Savills ran an opinion piece by Mark Harris, CEO of SPF Private Clients, at one time the private financing arm of Savills, although long split off. In it, Harris argued that changing circumstances can mean that a property buyer might feel the pressure to renegotiate price.
Harris addressed his remarks to a consumer set looking for residential property, but the foundation of what he wrote applies to commercial real estate as well.
"Understandably, some buyers may now be feeling less confident about the future and may be tempted to renegotiate the price previously agreed with the seller," he wrote. "However, it's important to be aware that it's not that straightforward. Your lender will need to be told about the renegotiated price and even if the amount you want to borrow remains the same, you will need a new mortgage offer."
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