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So fed up with this
Lotta_Littlies
Posts: 659 Forumite
After one thing and another we were hoping to exchange contracts this week with the aim to complete on 14th.
We agreed to sell our house for £2,500 under the asking price to the buyers. There is a chain of five of us with the people we are buying from going off to rent. However, the buyers have today said that they want us to take off a further £1,000 for £600 worth of work which needs to be done otherwise they can't afford to go ahead with it and will pull out if we haven't agreed by Friday.
To begin with we feel we have already negotiated on the price and as we've told both the EA and the solicitor's we simply can't afford to negotiate any more. All our figures have been taken into account and the price we agreed on was the minimum we could possibly accept. Of course we don't want to lose the house we have fallen in love with but we simply can't deduct another £1000.
Furthermore, why are they asking for £1,000 when it's more than the work that needs doing (which isn't urgent work to do anyway)? I feel we're just being bullied really and I'm so fed up with this whole business now
Surely they are going to lose a whole lot more by pulling out? Ah I'm so fed up
Lotta
We agreed to sell our house for £2,500 under the asking price to the buyers. There is a chain of five of us with the people we are buying from going off to rent. However, the buyers have today said that they want us to take off a further £1,000 for £600 worth of work which needs to be done otherwise they can't afford to go ahead with it and will pull out if we haven't agreed by Friday.
To begin with we feel we have already negotiated on the price and as we've told both the EA and the solicitor's we simply can't afford to negotiate any more. All our figures have been taken into account and the price we agreed on was the minimum we could possibly accept. Of course we don't want to lose the house we have fallen in love with but we simply can't deduct another £1000.
Furthermore, why are they asking for £1,000 when it's more than the work that needs doing (which isn't urgent work to do anyway)? I feel we're just being bullied really and I'm so fed up with this whole business now
Surely they are going to lose a whole lot more by pulling out? Ah I'm so fed up
Lotta
"One hundred years from now, it will not matter what my bank account was, how big my house was, or what kind of car I drove. But the world may be a little better, because I was important in the life of a child."
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What's the work? Can you get it done yourself cheaper?Everything that is supposed to be in heaven is already here on earth.
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I think the main problem is they have probably stretched themselves too far, financially. They want the work carried out but cant afford it to be done. It seems to be a more common thing now. What is the work that is needed?
They could however be trying the old tactic of renegotiate when they know you are in too deep and have invested money yourselves.
Personally I would not let them bully you and would do 1 of two things,
1. Ask your estate agent to speak to others in teh chain to see if eveyone can come up with £100 each to go towards the work otherwise the sale will fall through and everyone will suffer or,
2. Sit tight - they will lose their survey fee etc if they pull out and will come to their senses as buying a new house will incur more survey and legal costs. 9 times out of 10 they will back down.0 -
It's not fair and it's not "right" but this is not unusual.
Two options - they are trying to bully you - stick to your guns and they'll back down .... .... OR
They'll pull out (with the financial loss to them) and the whole chain will collapse, unless you can fund the £1,000.
There are no right answers here. It all depends on your buyer and whether they have the guts to carry through with their threats Warning ..... I'm a peri-menopausal axe-wielding maniac
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Service the gas fire and some electric work. But point is we already negotiated £2500 knowing work needed doing and they were aware we couldn't go any lower.
Lotta"One hundred years from now, it will not matter what my bank account was, how big my house was, or what kind of car I drove. But the world may be a little better, because I was important in the life of a child."0 -
This is all a battle of wills.
If they do pull out, you may lose the house your going for and have to pay for a survey on a different house. how difficult would it be for you to find another buyer?
They will have lost money on your house survey, possibly have extra solicitor's and mortgage fees.
As they've asked for £1000 off, do you think they want you to offer a £500 reduction.
Although it pains me to say it, it is probably worth reducing further to keep them as buyers. In the scheme of things its small beer. Then get your won back by not leaving loo roll etc for them.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
just had a thought - tell the estate agent that he needs to contribute by reducing his commission or the chain will collapse.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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silvercar wrote:just had a thought - tell the estate agent that he needs to contribute by reducing his commission or the chain will collapse.
Nice one.
Everything that is supposed to be in heaven is already here on earth.
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silvercar wrote:just had a thought - tell the estate agent that he needs to contribute by reducing his commission or the chain will collapse.
That's what dh said lol!
Lotta"One hundred years from now, it will not matter what my bank account was, how big my house was, or what kind of car I drove. But the world may be a little better, because I was important in the life of a child."0 -
silvercar wrote:As they've asked for £1000 off, do you think they want you to offer a £500 reduction.
Probably. Like I said the work actually comes to around £600 and not £1000 so an "agreement" of £500 will pretty much cover them anyway. The point here is I feel we're being bullied into a corner given that:
a) they've already had £2500 to take into account that we accepted work was needed
b) they were aware that was our bottom limit and we can't afford to go any lower
c) why are they asking for more than the work costs? This one is really bugging me!
d) they aren't asking. Their solicitor wrote a letter saying "the vendors insist on a reduction of £1,000 or will be withdrawing from the purchase if terms not agreed to by Friday".
Lotta"One hundred years from now, it will not matter what my bank account was, how big my house was, or what kind of car I drove. But the world may be a little better, because I was important in the life of a child."0 -
If it comes to it perhaps, make the point to them that why should you reduce more than the cost of the work to be done? Repeat a and b, but say as a goodwil gesture you will give them £300 maximum off, which is meeting them half way on the £600, I think this is more than fair.
You shouldnt have to reduce, servicing the fire is neither here nor there, as for the electrical works not sure what that entails, but doesnt sound like there can be much wrong if its only costing so little.
The £300 gesture is just so that you can keep your house, sorry to hear you have such horrid people buying your house.
Hope it gets sorted.Pawpurrs x0
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