Help needed,house sold for reduced price

michjoe

Please help I think this house selling is driving me mad!!! We just sold our house it was on market for £115k the buyer offered £100k we said we'd accept £105k we also said we weren't prepared to reduce any more when the survey was done. The survey has now been done and the buyer wants us to drop to £100k so our EA is sending another surveyor out to find out a price for the jobs that need doing. We did put it in writing that we weren't prepared to reduce the house price any further so what do we do from here???

shelly

Stick to your guns and don't accept less than the 105K you want. If the buyer gets stroppy, reject their offer and re-market it.

michjoe

We are really not prepared to accept £100k and we think he is just trying it on because that's what he offered in the first place. The only reason we dropped it by £10k was because we have a new build reserved.

Roger_Rampant

If they've paid for a survey then they have something to lose if you decide to pull out, I'd just put it back on the market and, as shelly said, don't be bullied into anything

michjoe

The EA has already had harsh words with the buyer, she has told him we have already dropped £10k for him I really do think he is trying it on.

mchu6am4

What figure did the mortgage valuation come at? If it came at £105k, then you don't need to drop but if valuation is lower then the buyer can only borrow based on the valuation figure (hence you may need to drop to the valuation figure)

michjoe

The value came back at £105k but he wants us to drop down to £100k for work that needs carrying out. The thing is he knows that he is getting a bargain because we have seen him looking at other properties in the area which are smaller without the added extras that we have such as off road parking and are higher in price.

zorber

yes dont be bullied into the sale, you must give the impresion that you have plenty of time to sell and you are in no hurry, you have already knocked 10k off i wouldnt have gone that far even if work does need doing, two examples i can relate to recently
my mum in law is selling her house she hasnt been having much luck asking is 400k which we all admit is probable on the high side, she had one offer for 365k and although desperate to move she rejected it and put it back on the market with a different estate agent, she then gets lots of viewings and one couple offer 380k which she happily accepts as that is whats acceptable to her, big differeance in 5% discount then the 10-15% your buyer wants.
the other example is we recently sold our caravan book price was 4200 we would happily accept that so we put in on the market higher (4700) knowing people want to find a bargin so if they can knock me down by 500 they feel they have done a good deal, some viewers took the price too low 3500 but finally in the second week we were offered (negotiated) 4300 which is more then we though we may get, they went away happy and more importantly we got a value we wanted, so not be pushed into the sale as a previous poster has said if they have forked out money for a survey then they must be keen and they are not going to want to lose that money easily so stick to your guns and tell them no sale unless more than 105k offered.
good luck

michjoe

Thanks everyone for the advice, I think we will stick to our guns with the £105k and if it's not meant to be it's not meant to be. We already rejected the £100k offer before and just because he's had the survey done doesn't mean we are going to change our minds as we already stated before the survey, he can get the little bits of work done with the £10k he's saved if he's really serious!!

mchu6am4

michjoe wrote: »

The value came back at £105k but he wants us to drop down to £100k for work that needs carrying out. The thing is he knows that he is getting a bargain because we have seen him looking at other properties in the area which are smaller without the added extras that we have such as off road parking and are higher in price.

As others have said, don't drop it anymore as the valuation DID take into account the house's current condition. He's definitely trying it on, tell him you'll start considering 'other' offers if he doesn't make his mind up.

You have to beware of him as he may ask for a drop at the last moment (i.e. near completion and you could be in trouble) - You need to be able to trust him.

michjoe

mchu6am4 wrote: »

As others have said, don't drop it anymore as the valuation DID take into account the house's current condition. He's definitely trying it on, tell him you'll start considering 'other' offers if he doesn't make his mind up.

You have to beware of him as he may ask for a drop at the last moment (i.e. near completion and you could be in trouble) - You need to be able to trust him.

Exactly, I think we'd rather lose the sale now than just before completion when we've paid for surveys, searches etc. To be honest with you I think he will push it as far as he can if we let him.