PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Lower offer days before Exchange and Completion

We accepted offer 10k below asking price as buyers said they had cash and wanted to complete quickly. Suppose to exchange and complete in a weeks time and now they state they want another 5k off even though the survey was good and the surveyor valued the property at price agreed. We have told them 'no' and put the property back onto market as we did have a lot of interest and it was on market less than a week when we agreed the lower price. Never had this done to us before, is this common?
«13456711

Comments

  • Fosterdog
    Fosterdog Posts: 4,948
    First Anniversary Name Dropper First Post
    Forumite
    Some people like to try it on, or maybe they had a deposit but didn't consider all of the other costs and have found themselves short and hoping you will absorb the difference.
  • G_M
    G_M Posts: 51,977
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    You've done the right thing. They are hoping you'll panic and agree, but remember they have invested more than you so far (survey fees, mortgage application) so if it falls through they stand to lose more.

    Stand firm and they'll fold and pay the agreed price.
  • Crashy_Time
    Crashy_Time Posts: 13,386
    First Anniversary First Post Name Dropper
    Forumite
    G_M wrote: »
    You've done the right thing. They are hoping you'll panic and agree, but remember they have invested more than you so far (survey fees, mortgage application) so if it falls through they stand to lose more.

    Stand firm and they'll fold and pay the agreed price.


    They are cash buyers?
  • getmore4less
    getmore4less Posts: 46,882
    Name Dropper First Anniversary First Post I've helped Parliament
    Forumite
    They are cash buyers?

    NO,

    they were crash buyers.
  • SVFM wrote: »
    We accepted offer 10k below asking price as buyers said they had cash and wanted to complete quickly. Suppose to exchange and complete in a weeks time and now they state they want another 5k off even though the survey was good and the surveyor valued the property at price agreed. We have told them 'no' and put the property back onto market as we did have a lot of interest and it was on market less than a week when we agreed the lower price. Never had this done to us before, is this common?

    absolutely. have done exactly the same as you myself...a deal is a deal as far as i'm concerned/ good for you. if they come back to you say you have an offer for £2500 more.
  • Crashy_Time
    Crashy_Time Posts: 13,386
    First Anniversary First Post Name Dropper
    Forumite
    absolutely. have done exactly the same as you myself...a deal is a deal as far as i'm concerned/ good for you. if they come back to you say you have an offer for £2500 more.


    Not much good if you don`t though, what happens if the next potential buyer wants to pay another 5k less?
  • ukcarper
    ukcarper Posts: 17,337
    Name Dropper First Post First Anniversary
    Forumite
    Not much good if you don`t though, what happens if the next potential buyer wants to pay another 5k less?
    Could just as easily get £5k more, I would rather sell to someone else if they agreed price they should pay that it will cost them to pull out.
  • SVFM
    SVFM Posts: 28 Forumite
    Thanks for all your replies.


    We didn't know until signing the contract that they already had another property therefore they needed to pay the second home stamp duty, which is what they were obviously trying to get us to pay for by reducing the price. We felt disappointed that they had never mentioned this and not factored into the calculations and in any case this was not our problem. We have wasted time on them and are quite annoyed, therefore any goodwill we had towards them has gone as there is no trust any longer.


    We just can't understand how people can do this so close to completion, I guess it is another lesson learned. Had two viewings in the first day it has gone back on the market. We are not buying another property so we will just wait and hope for another buyer who is more upfront and sticks to their word.


    Thanks again.
  • pinkshoes
    pinkshoes Posts: 20,039
    Name Dropper First Anniversary Photogenic First Post
    Forumite
    As you are not buying another property then you are in a very good position to say no.

    I'd almost be tempted to say that the price has gone UP £5k!
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • SVFM
    SVFM Posts: 28 Forumite
    pinkshoes wrote: »
    As you are not buying another property then you are in a very good position to say no.

    I'd almost be tempted to say that the price has gone UP £5k!


    Glad that so many are telling me we have done the right thing, as that is what we feel.
    We just want to sell to someone who is going to stick to their word.
    Thanks
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.4K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards