Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • SVFM
    • By SVFM 16th Sep 17, 7:22 PM
    • 19Posts
    • 59Thanks
    SVFM
    Lower offer days before Exchange and Completion
    • #1
    • 16th Sep 17, 7:22 PM
    Lower offer days before Exchange and Completion 16th Sep 17 at 7:22 PM
    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?
Page 1
    • Fosterdog
    • By Fosterdog 16th Sep 17, 7:29 PM
    • 3,355 Posts
    • 5,732 Thanks
    Fosterdog
    • #2
    • 16th Sep 17, 7:29 PM
    • #2
    • 16th Sep 17, 7:29 PM
    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
    • By G_M 16th Sep 17, 8:18 PM
    • 41,950 Posts
    • 48,553 Thanks
    G_M
    • #3
    • 16th Sep 17, 8:18 PM
    • #3
    • 16th Sep 17, 8:18 PM
    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
    • By Crashy Time 16th Sep 17, 9:32 PM
    • 5,230 Posts
    • 2,209 Thanks
    Crashy Time
    • #4
    • 16th Sep 17, 9:32 PM
    • #4
    • 16th Sep 17, 9:32 PM
    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.
    Originally posted by G_M

    They are cash buyers?
    • getmore4less
    • By getmore4less 16th Sep 17, 10:10 PM
    • 30,302 Posts
    • 18,118 Thanks
    getmore4less
    • #5
    • 16th Sep 17, 10:10 PM
    • #5
    • 16th Sep 17, 10:10 PM
    They are cash buyers?
    Originally posted by Crashy Time
    NO,

    they were crash buyers.
    • bobbymotors
    • By bobbymotors 16th Sep 17, 11:06 PM
    • 524 Posts
    • 728 Thanks
    bobbymotors
    • #6
    • 16th Sep 17, 11:06 PM
    • #6
    • 16th Sep 17, 11:06 PM
    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?
    Originally posted by SVFM
    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
    • By Crashy Time 17th Sep 17, 8:50 AM
    • 5,230 Posts
    • 2,209 Thanks
    Crashy Time
    • #7
    • 17th Sep 17, 8:50 AM
    • #7
    • 17th Sep 17, 8:50 AM
    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.
    Originally posted by bobbymotors

    Not much good if you don`t though, what happens if the next potential buyer wants to pay another 5k less?
    • ukcarper
    • By ukcarper 17th Sep 17, 9:29 AM
    • 11,862 Posts
    • 12,692 Thanks
    ukcarper
    • #8
    • 17th Sep 17, 9:29 AM
    • #8
    • 17th Sep 17, 9:29 AM
    Not much good if you don`t though, what happens if the next potential buyer wants to pay another 5k less?
    Originally posted by Crashy Time
    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
    • By SVFM 17th Sep 17, 10:03 AM
    • 19 Posts
    • 59 Thanks
    SVFM
    • #9
    • 17th Sep 17, 10:03 AM
    • #9
    • 17th Sep 17, 10:03 AM
    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
    • By pinkshoes 17th Sep 17, 11:24 AM
    • 15,339 Posts
    • 20,901 Thanks
    pinkshoes
    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
    • By SVFM 17th Sep 17, 4:49 PM
    • 19 Posts
    • 59 Thanks
    SVFM
    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!
    Originally posted by pinkshoes

    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
    • Crashy Time
    • By Crashy Time 18th Sep 17, 1:13 PM
    • 5,230 Posts
    • 2,209 Thanks
    Crashy Time
    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.
    Originally posted by SVFM

    Taking the reduced price would be far less stressful in the long run in this market, IMO.
    • Cardinal-Red
    • By Cardinal-Red 18th Sep 17, 1:31 PM
    • 643 Posts
    • 144 Thanks
    Cardinal-Red
    This is done to death now but well done on standing firm.
    The above facts belong to everybody; the opinions belong to me; the distinction is yours to draw...
    • societys child
    • By societys child 18th Sep 17, 1:35 PM
    • 4,821 Posts
    • 5,253 Thanks
    societys child
    Taking the reduced price would be far less stressful in the long run in this market, IMO.
    Originally posted by Crashy Time
    Your entitled to your opinion, but the market doesn't sound too bad at all.
    Had two viewings in the first day it has gone back on the market.
    In the circumstances, I'd have found it more stressful having to reduce by another 5K . . .
    Last edited by societys child; 18-09-2017 at 1:45 PM.

    • brit1234
    • By brit1234 18th Sep 17, 2:09 PM
    • 5,170 Posts
    • 11,947 Thanks
    brit1234
    Your entitled to your opinion, but the market doesn't sound too bad at all.
    Originally posted by societys child
    House prices fall £3,600 in September across the UK - and London is top of the list

    Across England and Wales, the average price tag on a property coming on to the market fell by 1.2% or £3,660 month-on-month
    http://www.mirror.co.uk/money/house-prices-fall-3600-september-11193428
    Scams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
    • Crashy Time
    • By Crashy Time 18th Sep 17, 2:25 PM
    • 5,230 Posts
    • 2,209 Thanks
    Crashy Time
    House prices fall £3,600 in September across the UK - and London is top of the list

    Across England and Wales, the average price tag on a property coming on to the market fell by 1.2% or £3,660 month-on-month
    http://www.mirror.co.uk/money/house-prices-fall-3600-september-11193428
    Originally posted by brit1234

    And of course sentiment really drives the market, and viewers will be soaking all this stuff up on a daily basis now.........DYOR... and carefully weigh up the risks of letting buyers who just want a fair price go IMO.
    • societys child
    • By societys child 18th Sep 17, 3:08 PM
    • 4,821 Posts
    • 5,253 Thanks
    societys child
    @ brit: In the context of this thread . . . I really don't get your point.
    I'll just leave you and crashy to wave at each other.

    • Ronaldo Mconaldo
    • By Ronaldo Mconaldo 18th Sep 17, 3:10 PM
    • 4,982 Posts
    • 5,210 Thanks
    Ronaldo Mconaldo
    Stick it to them! For the good of all home owners it is vital that we gouge away at anyone wanting to buy a house, if one person gets a discount for just trying it on at the last minute then word might spread and next thing you'll have first time buyers rushing around trying to undercut each other.

    Well done.
    • ukcarper
    • By ukcarper 18th Sep 17, 3:12 PM
    • 11,862 Posts
    • 12,692 Thanks
    ukcarper
    @ brit: In the context of this thread . . . I really don't get your point.
    I'll just leave you and crashy to wave at each other.
    Originally posted by societys child
    A fall in asking prices you should know it's the start of the crash, 50% off by Christmas although crashy needs much more than that.
    • lisyloo
    • By lisyloo 18th Sep 17, 4:02 PM
    • 21,269 Posts
    • 10,211 Thanks
    lisyloo
    @ brit: In the context of this thread . . . I really don't get your point.
    There are a couple of people on this thread who've been waiting for a crash since 2001.
    You almost certainly know your local market and the desireability of your home and how easy it's going to resell plus you need to take account of the fact that these buyers aren't trustworthy/honourable.


    House prices are starting to go down in London but most of the country is still going up according to the main indices although less than previously. We are hardly in a crash situation and unlikely to be in the medium term, but what is happening in your local area is much more relevant that high-end London or national figures.
    Unfortunately there's a few with extreme views who seem intent on pushing them on ever thread.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

888Posts Today

6,609Users online

Martin's Twitter