Sale fell through, reasonable to ask to lower accepted offer?

BikingBud

mi-key said:

Yes, there will alway be those circumstances, but in most cases circumstances don't change that much in 3 months, and if people aren't stretching themselves to the limit of borrowing, then a lot can be worked around.

In any case,a buyers circumstances changing aren't really the sellers problem and they shouldn't be expected to knock a load of money off because of them. 

Until they are caused by a "lethargic" seller which appears to bring us back round to the OP

ETA - Of course people are stretching themselves to the limit, you're not committed and playing the property game unless you over-reaching!

mi-key

BikingBud said:

mi-key said:

Yes, there will alway be those circumstances, but in most cases circumstances don't change that much in 3 months, and if people aren't stretching themselves to the limit of borrowing, then a lot can be worked around.

In any case,a buyers circumstances changing aren't really the sellers problem and they shouldn't be expected to knock a load of money off because of them. 

Until they are caused by a "lethargic" seller which appears to bring us back round to the OP

ETA - Of course people are stretching themselves to the limit, you're not committed and playing the property game unless you over-reaching!

I assume the OP knew when he made the offer that the sellers hadn't found a house or made an offer on anywhere, so that is partly his fault. I agree they have dragged their feet though, and could have found somewhere within 3 months. Maybe they are just overly fussy !

Aberdeenangarse

tsears said:

Long story, but I accepted an offer on my property back in August £10k above the asking price where I had multiple offers over the asking. 
I then had an offer accepted on a property at the end of September, just under the asking price but the sellers hadn't found anywhere.

3 months later they still haven't found anywhere, but have now offered to vacate the property to get the sale through, but my buyer has pulled out. 
My property has been back on the market for a few weeks, but due to the change of the market, I'm now only getting offers £20k-£30k under the offer I accepted back in August. 

In this situation would be acceptable to ask the people I'm buying from to reduce the price? 
The house I'm looking to buy is in a desirable area where not many at this price point come up for sale, but I've noticed that other properties in the local area are being reduced on Rightmove. What's the normal thing to do in this situation? 

Thanks in advance! 

Chatting with an Estate agent yesterday and he said revised offers are now happening with a much greater frequency. It’s a bit of a nightmare particularly if a chain is involved. What with property prices dropping they think more people will be lowering offers for the foreseeable future. It’s all a bit of a change from when my partner completed the sale of her property in September. Sold for £15k over asking and £105k more than an identical property sold a year earlier!

tsears

diystarter7 said:

tsears said:

In this situation would be acceptable to ask the people I'm buying from to reduce the price? 
The house I'm looking to buy is in a desirable area where not many at this price point come up for sale, but I've noticed that other properties in the local area are being reduced on Rightmove. What's the normal thing to do in this situation? 

Thanks in advance! 

Hi OP
You sound like a very decent person and caring just like me and many others I guess. The more caring people like us are the more worried we worry as possibly, well mine is, our word is our bond Sadly it does not work like that with property and I am sure you are aware of buyers will try to drop the price at the last minute etc

However, do not forget that the people you are buying from may back out at any time before the exchange without peneiates

So if I was you, I'd ask but if they say no and you love the place, then personally I'd still be on tracks for it

Good luck/

PS: Apolos for asuuming as above and I hope you are not offended

Thank you, I agree with that completely! It wouldn't be grounds for me to pull out as its in an area I'm really looking to move to so it wouldn't be a deal breaker.

tsears

mi-key said:

BikingBud said:

mi-key said:

Yes, there will alway be those circumstances, but in most cases circumstances don't change that much in 3 months, and if people aren't stretching themselves to the limit of borrowing, then a lot can be worked around.

In any case,a buyers circumstances changing aren't really the sellers problem and they shouldn't be expected to knock a load of money off because of them. 

Until they are caused by a "lethargic" seller which appears to bring us back round to the OP

ETA - Of course people are stretching themselves to the limit, you're not committed and playing the property game unless you over-reaching!

I assume the OP knew when he made the offer that the sellers hadn't found a house or made an offer on anywhere, so that is partly his fault. I agree they have dragged their feet though, and could have found somewhere within 3 months. Maybe they are just overly fussy !

I did know they were yet to find somewhere but hadn't expected it to be 3 months. The buyer of my property didn't give a reason, so I have no idea if it was the time delay or if his mortgage offers had changed. 

