Property News · May 11, 2020

Should we back out of home buying if there's risk the value will fall?


We’ve gone to the top of our budget – with only 5% deposit, we don’t want to risk negative equityQ My partner and I are first-time buyers. In January we got into a bidding war and had an offer accepted on a house but were then gazumped and had to increase our already very high offer. The vendors asked for offers in excess of £300,000 and we ended up offering £317,500.We were due to complete just before the lockdown, and the buyer has been keen to go ahead as soon as possible as the property is vacant. However, we have said we would prefer to wait until restrictions are lifted as it would be logistically difficult to move at the moment. Continue reading…

Source : theguardian.com
Read more…Should we back out of home buying if there’s risk the value will fall?

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