Selling my house - am I being manipulated

spudilydoodah

I recently sold my house - I put it on for £185 000 and was eventually knocked down to £181 000.
We are ready to sign contracts. Last week the buyer said that the mortgage company would only release £180 000 due to the survey and would need to do a more in depth survey to release £181 000 - doesn't seem to be worth the fuss for £1000.
I offered to drop the price by £500 and the buyer would make up the other £500 - they agreed.
Today they sent a letter via there solicitor saying they were holding out for £180 000 and also wanted indemnity insurance on work that was done even before I bought the house 20 years ago.

Sounds like they're trying to squeeze me for every penny.

Anybody think they have an idea whats going on, thanks, Michael.

I know they've packed ready to move on Jan 26th and have sold their home and are due to move out.

lynzpower

so they basically dont want to have moved into yours and without exchanging on theres and paying 2 lots of mortgage is my guess.

An indemnity report would cost your side money, for no good reason - its a delay tactic esp if they are arguing over 500 quid in the same letter, when meeting halfway is more than reasonable on your part.

Id be tempted to call thier bluff and go fine, Ill give you the 500 on the condition we exchange nowish. It will cost them more in the 2 morttgage payments if you move now- than dragging it out to the 26th I suspect, plus you get it over and done with.

Not very moneysaving, and Im currently in a similar situation with my buyers sols playing silly !!!!!!s and Id gladly pay 500 quid to get that magic "youve exchanged" phone call.

benood

It sounds like they are going to keep pushing you down until you say no. So say no - after all you've been very accommodating so far - the story about an extra survey being needed to release £1k doesn't really ring true does it?

With rates up 0.25% today I wouldn't be surprised to hear if they wanted to cut the price again....

I would act exasperated and say that you only dropped the extra £500 to seal the deal what are they playing at? Could you speak to them directly - I found that worked well when we were selling this time last year.

Good luck

silvercar

They are going to carry on asking for things until you say no, so say no now.

Tell them to forget the indemnity insurance - no-one is taking action on anything done 20 years ago.

Either they exchange soon - this week? - at £180,500 or you will remarket the property. If they want to carry out an in depth survey they can, at their expense. If they they think its worth spending about £200 on a survey to borrow a further £500 let them.

Doozergirl

That would drive me insane. I like what Lynzpower said, there is value in just knowing it's sealed...

But I'd rant. You've agreed on £181,000, then they renaged on the deal and forced you £180,500, now they're renaging again and want £180,000k?

I can tell you exactly what I'd be saying and my husband wants to kill me sometimes, but I get my way! "I believe in being straightforward and honest. If it is okay, however, for you to go back on your word then I suggest you exchange now at £180,500 or I go back on my word and the price goes back up to £181,000"

I wouldn't stand for it. Not at all. They should get that more in depth survey! A house does not become unaffordable over £1000, especially when you are already a homeowner; that's pretty much proof that they don't need a 100% mortgage.

Also, the indemnity policy would be pointless. Neither Planning nor Building Regs have any legal grounds to complain about work that old.

tomstickland

You've given your price, you've been flexible, now tell them it's up to them whether they want to proceed as agreed or not. They're trying to take advantage.

daveuns

I had the same when I sold my house in October. I said no to their demands for the indemnity policy and told them to stop stalling or I would re-market. What you need to remember is at this point they have spent a lot more money than you have, having paid for searches and surveys, it will hurt them more if you pull out so I suspect they will get moving if you hit them with that.

Rick62

Sounds like pure negotiation to me, if there really was an issue with the survey/valuation they would have told you specifically what it was. You have every right to say no more reduction in price. Of course the risk is you could, maybe, lose the sale, or you could reduce the price and still lose the sale.

It sounds like they are committed, so I personally would hold out and not reduce further. It also woundn't hurt to have a conversation with the EA saying you are concerned that they are not serious and talking about putting it back on the market. The EA will then get onto the buyer and tell them that they are at risk of losing the house if they don't get on with it.