I think it's unfair to say I'm gazundering, If the sale hadn't had fell through I would have never asked the question to lower the offer. I have no idea if it was their delay that caused my buyer to pull out, but It may not have happened if it was all sorted sooner. 

I haven't paid any money as of yet, I think the sellers may have paid for a search but we haven't got very far at all, so its not like its a few weeks before the exchange that I'm asking.

Its just a query, I waned to find out of this was a common thing, as although I'm not a first time buyer, I have never been in this position 

Sarah1Mitty2

tsears said:

mi-key said:

BikingBud said:

mi-key said:

Yes, there will alway be those circumstances, but in most cases circumstances don't change that much in 3 months, and if people aren't stretching themselves to the limit of borrowing, then a lot can be worked around.

In any case,a buyers circumstances changing aren't really the sellers problem and they shouldn't be expected to knock a load of money off because of them. 

Until they are caused by a "lethargic" seller which appears to bring us back round to the OP

ETA - Of course people are stretching themselves to the limit, you're not committed and playing the property game unless you over-reaching!

I assume the OP knew when he made the offer that the sellers hadn't found a house or made an offer on anywhere, so that is partly his fault. I agree they have dragged their feet though, and could have found somewhere within 3 months. Maybe they are just overly fussy !

I did know they were yet to find somewhere but hadn't expected it to be 3 months. The buyer of my property didn't give a reason, so I have no idea if it was the time delay or if his mortgage offers had changed. 

I think it's unfair to say I'm gazundering, If the sale hadn't had fell through I would have never asked the question to lower the offer. I have no idea if it was their delay that caused my buyer to pull out, but It may not have happened if it was all sorted sooner. 

I haven't paid any money as of yet, I think the sellers may have paid for a search but we haven't got very far at all, so its not like its a few weeks before the exchange that I'm asking.

Its just a query, I waned to find out of this was a common thing, as although I'm not a first time buyer, I have never been in this position 

Wouldn`t it be better in that case to wait until things settle down and the market finds it`s new level before offering on properties?

diystarter7

tsears said:

diystarter7 said:

tsears said:

In this situation would be acceptable to ask the people I'm buying from to reduce the price? 
The house I'm looking to buy is in a desirable area where not many at this price point come up for sale, but I've noticed that other properties in the local area are being reduced on Rightmove. What's the normal thing to do in this situation? 

Thanks in advance! 

Hi OP
You sound like a very decent person and caring just like me and many others I guess. The more caring people like us are the more worried we worry as possibly, well mine is, our word is our bond Sadly it does not work like that with property and I am sure you are aware of buyers will try to drop the price at the last minute etc

However, do not forget that the people you are buying from may back out at any time before the exchange without peneiates

So if I was you, I'd ask but if they say no and you love the place, then personally I'd still be on tracks for it

Good luck/

PS: Apolos for asuuming as above and I hope you are not offended

Thank you, I agree with that completely! It wouldn't be grounds for me to pull out as its in an area I'm really looking to move to so it wouldn't be a deal breaker.

Hi
Thank you.
Good luck!

mi-key

tsears said:

mi-key said:

BikingBud said:

mi-key said:

Yes, there will alway be those circumstances, but in most cases circumstances don't change that much in 3 months, and if people aren't stretching themselves to the limit of borrowing, then a lot can be worked around.

In any case,a buyers circumstances changing aren't really the sellers problem and they shouldn't be expected to knock a load of money off because of them. 

Until they are caused by a "lethargic" seller which appears to bring us back round to the OP

ETA - Of course people are stretching themselves to the limit, you're not committed and playing the property game unless you over-reaching!

I assume the OP knew when he made the offer that the sellers hadn't found a house or made an offer on anywhere, so that is partly his fault. I agree they have dragged their feet though, and could have found somewhere within 3 months. Maybe they are just overly fussy !

I did know they were yet to find somewhere but hadn't expected it to be 3 months. The buyer of my property didn't give a reason, so I have no idea if it was the time delay or if his mortgage offers had changed. 

I think it's unfair to say I'm gazundering, If the sale hadn't had fell through I would have never asked the question to lower the offer. I have no idea if it was their delay that caused my buyer to pull out, but It may not have happened if it was all sorted sooner. 

I haven't paid any money as of yet, I think the sellers may have paid for a search but we haven't got very far at all, so its not like its a few weeks before the exchange that I'm asking.

