market has fallen. The woman is nothing short of a saint. It's almost as if she wants to give it to me for free. I wonder what other hidden surprises lay in store for me should I exchange. It was just so exciting to discover the roof and underlying structure needed replacing at considerable expense.

Did I mention that she is a BTLer? She's also ejected her tenants in preperation for the sale. She must be losing a fair bit each month on mortgage repayments with no rent coming in to cover it.

Did someone mention Karma? This is karma in action right here.

PMSL.
:beer:

A house can only be sold and is only worth what someone is willing to pay for the house. How that price is arrived at is neither here nor there as both parties have to be in agreement and are both free to walk away at anytime before exchange of contracts. Nobody is holding a gun to the head of the seller. If it was me and I had £50k deposit I'd be happy having that in the bank gaining interest while I read the headlines of house price falls over the next few years.

Estate Agent friends of my parents (who sold up and are renting) have told them not to offer more than 20% less and one quoted 'house prices are falling like a stone'. You don't often hear that from an estate agent!

reformedEffortMaker_2

Daddy_Bear wrote: »

Estate Agent friends of my parents (who sold up and are renting) have told them not to offer more than 20% less and one quoted 'house prices are falling like a stone'. You don't often hear that from an estate agent!

But surely if everyone says that house prices are going to fall, that's what will make them drop?...right?....Like Zammo, no one wants to pay full asking price anymore, the reasons why arent really important as even if interest rates increase blah blah blah, he would found a way to cope before.
If the media had been saying "Oh even with credit-crunch-northern-rock-US-sub-prime mania, prices are still going to go up 25% in 2008", everyone would have believed it and still be over committing to get on the ladder.............but that's just my opinion

Back to the karma/morality of 'offer figure dropping'. I have been watching another thread, http://forums.moneysavingexpert.com/showthread.html?t=597005
The Ghekkomatic one, where he spent ages trying to decide whether to continue with the purchase or not. Once everyone realised how much of a witch the vendor was, tons of people advice the buyer to drop the price at the last minute.
Why is that different to what Zammo is suggesting?

Curv

reformedEffortMaker wrote: »

Why is that different to what Zammo is suggesting?

reformedEffortMaker wrote: »

Once everyone realised how much of a witch the vendor was

Does that answer your question?

ETA: Also, Ghekko was struggling with the morality of not sticking to his original agreement even in the face of a mass of evidence and opinion that he was being ripped off. That makes him somewhat likeable in my book. He and his girlfriend were undoubtedly lacking in house buying smarts.

The OP in this thread however, comes across as taking gleeful delight in dropping someone in it. He appears to be well versed in the current state of the market but went ahead and made an offer nonetheless.

reformedEffortMaker_2

Curv
Hmmm-not sure I buy this one, I didnt think Zammo came across gleeful, and the original offer was made in August. Ghekko's behaviour was down to the fact he was a FTB. Agreed. But the 'tactics advised' were still the same "oh just drop the price at the last minute, that will teach the vendor!"

Still dont understand why its OK to shaft a vendor in some cases, and not in others....the outcome is the same, and so therefore is just as immoral?

Curv

'Buy it' or not... that's how he came across to me and, therefore, coloured my opinion of him and his actions.

Ghekko's vendor is clearly a robdog and deserved to be treated as such. We know no such thing about Zammo's vendor and his posts are coming from the opposite angle to Ghekko's i.e. Zammo had clearly made up his mind what he was going to do and was posting on here to gloat. Again, my interpretation but that's how it read to me.

macaque_2

Zammo wrote: »

I've made up my mind. I'm going to pull out today. Not realy looking forward to making that phone call this morning, but I am looking forward to a decent nights sleep tonight.

Clearly you are a time waster. Why didn't you pull out months ago and spare the vendor cost and worry.

What vestige of respect I might have for you, dissapeared with your pathetic excuses about the roof condition. If there was an issue with the roof, you had ample opportunity to recouped this by chiseling away at the price (which you did anyway).

Some people have defended your behaviour but they are wrong. The issue is about making a contract with someone (verbal or written) and keeping to it. You can withdraw from an offer to buy and this is a reasonable thing to do when there is a significant and material change of circumstances. But thats not what you did. You messed around for months chipping away at the price before walking away in the final hours. It is pathetic.

Gillibobs

macaque wrote: »

Clearly you are a time waster. Why didn't you pull out months ago and spare the vendor cost and worry.

What vestige of respect I might have for you, dissapeared with your pathetic excuses about the roof condition. If there was an issue with the roof, you had ample opportunity to recouped this by chiseling away at the price (which you did anyway).

Some people have defended your behaviour but they are wrong. The issue is about making a contract with someone (verbal or written) and keeping to it. You can withdraw from an offer to buy and this is a reasonable thing to do when there is a significant and material change of circumstances. But thats not what you did. You messed around for months chipping away at the price before walking away in the final hours. It is pathetic.

I totally agree!!! Bet the vendor isn't having a "decent nights sleep tonight"

reformedEffortMaker_2

macaque
I realise I am playing devils advocate a little here, and before I say anything else, last year I had buyers pull out of buying my flat TWICE.
The 1st couple because they realised a week before christmas that they couldnt get a mortgage for the amount they thought (after stringing me along for 6 weeks), and the second time was because the buyers couldnt make up their minds, one made an offer without the other one knowing and then it got messy.....
I know what its like to be on the receiving end of time wasters.....however, with all the negative press about house prices....is it any wonder people are pulling out?....forget dodgy roofs etc....lets just be honest, no one wants to throw money away-right?...or pay more for a house than what its worth....i am sure people are doing what zammo has done all over the country today