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.

Buyer renegotiating at late stage

2456

Comments

  • ReadingTim
    ReadingTim Posts: 3,970
    Name Dropper First Anniversary First Post
    Forumite
    They're trying it on, so you need to be firm on this one and take back control. Tell them that unless you hear by the close of business today that they're sticking to the previously agreed price, it's going back on the market first thing tomorrow, and that the asking price has gone up £5-10k. Also, get the EA earning their money - perhaps they'd like to introduce the mystery 'other buyer'?!?

    Good luck
  • bmthmark
    bmthmark Posts: 297
    First Anniversary First Post Combo Breaker
    Forumite
    morwok wrote: »
    Thanks for all the comments it helps to share as I don’t want to upset my wife just now.

    The reduction is £13k they say the flats they were looking at when they offered on our have all reduced I don’t believe this is this case and there is nothing in our area really similar I have had alerts set up for everything coming on the market. They have had all the searches and survey etc. we were just about to get all the contracts sorted.

    They are not FTB's and their are 5 properties in the chain we are second from top and no onward chain on what we are buying.

    I don’t know what we have spent so far at least £1,500 depends on how much the solicitor charges for all the work so frustrating really. We don’t need to move we love our flat just wanted something bigger.

    I think saying no initially is the right move and we will see what they say to determine a next step :(

    £13k is a lot to suddenly loose. If I were you I would do exactly what you have done and say no.
    But in the meantime I would be preparing to put property back on the market. E.g. speak to estate agent and tell them if any one else was interested get them ready for a viewing. This will hopefully persuade the estate agent to try and force the sale through without the reduction as it means more work for them.

    Personally I think they are just trying their luck, thinking they maybe able to save a load of money. In some cases I reckon people do fold and give in - don't be one of those people.

    Good luck :beer:
  • morwok
    morwok Posts: 73
    First Anniversary Combo Breaker
    Forumite
    Thanks all I really do appreciate being able to get opinions as I say I would rather not stress the other half unless she needs to hear it.

    I told the EA when he phoned me that we were not negotiating and they had till the end of tomorrow or we would put it back on the market. Hopefully it is all a bluff but they have (or their solicitor) have been incredibly demanding so far so I am not mood for favours either especially when we can stay where we are happily enough.
  • If there's no obvious justification for this eleventh hour request I'd tell them where to go, but I'm belligerent like G_M, lol! I'd also be inclined to do as ReadingTim suggests, but I can understand you not wanting the chain to fall apart/to lose your onward purchase, so agree it's a difficult decision.

    When we were selling at the back end of 2014 our buyers had this happen to them and they were far nicer than I would be......

    Their buyer - who had been informed by the EA about the house before it hit RM so had their asking price offer accepted before anyone else even saw the property - suddenly demanded a 5% reduction. There were no survey issues and this was just prior to exchange.

    (Considering they were an overseas aid worker for a large charity they came across as having less than perfect morals, imho as this wasn't their only tactic.)

    Anyway, our buyers caved and agreed the reduction! Fortunately for us they were rather more honourable than their buyer and emailed us with the news, informing us they had no intention of passing the reduction up the chain :A
    Mortgage-free for fourteen years!

    Over £40,000 mis-sold PPI reclaimed
  • teddysmum
    teddysmum Posts: 9,471
    First Anniversary Combo Breaker First Post
    Forumite
    As you love your flat, even if sticking to your price means the buyers drop out, you have somewhere pleasant to live until something else turns up (be it a new buyer or a different new home with a less difficult or no chain).
  • G_M
    G_M Posts: 51,977
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    As an additiona source of pressure, tel the estate agent that if they don't agree to the original price, not only will you put the property backon the market (in 24 hours?), but you will serve notice on the agent to end their contract (as soon as that contract allows) and try re-marketig with a new agent.

    Agent will then be desperate to save the sale......
  • Surrey_EA
    Surrey_EA Posts: 2,042
    First Anniversary First Post
    Forumite
    G_M wrote: »
    As an additiona source of pressure, tel the estate agent that if they don't agree to the original price, not only will you put the property backon the market (in 24 hours?), but you will serve notice on the agent to end their contract (as soon as that contract allows) and try re-marketig with a new agent.

    Agent will then be desperate to save the sale......

    This is definitely a good way to motivate the EA and make them go the extra mile for you.....
  • Crashy_Time
    Crashy_Time Posts: 13,386
    First Anniversary First Post Name Dropper
    Forumite
    G_M wrote: »
    As an additiona source of pressure, tel the estate agent that if they don't agree to the original price, not only will you put the property backon the market (in 24 hours?), but you will serve notice on the agent to end their contract (as soon as that contract allows) and try re-marketig with a new agent.

    Agent will then be desperate to save the sale......


    Agents know there will be plenty more sales coming through soon from the BTL crowd running for the exit, this "hardball" nonsense won`t work now, most sellers need to re-think their pricing IMO.


    http://www.telegraph.co.uk/personal-banking/mortgages/the-buy-to-let-borrowers-marooned-on-high-rates-for-life/
  • ReadingTim
    ReadingTim Posts: 3,970
    Name Dropper First Anniversary First Post
    Forumite
    Agents know there will be plenty more sales coming through soon from the BTL crowd running for the exit, this "hardball" nonsense won`t work now, most sellers need to re-think their pricing IMO.

    Whilst that might be true "soon", it doesn't help Johnny Salesman hit his monthly target now, ie this month, so should provide sufficient motivation.

    Besides, it's generally agreed that the sum total of EA knowledge on all matters property buying, renting or selling comfortably fits onto the head of a pin in 12 point type.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards