Withdrawal Allowance

G_M

It all depends how desperate you are.

As others have said, this is a) blackmail and b) probobly illegal as it is a hidden gifted deposit.

Personally, I'd like to see buyers who act this way told where to go!

However, if circumstances mean you have to sell, at any cost, then that's a decision you may have to take. However at the least, insist it is done via a properly contracted reduction in sale price, not an illegal back-hander which appears to be their proposal.

Lella

Hi and thanks to all replies. Think we've got the message!

To the Jonesfamily:- Think that EA called this illegal backhander a
'WITHDRAWAL ALLOWANCE' because it was supposed to be an allowance (sweetener) from us to our buyers to stop them from withdrawing from buying our house.

thejonesfamily

the problem is OP that once you are nearly ready to exchange/complete, your heart rules the head. We had the same problem, unusual demands, but without being helpful, the sale would have prob fallen through.

Johnhowell

When I sold my place the buyer telephoned a few days before completion stating that they were £500 short in their deposit and would I agree to reducing the price. I did not say a word for some time, and then "speak to your solicitor". He went away and the exchange occur as arranged.

Lesson learned - do not give personal telephone number to buyer - always through EA or solicitor. After the purchase he called me again about the heating was not working - it turned out that the wall thermostat had reached temperature and turn the boiler off! Working fine!

John

princeofpounds

DO NOT HAND OVER MONEY.

Again, if you must discount, drop the price.

Otherwise your buyer may very well withdraw, with the 'allowance'.

And again, your EA is really giving you bad advice to try to preserve their chain. If this falls through I would seriously consider dropping them.

martinbuckley

thejonesfamily wrote: »

sorry, i am lost, what is a withdrawal allowance. why are buyers asking for them - withdrawing what?

This is real life - Just stick to fiction.

Lella

Hi. Thanks again to all replies we are finding them very helpful.

Think we shall keep quiet for a bit and not phone anyone. Certainly not phoning the solicitor cos they are all in league with each other! If we get a completion date end of Jan then definitely not parting with any hard earned cash, cos that was the original deal. But, if there are no signs of completion and buyers really threaten to pull out then I'm afraid we're goner have to really think hard about a sweetner.

hcb42

Personally, I wouldnt have waited for them when they lost their buyer earlier in the year. An offer is as much use as a chocolate fireguard if they are not in a position to follow it through immediately.

I wouldnt give them anything either. i would lose the sale I think first! Our buyer tried it on with us when selling my father's property last year, we told them if they didnt exchange within 48 hours then it was back on the market. They exchanged.

DVardysShadow

Lella wrote: »

Hi and thanks to all replies. Think we've got the message!

To the Jonesfamily:- Think that EA called this illegal backhander a
'WITHDRAWAL ALLOWANCE' because it was supposed to be an allowance (sweetener) from us to our buyers to stop them from withdrawing from buying our house.

Backhander it may be - and I wouldn't myself pay this one.

But illegal it ain't as far as you are concerned. G_M is not totally incorrect, but the illegality is very indirect. It would only be 'illegal' for the buyers to accept this money without declaring it to their lenders - or for you to collude with the buyers to accept the money but not declare it.

timmyt

new tactic advice

PM to find out