Reducing Offer after we proceeded to sale

Den

moneysavinmonkey wrote:

A lot has changed in the housing market in the last few weeks and I'm guessing that is the reason why the OP is getting cold feet rather than the decorative order of the place.

Yes that's right. I get cold feet, not about buying a house but about buying this house.
EA did not mentioned to me that vendor got chain, even on the manifest it does not say that property depends uppon other purchases. I felt something wrong and questioned my solicitor and he made request to vendor's solicitor. Received a call from EA who questioned about my mortgage offer and I said that got one. I asked her if this was just an update call or there is something else. She kindly said that vendor needs to know because they need to move on with buying their property.
I did not know that! Don't believe EA now, and don't feel to reduce my offer. Came clean to my solicitor, and hope he will help me out to do it correctly.

Have one problem though that BM solutions like Nationwide changed products, and not sure how will it work if I need to borrow less. Will I loose my initial offered rate?

Davesnave wrote: »

It says a lot for the OP that, apparently, he took no offence. That doesn't excuse dopester's behaviour though.

I agree that this time it did not sound wrong. But sometime you get quite bad comments. I know how you feel about your child and overall. As said above, have 2 kids and one requires support, sorry don't want go into details makes me sad. But if he would get into trouble I will do everything to put offender back into his shoes.

lypsey

I can't believe a lot of the posters on this site. This is business and NOT a charity.
The average offer at the moment on asking price is 92%. Go to the EA tell them you will offer 180k (plus/minus3K) and sit back. This market is going to collapse and the last thing you want is to be in negative equity inside six months

Take a look at the news today , the cml says that the mortgage approvals are down 50% on 6 months ago. Also they say that more of their members are declaring lower prices than ever before. It is a record.

I was in negative equity for 10 years on the last crash , get your sums right never be embarrased and/or walk away from the deal. You could regret this big time in 2 years time when the house is worth 130k??

mr.broderick

MissMoneypenny wrote: »

I'm in the SE, on the borders of London.This site on UK house prices in areas, might help you :-
http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/regions/html/regions.stm

You recently bought a house, didn't you? Have I remembered that correctly?

Odd on that link there is still annual growth, i would welcome a crash as i would then be able to buy a house that reflected our incomes and yes i did buy a house months back after selling to rent 12 months ago, what is the relevance of this ?, i borrowed 40% of the house value ?? . You see i am not someone who keeps talking up a crash even though it would suit unlike you am i right in saying this? Strange people on here.

dopester

Davesnave wrote: »

It says a lot for the OP that, apparently, he took no offence. That doesn't excuse dopester's behaviour though.

Let it go now please. I accept you have a point, but don't need anyone to be excused by anyone - it's not like I'm a criminal. In no way was I belittling anyone who struggles with spelling / grammar.

Good luck Den on whatever you decide.

Den

Thank you to every reply posted here. I will need to get an answer for BM solutions mortgage offer in current market. Because not sure what will happen if I reduce and they accept but BM will not let me to keep same offer.

dopester wrote:

Good luck Den on whatever you decide.

I need it now.

Rick62

You need to decide if you want this house and for what price. Your initial discount of £2k is ridiculously small. However, if you are going to re-negotiate on price do not use the condition of the property, you knew this when you made the offer.

If I was going to I would do so on the basis of the economic market, the increased cost of the mortgage and the widely discussed falling house prices. I would personally not make a lower offer, but would just withdraw my offer, telling the EA that I was not comfortable proceeding at that price in the current market and then see if they came back suggesting a lower price. Of course you have to be prepared that you may lose the house (particularly if they really have another £200k offer ! :rotfl:)

Den

Very good suggestion, I think will use your reason. But don't belive EA now, it seems to me that they know vendor quite well, cos she is solicitor/conveyancer and village has only two EAgencies.

Rick62 wrote: »

Of course you have to be prepared that you may lose the house (particularly if they really have another £200k offer ! :rotfl:)

neverdespairgirl

I think Rick's advice is spot on.

MissMoneypenny

mr.broderick wrote: »

Odd on that link there is still annual growth

It is the quarter figures that are relevant. How many more monthly drops before year on year (annual growth) shows as a negative? Not long in some areas by the looks of it.

mr.broderick wrote: »

i would welcome a crash as i would then be able to buy a house that reflected our incomes and yes i did buy a house months back after selling to rent 12 months ago, what is the relevance of this ?, i borrowed 40% of the house value ?? .

You want a crash? Even though that would mean that your 60% equity in the house you recently bought, might significantly decrease?

mr.broderick wrote: »

You see i am not someone who keeps talking up a crash even though it would suit unlike you am i right in saying this?

I can't answer that question as I don't understand what you are saying

I sold in July when I moved areas and rented. As all these dark clouds are coming, I am staying in rented as there is a very very good chance of a crash and I don't want to lose my money. Is that what you were asking?

I can understand why those who bought a house in the last couple of years, or those who have overstreched themselves are keen to talk the market up, but for most people, the crash will be a good thing. House prices go up, house prices go down. The signs have been showing since last summer that the market was turning and now we have the credit crunch too.

mr.broderick

MissMoneypenny wrote: »

It is the quarter figures that are relevant. How many more monthly drops before year on year (annual growth) shows as a negative? Not long in some areas by the looks of it.



You want a crash? Even though that would mean that your 60% equity in the house you recently bought, might significantly decrease?



I can't answer that question as I don't understand what you are saying

I sold in July when I moved areas and rented. As all these dark clouds are coming, I am staying in rented as there is a very very good chance of a crash and I don't want to lose my money. Is that what you were asking?

I can understand why those who bought a house in the last couple of years, or those who have overstreched themselves are keen to talk the market up, but for most people, the crash will be a good thing. House prices go up, house prices go down. The signs have been showing since last summer that the market was turning and now we have the credit crunch too.

You answered my question perfectly, by the tone of your posts i guessed you had sold to rent were unhappy renting and wanted a crash so then would buy again. You see miss moneypenny there are a lot of peole like you around i was one of them, believed the hype sold their home and took a gamble on the market, i have a young family and when i realised the mistake i had made i bought again. My 60% equity means nothing to me if they drop 40% i'll be happy, the house i want would be within cash reach if this happens but i don't constantly talk the crash scenario as there are people out there who would face repossession and financial crisis and i wouldn't wish that on anyone, when you have a young family this is how your thoughts are trained. You picked on my post, i don't know why you did and i aint bothered just don't do it again weirdo.