Buyer asking for discount - just when we are agreeing completion date!

ChrisEvanson

property.advert wrote: »

Remind me to give you a call when I want to offload something at an inflated price which you will pay to renovate.

I don't understand the attitude that when you buy a house which needs work doing, when that work is flagged up in the survey buyers want a further discount. If the house is priced with the work required priced in, then why should the buyer expect a double discount? :huh:

You've assumed the house I am buying is at an inflated price. One around the corner which is less desirable and has a smaller garden is for sale for over 40k more.

Just because a house needs renovation doesn't mean it is overpriced.

soulsurfer

Every comment I've had since I posted our dilemma has been valid - and if this was just down to me I would have taken the advice of several of you - but my husband also has an input and we don't always agree.
I would have gladly walked away ages ago from this transaction but we have been on the market for 18 months - we've had about 6 viewings in that time, changed Estate Agent once to one who also advertised on RightMove and FindaProperty, and this buyer is the only one we have had an offer from. I understand my husband's reluctance to turn them away as we've waited so long for this and we've found a house, exactly where we want to be at a good price.
We are, as I said from the off 'over a barrel' and it's been awful. Someone said at the beginning, that this doesn't come down to 'principles' it's a business transaction - well if that's how people do business then I'm glad I will never dip my toe in the 'business pool' again.
I do thank everyone for their comments and will tell you how it ends...

sonastin

You don't have to actively turn them away. But you can stand your ground and not cave into their every whim. Every survey, every check, every test that they request can be met with the response "if the buyer wishes to have that information, he is welcome to pay for it himself". All you need to do is make the house available to him/his surveyors. He can still go ahead and buy the house but you don't need to spend a penny more on entertaining him.

In your shoes I would also be asking the EA to start marketing the property again. No reason why you can't sell to this guy if he ever pulls his finger out and wants to exchange, but at least you stand a fighting chance of finding another, less picky buyer in the meantime.

nobblyned

ChrisEvanson wrote: »

I don't understand the attitude that when you buy a house which needs work doing, when that work is flagged up in the survey buyers want a further discount. If the house is priced with the work required priced in, then why should the buyer expect a double discount? :huh:

You've assumed the house I am buying is at an inflated price. One around the corner which is less desirable and has a smaller garden is for sale for over 40k more.

Just because a house needs renovation doesn't mean it is overpriced.

It depends whether the magnitude of the work required was apparent to you when you offered. If the survey revealed additional costs that you did not take into account then you would probably want to reconsider your offer. If the survey just confirmed what you already knew then there would be no need to ask for a discount.

soulsurfer

Yep - it finally happened. We exchanged last Friday and completion is July 15!

What a rollercoaster. Thanks to everyone for their invaluable comments, have to put this down to experience now and literally 'move on'.

TOOTHACHE

we have the same issue at the moment - buyer wants £5k 'compensation' because his divorce stipulates he cannot live in the marital home now and is in a b&b.
we were due to exchange today after 6mths!!!! (he has dragged his heels and his solicitor - my god...useless isn't the word)
£5k is to pay for a b&b and storage for..... 4 weeks.
Told him where to shove it friday - waiting to hear if he wants to proceed or not.
No gazundering here he was happy to pay it before....

SuzieSue

soulsurfer wrote: »

Yep - it finally happened. We exchanged last Friday and completion is July 15!

What a rollercoaster. Thanks to everyone for their invaluable comments, have to put this down to experience now and literally 'move on'.

Great news. I really didn't think you would get there. I think I would have walked away a long time ago but credit to you for persevering.

martindow

soulsurfer wrote: »

Yep - it finally happened. We exchanged last Friday and completion is July 15!

What a rollercoaster. Thanks to everyone for their invaluable comments, have to put this down to experience now and literally 'move on'.

Well done! Did you agree to any reduction to achieve exchanging?

soulsurfer

martindow wrote: »

Well done! Did you agree to any reduction to achieve exchanging?

Hi martindow - our EA suggested a £1500 reduction, we would pay the £1000, the EA would pay £500. When this was put to our buyer, they tried to negotiate it to £2000. Our EA said no, £1500 was the final offer - which they accepted. Still not happy that we did that but having come this far, being a £1000 in with the solicitor, finding a house in an area we have always wanted to live in at a price we could afford - we just didn't want to risk them walking away.

soulsurfer

Hi TOOTHACHE,
If you've read all my posts you will know I understand what you're going through - that is an extremely expensive B&B & storage for 4 weeks! Someone said to me this week (unaware of how much reduction we had been asked for) that people coming to live here from abroad are bringing their 'practices' as regards property purchase from their home country to the UK and that it is ususally a request for a £5000 reduction towards the end of the transaction. Your buyer may not be international, but ours is, they asked for £5000 and so has yours - not a coincidence! Is this something all vendors have to look forward to for the future?
We are into the 6th month of this process, like us you must have incurred costs so stand to lose something. It's wrong. Maybe try the offer of less of a reduction like our EA suggested and maybe your EA could put up some incentive like ours did - it's in their interests it goes through too.
Good luck!