Its just a query, I waned to find out of this was a common thing, as although I'm not a first time buyer, I have never been in this position 

Well it's up to you really, you can always make a lower offer and see what they say. They do sound a bit uncertain of what they are doing, but then they did offer to move into a rental so the sale could go ahead, which not many sellers would do.

tsears

mi-key said:

tsears said:

mi-key said:

BikingBud said:

mi-key said:

Yes, there will alway be those circumstances, but in most cases circumstances don't change that much in 3 months, and if people aren't stretching themselves to the limit of borrowing, then a lot can be worked around.

In any case,a buyers circumstances changing aren't really the sellers problem and they shouldn't be expected to knock a load of money off because of them. 

Until they are caused by a "lethargic" seller which appears to bring us back round to the OP

ETA - Of course people are stretching themselves to the limit, you're not committed and playing the property game unless you over-reaching!

I assume the OP knew when he made the offer that the sellers hadn't found a house or made an offer on anywhere, so that is partly his fault. I agree they have dragged their feet though, and could have found somewhere within 3 months. Maybe they are just overly fussy !

I did know they were yet to find somewhere but hadn't expected it to be 3 months. The buyer of my property didn't give a reason, so I have no idea if it was the time delay or if his mortgage offers had changed. 

I think it's unfair to say I'm gazundering, If the sale hadn't had fell through I would have never asked the question to lower the offer. I have no idea if it was their delay that caused my buyer to pull out, but It may not have happened if it was all sorted sooner. 

I haven't paid any money as of yet, I think the sellers may have paid for a search but we haven't got very far at all, so its not like its a few weeks before the exchange that I'm asking.

Its just a query, I waned to find out of this was a common thing, as although I'm not a first time buyer, I have never been in this position 

Well it's up to you really, you can always make a lower offer and see what they say. They do sound a bit uncertain of what they are doing, but then they did offer to move into a rental so the sale could go ahead, which not many sellers would do.

I guess worst case, they say no they are not willing to drop, but I would assume their EA may explain the current state of the market.

From the little info I have, I think the couple are moving in together and selling both or one of the properties to do so. but I'll try and gather more info when I contact the EA  

mi-key

tsears said:

mi-key said:

tsears said:

mi-key said:

BikingBud said:

mi-key said:

Yes, there will alway be those circumstances, but in most cases circumstances don't change that much in 3 months, and if people aren't stretching themselves to the limit of borrowing, then a lot can be worked around.

In any case,a buyers circumstances changing aren't really the sellers problem and they shouldn't be expected to knock a load of money off because of them. 

Until they are caused by a "lethargic" seller which appears to bring us back round to the OP

ETA - Of course people are stretching themselves to the limit, you're not committed and playing the property game unless you over-reaching!

I assume the OP knew when he made the offer that the sellers hadn't found a house or made an offer on anywhere, so that is partly his fault. I agree they have dragged their feet though, and could have found somewhere within 3 months. Maybe they are just overly fussy !

I did know they were yet to find somewhere but hadn't expected it to be 3 months. The buyer of my property didn't give a reason, so I have no idea if it was the time delay or if his mortgage offers had changed. 

I think it's unfair to say I'm gazundering, If the sale hadn't had fell through I would have never asked the question to lower the offer. I have no idea if it was their delay that caused my buyer to pull out, but It may not have happened if it was all sorted sooner. 

I haven't paid any money as of yet, I think the sellers may have paid for a search but we haven't got very far at all, so its not like its a few weeks before the exchange that I'm asking.

Its just a query, I waned to find out of this was a common thing, as although I'm not a first time buyer, I have never been in this position 

Well it's up to you really, you can always make a lower offer and see what they say. They do sound a bit uncertain of what they are doing, but then they did offer to move into a rental so the sale could go ahead, which not many sellers would do.

I guess worst case, they say no they are not willing to drop, but I would assume their EA may explain the current state of the market.

From the little info I have, I think the couple are moving in together and selling both or one of the properties to do so. but I'll try and gather more info when I contact the EA  

Ah I guess if they have two houses that is why they aren't in a desperate hurry to move, so may not want to reduce by much if anything. Personally I think if you love the house and want it, and can afford it, then buy it anyway, particularly if they are going to move into a rental so you can get on with it.

The market isn't what it was, but prices havent plummeted ( despite what some buyers wish ! ). Over the lifetime of a mortgage house prices always go up, so even if it has dropped a bit now, in 5 years time it is almost certain to be worth more than you paid. You can waste years trying to chase the market assuming prices will drop more, and that will be a better time to buy, but at some point you need to make a decision.