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Hi all

I am about to exchange on a property that has no chain attached. I want to secure the best deal that our current system allows and want to knock a little extra off of the price. Anyone got any tips on doing this when the seller has no chain attached? Seems difficult and a bit risky anyone done this before?

(Buying justification-I am fairly happy with the price which is at a second quarter of 2003 level. With a 5 year fix and borrowing 3.5 times my salary I feel comfortable with my decision. Most properties in the area still asking a unrealistically high amount, right area for us etc. We have been actively looking since late 2008 this is the first suitable property that has come up! I think the next lot of QE will be huge, deflation in housing for around 3-6 months and then very inflation across the board= big real falls, small nominal falls. Been lurking on here since 04, and waiting for a crash since 2002, now struggling to justify waiting any longer especially when even if rates went up to 15% we could still afford it.)

Cheers

DY

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Hi all

I am about to exchange on a property that has no chain attached. I want to secure the best deal that our current system allows and want to knock a little extra off of the price. Anyone got any tips on doing this when the seller has no chain attached? Seems difficult and a bit risky anyone done this before?

(Buying justification-I am fairly happy with the price which is at a second quarter of 2003 level. With a 5 year fix and borrowing 3.5 times my salary I feel comfortable with my decision. Most properties in the area still asking a unrealistically high amount, right area for us etc. We have been actively looking since late 2008 this is the first suitable property that has come up! I think the next lot of QE will be huge, deflation in housing for around 3-6 months and then very inflation across the board= big real falls, small nominal falls. Been lurking on here since 04, and waiting for a crash since 2002, now struggling to justify waiting any longer especially when even if rates went up to 15% we could still afford it.)

Cheers

DY

After what you've said, I'd just keep it at the same price. Don't risk it unless you know for certain that the seller has to sell.

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If there is a legitimate reason to delay the exchange, for say a month, then you could hire a surveyor for a re valuation. Maybe, you could get your mortgage lender to update the valuation if there is a delay. I don't think this would be unreasonable. You may get the 'professional' ammo needed to get the discount you seek.

If not, go ahead and sit tight for 5 years.

I think you are right, QE2 will happen and support all asset prices ( houses, shares, commodities) and near zero interest rates will prevail to prevent repayment defaults. In five years, I think the wage to house price ratio will be acceptable. Also, I think the Condems will back down on much of their austerity measures and start stimulus spending which will help the wage/house price ratio.

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After what you've said, I'd just keep it at the same price. Don't risk it unless you know for certain that the seller has to sell.

I agree with this. It all depends on the seller's situation. If they're in a hurry to sell, then you're in a strong position, but if not, you could lose it.

Also, you have to consider whether you'd be willing to lose the money you've spent on all the surveys done for this property in case the sellers decide not to renegotiate the price and remarket the property.

And what you also have to consider is how popular these homes are. In other words, if it's an area in high demand, with people lining up & prepared to pay more money than you do.

It's a risky move.

Edited by Frenchie73

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  • 142 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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