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Sale fell through, reasonable to ask to lower accepted offer?
Comments
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You do know mortgage rates have dropped again don't you? And that is AFTER the latest interest rate increase
Can`t really see that being useful now, the OP needs to get someone to make an offer and invest a bit of time and money in surveys etc. before there is another rate rise because that will just put them back to even lower offers.1 -
Why is the OP not getting the offers they need in that case?mi-key said:
You do know mortgage rates have dropped again don't you? And that is AFTER the latest interest rate increase
Can`t really see that being useful now, the OP needs to get someone to make an offer and invest a bit of time and money in surveys etc. before there is another rate rise because that will just put them back to even lower offers.0 -
Maybe because they have only started to drop a week ago, and not all lenders have reduced theirs yet? Or it could be because of the massive house price crash and it is only worth 50p now ?Sarah1Mitty2 said:
Why is the OP not getting the offers they need in that case?mi-key said:
You do know mortgage rates have dropped again don't you? And that is AFTER the latest interest rate increase
Can`t really see that being useful now, the OP needs to get someone to make an offer and invest a bit of time and money in surveys etc. before there is another rate rise because that will just put them back to even lower offers.0 -
It is looking likely that they will be going up again soon though, very unlikely that people will feel confident just because a mortgage lender offered a few points off as a promotion or something?mi-key said:
Maybe because they have only started to drop a week ago, and not all lenders have reduced theirs yet? Or it could be because of the massive house price crash and it is only worth 50p now ?Sarah1Mitty2 said:
Why is the OP not getting the offers they need in that case?mi-key said:
You do know mortgage rates have dropped again don't you? And that is AFTER the latest interest rate increase
Can`t really see that being useful now, the OP needs to get someone to make an offer and invest a bit of time and money in surveys etc. before there is another rate rise because that will just put them back to even lower offers.0 -
No it doesn't. All predictions ( and from lenders ) is they will gradually drop over 2023.
It is looking likely that they will be going up again soon though, very unlikely that people will feel confident just because a mortgage lender offered a few points off as a promotion or something?0 -
Lenders just try to attract business, that is their job, when the market says rates are going up they are going up, this house of the OP`s might have sold at the original price before people got spooked by the rate rises, that is how careless people were about risk back then.mi-key said:
No it doesn't. All predictions ( and from lenders ) is they will gradually drop over 2023.
It is looking likely that they will be going up again soon though, very unlikely that people will feel confident just because a mortgage lender offered a few points off as a promotion or something?0 -
Yes, I'm sure the people who actually employ huge departments of analysts and lend people money have less of an idea about where mortgage rates are going to go than you. I'm surprised they don't just employ you rather than wasting their money on all those staff !Sarah1Mitty2 said:
Lenders just try to attract business, that is their job, when the market says rates are going up they are going up, this house of the OP`s might have sold at the original price before people got spooked by the rate rises, that is how careless people were about risk back then.mi-key said:
No it doesn't. All predictions ( and from lenders ) is they will gradually drop over 2023.
It is looking likely that they will be going up again soon though, very unlikely that people will feel confident just because a mortgage lender offered a few points off as a promotion or something?
If a lender offers a 3 year fix at 4% then the payments aren't going to go up during that time, so why would that spook someone buying now?1 -
Because maybe they know of someone who took a fix at 2% 3 years ago now coming off that fix?mi-key said:
Yes, I'm sure the people who actually employ huge departments of analysts and lend people money have less of an idea about where mortgage rates are going to go than you. I'm surprised they don't just employ you rather than wasting their money on all those staff !Sarah1Mitty2 said:
Lenders just try to attract business, that is their job, when the market says rates are going up they are going up, this house of the OP`s might have sold at the original price before people got spooked by the rate rises, that is how careless people were about risk back then.mi-key said:
No it doesn't. All predictions ( and from lenders ) is they will gradually drop over 2023.
It is looking likely that they will be going up again soon though, very unlikely that people will feel confident just because a mortgage lender offered a few points off as a promotion or something?
If a lender offers a 3 year fix at 4% then the payments aren't going to go up during that time, so why would that spook someone buying now?0 -
Why would they care what someone elses mortgage deal in the past was? Personally I would look at what I am getting now and what is likely to happen in the future
Because maybe they know of someone who took a fix at 2% 3 years ago now coming off that fix?
If a lender offers a 3 year fix at 4% then the payments aren't going to go up during that time, so why would that spook someone buying now?1 -
OK, I've had a massive change of luck this weekend. I've had 2 viewings (both of which I had to do as EA off sick)
They both loved it, one offered the asking price last night and the others just had a second viewing and messaged me now to say they would make an offer and asked how much would I accept.
What is the usual thing to do here? I'm assuming it'll be unfair on the other bidder to say I've had an asking price offer?
The asking price offer is from a first time cash buyer and the other is from a first time with a mortgage3
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