Should I ask for a house price discount

rbtc_2019

Hello, I was wondering how you got on with your purchase, have you exchanged or completed? Did you change your offer? We are in a similar position and have been messed around since August 2023 by an absent owner who has incorrectly served notice twice to tenants...finally looking like we'll move in and she wants to exchange and complete on the same day - without a thought for all the months of delays and additional rent overlap because we couldn't trust her word.

propertyrental

So tell your conveyancer you want a (1 week? 2 week? 1 month?) gap between Exchange and Completion. You are as entitled to iask for this as the seller is to ask for same day.

But this is what can happen when buying a property with tenants.

ReadySteadyPop

alstorey said:

Hi all,
I put in an offer of 330K on a house back in June.
Myself and my partner are currently renting so are at the bottom of the chain. We were told in early September probate was completed on the house the seller is buying and exchange will likely be mid October.
Then I found out last week that the seller pulled out of the house they had planned to buy due to problems with the probate, there was an error in the paperwork and had to be started again.  They quickly agreed to buy another house. I was told that the new house seller to my seller was buying a new build and would be ready at latest mid December (already way longer than I expected originally). Now I have been informed it will be sometime in January.

my mortgage offer expires Dec 31st. I am waiting to hear if I can get an extension. 

Is this grounds for asking for a discount on the house because if my mortgage offer is not extended, I will most likely get a higher rate than my current offer. 

Also, our seller’s partner is also selling a house which will contribute to them buying their house. The buyer of the partners house has said they will pull out if they cant buy the partners house by mid December. So, I am their last hope of keeping the chain alive. If I pulled out their two house sales fall through.

We really want to continue and buy the house, but I feel that the major inconvenience and potential higher interest rate from a new mortgage offer should result in a discount of the sale price.. they did kind of mentioned working something out and maybe them moving out before they buy their house but I know he would not like doing that as they have young kids and Xmas is only around the corner. I don’t want to put a family in a hotel over Xmas.

would appreciate people opinions on whether it would be okay to request a discount or if this is just the way these things go.

thanks

alan

What is the price history of the house, that is very important now that interest rates have moved back to normal, and June is quite a bit back, market has changed since then, you would definitely need the protection cushion of asking for a discount in my opinion, do they have much other interest in the property?

lincroft1710

ReadySteadyPop said:

alstorey said:

Hi all,
I put in an offer of 330K on a house back in June.
Myself and my partner are currently renting so are at the bottom of the chain. We were told in early September probate was completed on the house the seller is buying and exchange will likely be mid October.
Then I found out last week that the seller pulled out of the house they had planned to buy due to problems with the probate, there was an error in the paperwork and had to be started again.  They quickly agreed to buy another house. I was told that the new house seller to my seller was buying a new build and would be ready at latest mid December (already way longer than I expected originally). Now I have been informed it will be sometime in January.

my mortgage offer expires Dec 31st. I am waiting to hear if I can get an extension. 

Is this grounds for asking for a discount on the house because if my mortgage offer is not extended, I will most likely get a higher rate than my current offer. 

Also, our seller’s partner is also selling a house which will contribute to them buying their house. The buyer of the partners house has said they will pull out if they cant buy the partners house by mid December. So, I am their last hope of keeping the chain alive. If I pulled out their two house sales fall through.

We really want to continue and buy the house, but I feel that the major inconvenience and potential higher interest rate from a new mortgage offer should result in a discount of the sale price.. they did kind of mentioned working something out and maybe them moving out before they buy their house but I know he would not like doing that as they have young kids and Xmas is only around the corner. I don’t want to put a family in a hotel over Xmas.

would appreciate people opinions on whether it would be okay to request a discount or if this is just the way these things go.

thanks

alan

What is the price history of the house, that is very important now that interest rates have moved back to normal, and June is quite a bit back, market has changed since then, you would definitely need the protection cushion of asking for a discount in my opinion, do they have much other interest in the property?

The OP hasn't returned to this thread in over 5 months

alstorey

rbtc_2019 said:

Hello, I was wondering how you got on with your purchase, have you exchanged or completed? Did you change your offer? We are in a similar position and have been messed around since August 2023 by an absent owner who has incorrectly served notice twice to tenants...finally looking like we'll move in and she wants to exchange and complete on the same day - without a thought for all the months of delays and additional rent overlap because we couldn't trust her word.

Hi, I just seen your post.. I requested a discount of approx 2.5K which would have been the half of additional payments I was facing if the sale didnt happen before my offer ran out... In the end the seller went in to Psycho mode and put major pressure on everyone on in the chain and it went through one week before my expiry date.. It was a nightmare and nearly blew up in his face.. but luckily it worked and the sale went through all good