Almost ready to exchange - now worried

Kez100

I agree with others. Although pulling out is an awful thing to do in normal circumstances this is different. You have information to hand now that you did not have when you made your offer. You are not holding anyone to ransom if you renegotiate - they have the choice to say no to any new offer you put on the table as well.

I won't tell you what to do, it has to be your own decision, but I wouldn't berate you if your choice was to renegotiate or pull out.

Bf109

.............

TBeckett100

littlesos wrote: »

Did this make you feel good? I'm all for getting a bargain, but holding people to ransom is disgusting and I really hope that someone does it back to you someday.

she bought the house 1yr before for 60k less, and did nothing to it. she could have said no and we would have walked away. we pulled out and after a frantic search on rightmove realised that was the best of the bad bunch,

Markyt

The valuer has confirmed the worth, surely?

Zammo

Pull out if you're that worried about it. Buying a new place should be filling you with excitement, not dread. There's obviously something not quite right about this deal if you feel like this.

Norroy

Much depends on where and what you are buying willis.

The 2.5% figure is an average for all property types, across the UK.

If you are buying a new-build flat on the outskirts of Nottingham, whatever you are paying is almost certainly too much.

If your are buying a Victorian terraced house/flat conversion in one of the better parts of London - then your money should be safe and sound.

A 2 bed flat in the road next to mine in Putney SW15, came on to the market last week at 550K. It went under offer before the agents even had a chance to put the board up.

SquatNow

Dunstan wrote: »

If you're buying it as a short-term investment, pull out now. If you are buying it as a more long-term plan, you like it and really want to live there, and you can afford it, then go for it. I believe that house prices will go back up to their current value, whether it takes 2, 5, 10 or 15 years.

18 years if you're lucky, most likely 36 years... 2 cycles.

Dunstan_2

SquatNow wrote: »

18 years if you're lucky, most likely 36 years... 2 cycles.

Why do you think that?

ooglewoogle

I would pull out of the sale if it was me, legitimitely stating grave concerns about the housing market news this week. You might find that they are willing to renegotiatie and can save yourself a good bit, if not rent and wait out a good deal.

Its not a very pleasant situation, but why should you be the one to take the hit for circumstances outwith your control?

I still don't get the "As long as you are not wanting to buy the house as an investment...then go ahead" train of thought. Could you honestly say that a year later when you have a mortgage for x% more than what similar properties are then going for. It would make me ill! Especially if some forecasts are right and the correction turns out to be 30% or worse! 30% bigger mortgage, and 30% more to pay 25 years worth of interest on!:eek:

IMHO you have done well selling your property for a reasonable amount...and are now in a strong position. I would now play the waiting game.

G

Thomas99

littlesos wrote: »

Did this make you feel good? I'm all for getting a bargain, but holding people to ransom is disgusting and I really hope that someone does it back to you someday.

And what if it was the other way in a different market?? Say she increased the price by 10% at the drop of a hat?? I would have no qualms about reducing the offer by 10%, the absolute min. in a FALLING market.