can't sleep -should we drop out of purchase?

Debt_Free_Chick

Have you had a survey yet? What was the flat valued at? Consider contacting the surveyor and asking them what they would value it at in today's market.

Sooler

Suppose you did buy it ... consider if and how you would be able to sell it?


Rule No.1 - Never buy a property you won't be able to sell.

Deadman_2

Don't buy now.

Really. Don't.

You may get a nice reduction but so what? The market is only going one way for the next few years.

Please. Hold off.

SouthCoast

I have friends who have sold their house to very keen buyers. The vendors of the house that they wanted to buy started mucking them around so they started looking again.

They then found a better house that is £100k cheaper than the original one.

Not a very difficult decision to make.

only_one

esbo wrote: »

Tell them the market has changed, they will understand. If prices had increased they would be calling you saying a better offer had came in, there is no doubt about that.
.

Absolutely no doubt about that whatsoever. It's human nature.

Sellers have been doing that for years with no thought about the morals involved. Now, it is a buyers market and the buyers should do the same in reverse.

To the OP: if you are not embarrassed by your offer, it is too high.

brit1234

only_one wrote: »

Absolutely no doubt about that whatsoever. It's human nature.

Sellers have been doing that for years with no thought about the morals involved. Now, it is a buyers market and the buyers should do the same in reverse.

To the OP: if you are not embarrassed by your offer, it is too high.

Prices are plummeting, no one sane is buying at todays prices, they are all asking for big discounts. Property is well overvalued and the banks know it that is why they are reducing what they lend as prices crash.

Don't chase the market down or you will lose out in the long run and most likely not sell. If you reduce your price below what the others are selling you may attract that smaller pool of buyers otherwise you have no hope. Buyers are now aware that prices have fallen month after month at the fastest rate on record.

Perhaps if you do that you can put the money straight in the bank and rent for 12 months allowing you to get a better home as properties fall further.

rollmop

Well, we have taken all the advice on board and decided not to go ahead - son very sad but thinks it was the right thing to do. I have just about started sleeping at night again thank goodness. I wish houses were at a fixed price and just stayed there and life was simpler......anyway, thank you very much to everybody who responded and helped us decide what to do.

geoffky

NEXT year you will be thanking yourself for this.
as you see what has happened to prices and how the mood of the nation has changed..

Zammo

Even if you do renegotiate the price to reflect the new market value, it's going to be worth even less 6 months down the line from now. And if you're fretting now imagine how much worse you're going to feel when you've exchanged and you're still watching prices plummet. Just ask yourself this - do you see prices stabilizing or rising over the next year given the current worsening economic situation?

Pull out, there is no other option.

Believe me - I've been there.



p.s. I'm sure someone will be along to feed you the usual guff about a house being a home and not an investment. Try telling yourself that after you see 30% knocked off it's value and you're stuck in negative equity.

Zammo

rollmop wrote: »

Well, we have taken all the advice on board and decided not to go ahead - son very sad but thinks it was the right thing to do. I have just about started sleeping at night again thank goodness. I wish houses were at a fixed price and just stayed there and life was simpler......anyway, thank you very much to everybody who responded and helped us decide what to do.

Missed this.

Well done, you've made the right decision.

:money: