 If you close in 3 weeks is it a good idea to go ahead and put utilities in our name? |
Additional Details
The home owners have asked us if we want to pay some rent monies to move in earlier than Our Closing? and utilities transfer.... |
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 Renting is "throwing money away"? Buyng is "throwing money away" too.? |
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kasey4duke | Can we lower our offer on the house were buying now the market's dropped?? |
we're 1st time buyers in the uk and put in an offer for a property which was accepted feb 08. Since the offer was accepted we had trouble getting a mortgage but have now finally got one sorted and everything is ready for us to sign and complete. Over the past few months, while weve been getting things sorted, the housing market has dropped, so can we now go back to the estate agents to tell the vendor that we've been advised (by practically everybody) to rethink our offer and were not prepared to pay as much as we initially offered? I m in turmoil as i've never bought a house before, does anybody have any advice please?????
Additional Details
I forgot to mention that the property were buying is currently empty and there is no chain..... |
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josh_c
 |
I understand you have to look out for yourself, but it sounds like:
1) You made an offer on a house
2) Due to YOUR situation (not the sellers) it has taken you MONTHS to get things straightened out and get a mortgage
3) Now that the seller has been patient with you and you have gotten things in order, you want to low ball your original offer
If someone did that to me, I'd refuse to entertain them any longer, so I'd only do it if you can stand losing the property, cause you probably will (and rightfully so, IMO).
If the house doesn't appraise for as much and it restricts what a bank will give you, then I think it is more fair cause you can't change that. But if the bank appraises it for what you offered and you just want to get a few more bucks out of it then I'd be very careful. |
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chip2001
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I am both an estate agent and a seller whose house is sold subject to contract - we're hoping to exchange next week and I'm dreading the first time buyers at the bottom of our chain trying this trick.
From an estate agent's point of view, you're entitled to change your offer at any time up to the exchange of contracts.
From the seller's point of view, your attempt to lower your offer is not likely to be received gladly. Your seller may agree to a small reduction, if they can get a similar reduction on the house they're buying. But they may also tell you to get lost - and if they refuse to sell to you because of your request, then you will have lost all the money you paid out for your searches and mortgage application and valuation.
From what you say, it appears the main delay in completing on this purchase was YOUR failure to secure a mortgage, so I would actually say you don't really have a just cause to ask for a reduction. If it was my house you were buying, I would turn down your request, as I would have been kept waiting for so long while you tried to get a mortgage. |
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BRAINS
 |
You can of course reduce the offer but will it be accepted by the seller ? It's a long time ago now but I had somebody who did what you are proposing to do and when I refused to lower the price, they came back to me again based on the original agreed price and I told them I had received a better offer, just messed them around like they messed me about, this is the type of nonsense you could be faced with and not to mention your Solicitor will want money for his services irrespective if you buy it or not. Is there other money you have laid out which could be lost if it falls through, Surveys etc ?
Think carefully about what your doing and ask yourself again is the time right for you to buy at the moment ? |
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Money Ferret
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The law is different in Scotland than England. In England you can revise your offer anytime up until you sign the final contract, In Scotland an offer is binding on both parties.
If you now have a mortgage offer at the agreed purchase price and you alter this then your solicitor has to inform the lender and they will issue a reduced offer. Given it took you a while to get the first offer you might not be doing yourself any favours by now saying you want to change it. The wider implications are that with the credit crunch and the already over played slip in house prices all you would be doing is adding to an already stressed market and distressed section of society that can't sell their houses as it is. |
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Scarlatti
 |
How much do you want the property? If you really want it then I wouldn't risk pissing off the seller - there may be other people who are interested in buying it - in which case they will quite happily see you go. If they are desperate to sell then you are in a stronger bargaining position.
What if they refuse to accept the lower offer? Are you prepared to walk away? |
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Shana B
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You can reopen negotiations at anytime until you sign the final contract. Most banks won't approve a mortgage for a house if it appraises under the price you offered anyway. |
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Marcus
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You will probably have to terminate your interest in that particular property. You've made an offer and they've excepted it.
Just tell them you can't get a mortgage and look elsewhere, it's a buyers market.
Try to negotiate a drop in price and they have a verbal contract witnessed by the Estate Agent and most likely some written evidence. It could get ugly depending on the vendor. |
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maca
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yes you can , you can do as you wish until you sighn the final contract.
they would not hesitate to go for a bigger offer ( gazumping ) so don`t be shy about lowering your offer drop it a fare bit and see what happensyou can always increase slightly if they refuse or you could find another cheaper house? |
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Madeleine M
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Ask a realtor. I don't know where you are, but there is a great realtor here in Austin. They're very helpful and friendly. Check out their website at http://www.carvajalgroup.com .
Best of Luck to you. |
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