Would you feel guilty pulling out of a sale

happinessfactory

As someone's already posted, most people have a gut instinct and it's wise to follow it. If you can't seem to tune into yours, toss a coin.

Heads you proceed, tails you pull out.

If it lands on tails and your immediate reaction is "phew", you're doing the right thing. If it's "!!!!!!", you're not. There's your gut instinct for you;)

macaque_2

Leeds_Fella
An offer to buy a house is made subject to contract. If there is a material change in circumstances prior to exchange, either party is entitled to pull out. If you pull out for fickle reasons or gazunder the buyer, that is a cause for shame. In this case, the property market appears to be on the verge of meltdown. That represents a significant change in circumstances. If you pull out, you have every reason to feel sorry for the vendors but not the slightest bit guilty. They can go off and find another buyer. If they fail to find another buyer (at the current price), that will be a reminder to them that the value of property can go down as well as up.

If the sellers have taken out a bridging loan in current market conditions, they are remarkably foolish people. It is not your job to underwrite their stupidity.

I suspect that when (or if) you decide to withdraw you may well discover that they are not quite as sweet and kind as you thought.

olibrofiz

If I were in your situation I would be honest and let the sellers know that I was having some concerns given the current reports on house prices etc, after all, you agreed the price in Jan(?) - I mean, what would the EA's value that house at in this current market? If it were remarketed at it's 'new' amount they could potentially get even less than if they dropped a few ££'s for you. If you ask they can either say yes or no.

It doesn't tick all your boxes, but are the ones it's ticked the important ones?

pinkshoes

Have you actually checked what the market in your specific area is doing, rather than listening to general comments?

Have you checked websites that tell you how much properties in the area have sold?

Going by your name, I'd guess you're from Leeds:
http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/da.stm

This seems to imply that prices in Leeds, particularly detached houses, are still going up in price. So by all means pull out and wait 6 months, but if prices go up, then you'll be getting less for your deposit, not more. Remember, house prices can go either way, and this is your family home we're talking about.

By all means, if you think you're going to find something more suitable in the area in the next year, then pull out.

macaque_2

pinkshoes wrote: »

Have you actually checked what the market in your specific area is doing, rather than listening to general comments?
Have you checked websites that tell you how much properties in the area have sold?
Going by your name, I'd guess you're from Leeds:
http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/da.stm
This seems to imply that prices in Leeds, particularly detached houses, are still going up in price. So by all means pull out and wait 6 months, but if prices go up, then you'll be getting less for your deposit, not more. Remember, house prices can go either way, and this is your family home we're talking about.
By all means, if you think you're going to find something more suitable in the area in the next year, then pull out.

I would recommend watching the thunderclouds rather than the rear view mirror.

m00m00

I've added LS1 and all properties in a 1 mile radius(1195 properties actively tracked) to the properties I'm analysing with property bee, and will have the first set of data this coming weekend.

I suspect I won't see too many increases ....

jimc_2

pinkshoes wrote: »

Have you actually checked what the market in your specific area is doing, rather than listening to general comments?

Have you checked websites that tell you how much properties in the area have sold?

This quote pretty much sums it up. You need to do a LOT of homework before a decision like this and a 'gut decision' could have big consequences. Don't necessarily just assume that house prices will fall because there's a huge amount of gossip about it. There are other threads today reporting bidding wars on 'good' houses. There are other comments in the property press that the properties with selling difficulties (and therefore cut-prices) are mainly properties like apartments 'bought off-plan' at artificially inflated prices. What affects one property's desirability does not necessarily affect all.

You say that the property 'ticks most of the boxes but not all'. Have you seen any properties that 'tick all the boxes'? What is the price differential now? Can you realistically see the market for those even more desirable properties dropping like the unwanted city-centre apartments and cheap BTLs in poor parts of the city? Did you have to search long to find this property available? What's it going to be like when you decide to get back into ownership?

Markets move. That's how people make money out of property. Demand is always there for good property and they will be less affected by the sentiment of the market.

One certainty is that mortgages are going to cost more and to be harder to get as banks (or more correctly their investors) become more risk-averse. Have you already sorted out the mortgage? Is it a deal that might go away in the future? Have you taken the higher mortgage costs into consideration.

None of the above should be read as criticism, just as a constructive list of other factors you need to take into consideration.

Den

We are in the same situation. I'm FTB and really nervous about the market, plus the property is not dream house, it never will be with first home, but there is a chance that I can get better for my money in two years.

Pull out, it's your money, your life. Be straight with people, they know the process of buying/selling so had to think before taking any loans. Life is cruel, and we did not invent it.

Sorry, but life is not soft for me and I don't expect miracles without hard work. But I believe in miracles though

wriggly

Leeds_Fella wrote: »

if experts are proven right on house prices, would go a long way to our girls education.

What will actually happen to house prices is a definite unknown. There are obvious signs of house prices staying flat, but not yet definite signs of generalised falls.

Some of the extreme views in the media and on this board, should be taken with a grain of salt - other news could easily overtake the "looming house price crash".

Remember, all that bad news can help you drive a better bargain now. And if things do go seriously haywire, your name on a title deed may still prove better than cash in the bank / no mortgage.

AMILLIONDOLLARS

Research the market, why not use www.upmystreet.co.uk, register then pop in the postcode for the house you're thinking of buying and it will list acutal sell prices for houses that sold in your area. The information comes from Land Registry.

If you you still want to pull out let the vendors know asap, give them an explanation of why your pulling out, you never know they may offer you a further price reduction to save the sale, without you having to ask for one!

Main question to ask yourself is if they offered reduction would you still buy, if the answer it no, then walk away this is not the house for you.

AMD