Reducing Offer after we proceeded to sale

neas

mr.broderick wrote: »

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.

Every personal is responsible for their own financial awareness it doesn't take much research to see house prices are dropping down.. hell its on the bbc website every other week. I dnt have much sympathy for those who bought in the last 3 months.. who would? they knew they would be taking a huge risk if they bought now etc.

mr.broderick

neas wrote: »

Every personal is responsible for their own financial awareness it doesn't take much research to see house prices are dropping down.. hell its on the bbc website every other week. I dnt have much sympathy for those who bought in the last 3 months.. who would? they knew they would be taking a huge risk if they bought now etc.

It's not just people who bought in the last 3 months in fact they might be ok i know we took advantage of the media hype and managed to grab a bargain it's the people who chased the market up with 100% interest only mortgages that i fear for.

carolt

To go back to the original post, I believe 'don't do to others what you wouldn't like them to do to you'.

If I was selling a house in a falling market and I'd been lucky enough to be offered nearly asking price, would I understand if the would-be buyer got cold feet and wanted more money off?

Yes, I think I would. And if the person above me in the chain (they are in a chain) was prepared to take a few thousand off theirs to enable my purchase of their house to go through, and stop the chain breaking, then we'd all be happy... up to the top of the chain, which might or might not be happy, but then would have built up so much equity anyway in the last few years that a few thousand more or less is just a drop in the ocean....

So I don't see why it has to be an insurmountable problem.

In a rising market, yes.

But in a falling market, it's just normal market behaviour.

Broken_hearted

I wouldn't want a buyer messing me around, if they reduced the offer then they don't want the house their loss.

Den

carolt wrote: »

To go back to the original post, I believe 'don't do to others what you wouldn't like them to do to you'.

Believe me or not, but last week was a nightmare for me and my half. Want to make right decision.

carolt wrote: »

So I don't see why it has to be an insurmountable problem.
In a rising market, yes.
But in a falling market, it's just normal market behaviour.

Does it mean that you say that I should do it, even after reading your first sentence.

The chain came to light only few day ago, and today was confirmed. So EA kept quite about it. If I knew that will be in the chain then I could go for another house, though paying little more or wait. It's better for everyone in the chain if I tell my plan. But still chain in the current market scares me more than condition I was moaning.

And again, 4K is not small amount of money.

Den

Broken_hearted wrote: »

I wouldn't want a buyer messing me around, if they reduced the offer then they don't want the house their loss.

So the seller's loss. And who guarantees that they will get another buyer, I want buy for my initial offer. Their house was on the market for 3 months, guess not a bargain. Plus chain they have, which was not mentioned to me before I made my offer, and would not be until I asked few leading questions to find out.

It right to tell me 'get lost' in rising market, but now we will see. Plus I don't think they got their offer in place, and it's harder to get it every day now. Just read news.

carolt

Sorry if I wasn't clear. I went on to say that I would quite understand if someone did what you're suggesting, to me; ie it's NOT a case of 'don't do to others what you wouldn't like them to do to you' - as I wouldn't mind them doing it to me!

Your suggestion seems entirely fair to me, in a falling market.

Good luck - I thought Rick62's suggestion on how to phrase it sounded excellent.

Davesnave

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.

A 'correction' with a steady drop of about 5%, adjusted for inflation, would probably be the best thing for everyone, extended over the next four or five years. Then, perhaps, nobody would get the heebie-jeebies, but who thinks that will really happen?

In a crash we might see the BTL leverage artists catching a cold, which would be most gratifying for many on this board, but a crash will also bring serious problems for the most financially vulnerable, who were never on the housing ladder in the first place!