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Kuztardd
Posts: 153 Forumite
I am curious how any of you have dealt with a last-minute price adjustment by a vendor?
It's been nearly 7 months since the guy agreed to the sale, and we've not even yet exchanged!! And yet we are being told the completion 'should' be in 2 weeks. We are concerned that the vendor will be wanting more ££ for the home. So I thought I would hear all your stories of how any of you dealt with a requested 'price adjustment'?
It's been nearly 7 months since the guy agreed to the sale, and we've not even yet exchanged!! And yet we are being told the completion 'should' be in 2 weeks. We are concerned that the vendor will be wanting more ££ for the home. So I thought I would hear all your stories of how any of you dealt with a requested 'price adjustment'?
--- Meh ---
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Don't know where you are buying, but prices have started falling in many places. If you agreed price 7 months back, it is unlikely someone would pay more now.
But anyway, you can't control which is beyond your control. This is why even after offer is accepted, one should continue to view and keep 1-2 properties as fall back option so that even if you can't proceed you can offer on other properties.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
While the tide is on the turn, it's not like that everywhere, especially inside some people's heads!We were told there was someone offering more and we said "Fine, go with them then!" but that was because we had a special 'relationship' with one of our vendors and the sale was well advanced. Nothing sinister, but she wanted to be anonymous and start afresh at her new location and we were coming from there! (not that we'd have said a word.)0
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Depends how much you like/love the property.And how many other properties are available that meet your requirements.And how desparate you are to move.And what other similar local properties are selling for now.And how stubborn you are.........My instinct would be to refuse any price increase, but not if that leaves me in a worse position than I'd be in by paying the extra.1
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TBH, I'm so frustrated by the whole process I feel we will just say goodbye and put the phone down on the agent.
Maybe with a few swearwords too.
If the seller has a chain above them, the risk of them losing their hopeful home by collapsing the chain is at risk by being greedy.--- Meh ---1 -
Where’d you get this info? Rightmove recent report says house prices at their highest at an average of 250k. They published it the last couple days ago.movilogo said:Don't know where you are buying, but prices have started falling in many places. If you agreed price 7 months back, it is unlikely someone would pay more now.
But anyway, you can't control which is beyond your control. This is why even after offer is accepted, one should continue to view and keep 1-2 properties as fall back option so that even if you can't proceed you can offer on other properties.0 -
There are plenty of news on the media about prices coming down. Searching for "house price" on Google and clicking on News tab provides some examples.Many of my shortlisted properties in Rightmove have prices reduced in last 3 weeks.Of course, this is location specific and not a blanket reduction everywhere.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.1
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I’ve been seeing price reduction on rightmove in the area I’m looking. But I would say it’s more like there was a crazy hike for prices in the last few months, say house A was listed at 550k and sold for 575k in January, then in February house B (similar to house A) was listed at 575k and sold for 600k. So I feel like most places that I’ve seen with a deduction on price are places that were overpriced to start with.0
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Must depend which media you read.movilogo said:There are plenty of news on the media about prices coming down. Searching for "house price" on Google and clicking on News tab provides some examples.Many of my shortlisted properties in Rightmove have prices reduced in last 3 weeks.Of course, this is location specific and not a blanket reduction everywhere.
The Halifax are stating here that while the market is cooling house prices are still rising with average house prices now reaching £289k.
https://www.bbc.co.uk/news/business-61729890
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Some are behind paywall.
https://www.telegraph.co.uk/property/house-prices/nowhere-house-prices-go/
https://www.thetimes.co.uk/article/house-prices-up-but-are-we-past-peak-sellers-market-9sz3wznn9
https://www.independent.co.uk/money/house-prices-hit-record-high-in-may-but-market-shows-signs-of-cooling-b2096263.html
https://news.sky.com/story/house-price-growth-is-slowing-halifax-says-12629882
Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0
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