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    • MSE Martin
    • By MSE Martin 15th Apr 08, 11:03 AM
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    MSE Martin
    MONEY MORAL DILEMMA. Should you demand a last-minute property discount?
    • #1
    • 15th Apr 08, 11:03 AM
    MONEY MORAL DILEMMA. Should you demand a last-minute property discount? 15th Apr 08 at 11:03 AM
    Here's this week's hypothetical situation for you to cogitate on:

    Should you demand a last-minute property discount?

    Six months ago, your offer on a new pad was accepted. Now, everything’s in place and it’s just days until you pick up the keys. Yet since you agreed to buy, the local market's dropped by 10%. You know that if you demand a discount, the seller is likely to give it, as she’s desperate to get the deal done and dusted. Yet if you pulled out the chain would collapse and there’d be serious consequences for the five families involved. Should you haggle for some money off the purchase price?

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    Last edited by MSE Jenny; 15-04-2008 at 7:37 PM.
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Page 1
    • bobmccluckie
    • By bobmccluckie 15th Apr 08, 11:02 PM
    • 61 Posts
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    • #2
    • 15th Apr 08, 11:02 PM
    • #2
    • 15th Apr 08, 11:02 PM
    This was done to me over 20 years ago. I would still quite happily shoot the person that did it to me if I ever met them again.
  • Night_Security
    • #3
    • 16th Apr 08, 1:40 AM
    • #3
    • 16th Apr 08, 1:40 AM
    I'd be cheeky and ask for a reduction, if they said no, id still buy anyway as i would have lost nothing, and the chain wouldn't collapse.
    "no fear , no limits, no regrets"
    • Taffybiker
    • By Taffybiker 16th Apr 08, 2:15 AM
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    • #4
    • 16th Apr 08, 2:15 AM
    • #4
    • 16th Apr 08, 2:15 AM
    Bearing in mind I am likely to be successful, I would make it clear that in keeping with the market value my offer now stands at 10% less than was originally agreed.
    The seller won't like it but will probably take it. If she doesn't, I'd admit defeat and pay up in full.
    • Dorrie
    • By Dorrie 16th Apr 08, 6:25 AM
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    • #5
    • 16th Apr 08, 6:25 AM
    • #5
    • 16th Apr 08, 6:25 AM
    No - it's morally wrong. You have agreed a price and should stick to it, unless there was something wrong with the property that had been discovered in the survey.
    • mossy
    • By mossy 16th Apr 08, 6:28 AM
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    • #6
    • 16th Apr 08, 6:28 AM
    • #6
    • 16th Apr 08, 6:28 AM
    Absolutely no! I think it would be really wrong to do that.....maybe I'm particularly sensitive about it because I've sold my house and currently waiting for a completion date.
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    • skylight
    • By skylight 16th Apr 08, 6:30 AM
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    • #7
    • 16th Apr 08, 6:30 AM
    • #7
    • 16th Apr 08, 6:30 AM
    You can but ask. Are you really prepared to pull out if you do not get the discount? The worst the seller can say is no and pull out themselves.
    • brightonman123
    • By brightonman123 16th Apr 08, 6:58 AM
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    • #8
    • 16th Apr 08, 6:58 AM
    • #8
    • 16th Apr 08, 6:58 AM
    that far in, i would expect everyone to have agreed a price, exchanged contracts etc. any fannying about now would be BAD news.

