Would you lose a sale for the sake of £500?

PasturesNew

I was prepared to drop £12k when I sold my house. I just wanted it gone, so was ready for a gazundering ... but he never did.

poppysarah

Catblue wrote: »

Surely the buyer also lost a purchase because he refused to cough up £500?

Two ways of looking at it.

2+ years ago when money was being peed out by the bankers on overpriced property, then maybe.

These days it's taxpayers money going to pay HUGE bonuses to the bankers who overlent.

In this market refusing to drop £500 is stupid.

johnson293

The OP hasn't really given any details though, has she?

On the face of it, it looks mad to think someone would turn down a sale in this market for the sake of £500,

However, perhaps the vendor had already dropped their price a lot or a few times, and perhaps being asked to drop a further £500 just seemed too much?

ShelleyC_2

I nearly did lose a sale for £500 which I know sounds insane but when it was about the tenth compromise it was just a step too far. Luckily the buyer agreed it was insane to let it all fall apart after 10 months over money to cut down a tree :wall:

Gwhiz

ciano125 wrote: »

Perhaps the Estate Agent could have offered to reduce their fee in order to get the sale to go through??

This is what happened to me last year. I was selling and the buyer and myself just could not get to a position we were both happy with. So EA said she'd drop commission to make it work and after a little movement that's what we did. People tend to forget it's a 3 way money transaction!!

barnaby-bear

johnson293 wrote: »

The OP hasn't really given any details though, has she?

On the face of it, it looks mad to think someone would turn down a sale in this market for the sake of £500,

However, perhaps the vendor had already dropped their price a lot or a few times, and perhaps being asked to drop a further £500 just seemed too much?

I don't think £500 financially would make me lose the sale. However many people are in a position they don't have to move and I would lose a sale over a picture hook if it became a point of principle, there are some people who just can't seem to conduct any transactions without something dodgy, underhand, untruthful and if a buyer had messed me around and my gut instrinct was saying don't deal with this person I could well walk as a point of principle or even spite if it cost them fees... until exchange there's a risk of gazundering, spending money yourself and if the £500 was approached in an underhand way or as part of chain of rude events then yes I might walk particularly if I suspected trouble down the line with their finance or conduct.

Welshwoofs

The thing is, that £500 may represent the last the final straw in a long list of compromises.

I've been in the position as a seller before where I've refused one final request after agreeing to a whole chain of them. In that case, the seller wanted the ceiling in 3 rooms replastered because the surveyor said the textured paint may contain asbestos...the textured paint in question was bog standard B&Q (the white stuff with sandy grains in) applied a year before...but the surveyor hadn't asked us how old the texture was and the buyer dismissed our explanation and insisted the ceilings be replastered, which would have cost around £800.

The buyer walked and we picked up another one a month later as we had the house up at a realistic price.

alared

Why didn`t the EA "value" it at £500 less,then there wouldn`t be a problem.

The truth of the matter is that EA just guess what the value of property is.
They go by what sold recently and by the price.
In a rising market they value the next house upwards and visa versa.
£500 is £500 and if the buyer really wanted their dream house they would cough up.
Trouble is,nobody trusts EA,neither buyer or seller.
Well paid for doing very little.
A bit like politicians!

chickmug

alared wrote: »

Why didn`t the EA "value" it at £500 less,then there wouldn`t be a problem.

The truth of the matter is that EA just guess what the value of property is.
They go by what sold recently and by the price.

Any suggestions for a better way to value?

chickmug

alared wrote: »

Well paid for doing very little.
A bit like politicians!

Well don't use them - no one is forcing anyone.
Use someone like housenetwork or housesimple?