Buyer has Pulled Out

Orlando_Virgin

Hi All,

Just after some advice really. First time I'm selling a house and I put it up for 110k, managed to agree a price with the buyer for 105k. She was an FTB. They had the survey done, then a timber and damp survey and found that some damp needed sorting and got a quote for £600 via the estate agents. They also said that their mortgage lender had placed a retention on the mortgage for £1900, not sure where this figure came from.

I asked for proof of the retention (in order to prove they weren't just trying it on and so we could come to an agreement) We went back and forth arguing about the £600, and when they stated they were pulling out I offered a split deal. (Even though I still hadn't seen proof of retention)

They agreed to this and yet today the estate agents has called me and said the buyer has pulled out as she has received a quote from a builder saying that there is £2675 of rendering that needs doing. How would they know this? I haven't let a builder on to the property so how could they assess this amount? Anyway, wondering now is it worth getting this damp and possible rendering situation now to prevent a similar re-occurrence?

Many thanks

OV

lee111s

If it was me I'd get it sorted out.

Dukesy

I wouldn't be entirely surprised if they're trying to pull one on you hoping that you'll go 'OMG I'll knock some more off the price if you come back and buy my house'.

Don't be bullied into knocking your price down

nomoneytoday

IMHO it's more likely they are pulling out because of the argument over £600.

Orlando_Virgin

nomoneytoday wrote: »

IMHO it's more likely they are pulling out because of the argument over £600.

That seems so silly though? I have already offered to pay half of that cost, I fail to understand why someone would be willing to pay all that money for a house and then let it fall through over £300? So strange.

Maybe they've found somewhere else or something?

neas

Sound s funny but I pulled out over supposedly 1k worth of curtains

That the vendor refused to leave after already pushing us up hi gh.

At 5k discount you had already done well it wasn't worth seeing over 600 quid to be honest

Orlando_Virgin

neas wrote: »

Sound s funny but I pulled out over supposedly 1k worth of curtains

That the vendor refused to leave after already pushing us up hi gh.

At 5k discount you had already done well it wasn't worth seeing over 600 quid to be honest

That's the bit I don't understand.

I even offered to pay half of that, if they'd just prove they had a retention to me. I personally think they are not being truthful and are just trying to bully me in to knocking the price down. I'm in a tricky situation as well as I need to sell the house sooner rather than later.

I think I am going to have whatever work needs doing anyway, as I know alot of tradesmen, then when it goes back on the market this isn't even an issue.

moneyistooshorttomention

I would go with the idea that they may be trying to psych you into taking an even bigger discount than £5,000 on your house price. I would regard £5k as quite a bit to try and knock off my house price (and mine is priced at about 150% of yours) so hang on in there and "face it down" is what I would say too.

There are "whispers in the wind" that the tide is starting to turn and maybe heading back from being a buyers market into being a sellers market:D. My personal "I feel it in my water" thing is that I reckon things will be very different in a year or so time and buyers will have to stop being so darn "demanding" as they have been for the last year or two (all this blinkin' "Oh DO take that washing-up bowl and dish drainer out of the kitchen for Little Me's viewing of your house":cool: malarkey that has been fashionable for the last year or two and making me feel ready to "crown them" as soon as look at them seems to have stopped already thank goodness:rotfl:....).

Only too thankful for that point at this moment personally - as I'm in a static house price part of the country and I can see a few "whispers" that our house prices here are starting to edge upwards a fraction and reminding myself right now not to lose my nerve at the fact that my own house has been on the market for 2 days and I've not got a viewer appointment lined-up yet. I'm betting there are a few waiting in the wings gambling that, if they wait a few days before they make a viewer appointment, that I will start losing my nerve and be ready to cave in to low offers. Got that one wrong then havent they?:rotfl:

m0t

moneyistooshorttomention wrote: »

stuff

I think you are deluded if you think things are going to suddenly improve and you will be able to sell your house that has been on the market for 2 years without a £5K price reduction. The economy is still in the toilet, job creation is minimal, inflation is eating into most peoples living budgets and suddenly the ridiculous house price gravy train is going to resume???

All that has happened in my area is estate agents have whacked a new year premium on house prices and still none are selling.

Orlando_Virgin

m0t wrote: »

I think you are deluded if you think things are going to suddenly improve and you will be able to sell your house that has been on the market for 2 years without a £5K price reduction. The economy is still in the toilet, job creation is minimal, inflation is eating into most peoples living budgets and suddenly the ridiculous house price gravy train is going to resume???

All that has happened in my area is estate agents have whacked a new year premium on house prices and still none are selling.

I agree its optimistic, however when i have already dropped 5k and am willing to meet them half way on the damp repair, asking for a further 2k off the price for rendering that I have no proof of needing doing is unfair I feel.

motherofstudents

If they are not prepared to provide evidence of what they say is needed then I wouldn't negotiate with them. If they know you are willing to negotiate on genuine work that needs doing then why don't they give you the details so you could talk it through between you. It sounds to me like they are just wanting a price reduction.