    anyway, wouldn't your mortgage have to be redone, for a new figure? delays to the chain may incur charges to other buyers, and get you in trouble.
  • brownbake
    • #9
    • 16th Apr 08, 7:06 AM
    • #9
    • 16th Apr 08, 7:06 AM
    This is exactly the reason why buying and selling properties is such a frustration and why chains collapse!! If the chain is reliant on you being the last link you are going to annoy a lot of people. 10% is quite a big drop in 6months I guess it depends how much you love the property / area. I think the English market should be like the Scottish to avoid gazumping and this shoddy practice. Then again I don't understand why the Scots are so heavily subsidised in healthcare and Education!!
  • Chrisp
    I believe that if you've paid 10% of the asking price when you sign the contract you can't demand a price drop. If that's right and you're selling it would be wise to always demand the 10% deposit and be on your guard if anyone can't pay that amount.
    I was always taught that what goes around comes around so do to others as you wish to be done to yourself.
    • koru
    • By koru 16th Apr 08, 7:58 AM
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    • 684 Thanks
    A pretty good guide to this and to many other dilemmas is to ask yourself how you would feel if you were the seller. The right thing to do should then be clear.

    Just because you can screw someone does not mean you should. Do as you would be done by is not an outmoded concept.

    Some of the responses already given do not seem to have caught on that Martin is asking what you think is the moral/ethical things to do. This is not meant to be a discussion about whether you could get away with it; it is a question about whether you should try.
    Last edited by koru; 16-04-2008 at 8:02 AM. Reason: add last para
  • laurab84
    As a first time buyer, I found my perfect property which was a bit more than i could realistically afford. I put an offer in and after some wangling it was accepted. However, our survey has just come back saying that 'in light of current market conditions' I should haggle on the price! What do I do!?!
    • scarlet macaw
    • By scarlet macaw 16th Apr 08, 7:58 AM
    • 51 Posts
    • 57 Thanks
    scarlet macaw
    Whose fault is it that it's taken 6 months to get to exchange?

    If you've been the one holding everything up then no, but if you've been trying to complete but the seller has been delaying then it's their fault if the price has dropped in the meantime.
    • robpw2
    • By robpw2 16th Apr 08, 8:00 AM
    • 12,647 Posts
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    if you have waited six months to exchange then i would suggest giving it a try .

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  • Yakyb
    surely your house has dropped 10% also (unless First time buyer) therefore if your still getting the 6 month old asking price i wouldnt worry however if the person has asked you for a reduction on your property then essentially you will have to
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  • davidksa
    No Way
    You entered into a contract you should stick to it. What if the house you were buying went up in value over the 6 months and the sellers asked you for more, would you be happy about that.

    Contracts should be fixed at time of offer as in Scotland
    • starkj
    • By starkj 16th Apr 08, 8:47 AM
    • 63 Posts
    • 19 Thanks
    You could try it but it would be wrong to collapse the chain.

    On the other hand if prices had went up 10% nobody would be offering to pay more.
  • Nicki24
    Absolutely not........I think they should bring in laws to stop this sort of thing. If you put in an offer and the offer is agreed (subject to the surveyor reports of course), then thats the price you should have to pay. What would happen if during the 6 months the price of property had gone up 10% instead of down would you think it was fair if the seller decided at the very last minute to 'add' 10% to the asking price? Probably not.
    • JayD
    • By JayD 16th Apr 08, 9:07 AM
    • 529 Posts
    • 334 Thanks
    Well, in keeping with the general opinion here I would ask for the discount but still go ahead with the purchase if it was refused.

    It would seem fair to request it, given the market drop but too inconvenient for everyone (including myself) to insist on it to the point of withdrawing.

    It would all come down to who had the nerves of steel, I guess.
  • sluggy1967
    surely your house has dropped 10% also (unless First time buyer) therefore if your still getting the 6 month old asking price i wouldnt worry however if the person has asked you for a reduction on your property then essentially you will have to
    Originally posted by Yakyb
    I agree. Also, assuming you don't intend to sell your house in the near future or get it repossessed, the price paid is fairly irrelevant. Everybody seems so obsessed with the value of their house going up or down, but it doesn't make any difference unless you intend selling, remortgaging or defaulting. Eventually, if you wait long enough the prices will be back up again. I'm sure I read somewhere that historically, house prices have always at least doubled every 10 years, even during the worst recessions.
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