Gazundered

Nicki

Feeling really p'd off this morning.

We were all set to move at Easter, and on the day before we were due to exchange contracts our vendor changed her mind. It took us a few months to find a new property, during which time our original purchasers also dropped out.

We then found a lovely new house, and accepted an offer on ours for £10k below asking because the purchasers said they were in a position to move quickly, and that they would not mess us around or seek to renegotiate on price. They even said that if there was a problem on title or on the survey which was holding up exchange, they would take out an indemnity policy at their own expense to enable them to fit in with our timetable.

We were due to exchange contracts tomorrow, and the purchasers have just announced that they want £15k off the asking price. They had two surveys done - their mortgage one supported the asking price, but the second one, which was done by a close friend of theirs, surprise surprise came in at £35k below the asking price, with no major structrual or other problems with the house. As I have lived in this area for 10 years, I know for an absolute certainty that there is absolutely no way the second valuation is correct. If I could buy properties for that amount around here, I'd be buying them up as investments as this is such a hot area. We also had 4 offers for the full asking price since we put the house on the market, (all within 1 week of viewings being allowed) so we know we haven't overpriced it.

We are in a position to proceed on the purchase without selling, but will need to increase our mortgage to cover the shortfall, which will take a week to ten days to arrange. Obviously can't exchange before we have the new mortgage offer and our removal firm need 2 weeks notice as this is a busy time of year. The vendor unfortunately is on holiday for 6 weeks from mid August to end September, so instead of being in our lovely new house for the summer, we are going to have to wait until October. We have one child with special needs and really wanted to have her settled before the start of the new school term. Added to this, we've already started packing so will be surrounded by boxes for months.

It's not worth £15k to us to be able to move in August (and given that we know we can get the asking price for the property, our house would need to take another 10 months to sell before we would be out of pocket by not taking their reduction). However, I am steaming mad with all the lies that these purchasers have told, and by this rotten trick of trying to screw us at the last minute. I know its happened before, but what has happened to people in this country making a deal and sticking to it. :mad:

My only slight consolation is that they've paid out for two surveys, and have no chance of getting a property in the area for the price they want to offer for ours, so they are going to end out losers in the end. They have though needlessly caused us aggravation and inconvenience, given that we could have sold the house 10 times over since we accepted their offer. :mad: :mad:

fimonkey

You have my synmpathy, the law and farce that is house buying in England really does need sorting out. Are you asking for advice or just ranting in your thread? For what it's worth, stick with your guns and refuse to drop price by one penny, if the buyers really want it they'll meet your price, and if not, Tough on them for wasted surveys and at least you yourselves can still move.

littlesos

You don't say whether you have rejected their offer or not, and whether they have gone.

If I were you I'd tell them to stick there offer, and I'd also ask whether their mortgage company has been informed of this "new" valuation.

I guess they're trying it on, they may back down when they realise you won't play.

It's horrible when people lie, we got rid of our "cash buyer with nothing to sell" when we found out she was waiting for a mortgage offer to come through, and so was her brother who was buying her house! It took me a while to calm down and DH was all for ringing her up and telling her what he thought of her, I managed to persuade him out of that plan!

Good luck with the future of your move, whatever happens.

Nicki

fimonkey wrote: »

You have my synmpathy, the law and farce that is house buying in England really does need sorting out. Are you asking for advice or just ranting in your thread? For what it's worth, stick with your guns and refuse to drop price by one penny, if the buyers really want it they'll meet your price, and if not, Tough on them for wasted surveys and at least you yourselves can still move.

Both really. Feel a bit better for the rant (only marginally though!) but if anyone has any good advice, I'm up for it.

Absolutely won't cave into the purchasers though! Someone has to take a stand sometimes with the result that these kind of people lose out, otherwise all purchasers will be tempted to do it if they see it as a no-risk option.

Now that I've calmed down, I'm starting to think if we can get a new mortgage offer through pretty quickly we could exchange and complete simultaneously so our vendor gets his money when he wants it, and can also move when it suits him. We can then move whenever our movers can do it, and our current house can then be cleaned thoroughly ready for viewing again. I think I have just about enough furniture to be able to split between the two houses so that the one we are selling looks lived in, and the one we are going to has enough for us to get by with, (particularly as we were planning on buying some new beds anyway) and hopefully we will get a new offer fairly quickly so can then get all our furniture into the new place.

Still feel very cross though!

Nenen

What an awful thing for those people to do and I feel :mad: on your behalf. I can only hope that karma (or what goes around comes around) happens to them sometime soon!

I do agree with pp... just stick to your guns and refuse to drop the price at all... you might find they'll suddenly change their mind again! Mind you, I can imagine that if that happens it would be difficult for you to want to do business with them!

I really wish there was a way of knowing how ethical people are prior to entering into any sort of dealing with them! I couldn't believe my eyes recently when a poster on another thread was actually advocating this sort of behaviour as a 'money saving' tactic. How people can behave like this and then live with themselves I fail to understand... but maybe that's why we're struggling to afford a decent home while people like them appear to live in clover! :mad:

Nicki

You don't say whether you have rejected their offer or not, and whether they have gone.

Yes - we've told them to take a long hard look at themselves, and to come back to us within 24 hours if they want to buy at the original price. Have also instructed EA to start marketing it again immediately. As far as we are concerned it's back on the market.

EA said they had said to him that although it was structurally fine and in good decorative order, they wanted some money off to make some changes that they wanted (along the lines of new kitchen units I think!) Cheeky blighters will want money off to pay for a new sofa to match the curtains we were leaving for them next!

fimonkey

Lol at Nikki! Have some thought for buyers who are genuine though. I've looked at a property that I thought was great, put in offer, valuation survey done (for what it's worth) and then I find out the loft conversion is structurally unsafe! .. So now I'm in the position of asking the vendor to a) either fix it, or b) drop price dramatically. I'm sure she's not gonna like it either way, and may also say that I saw the state of the loft conversion, but then I'm not a builder, all I saw was a room. i didn't notice the holding things were missing etc etc.... So it may not be the deal in your case OP, but not all of us buyers are out to stitch up Vendors, and not all Vendors are out to stitch up Buyers..... The 'blame blame culture' is not helped by EA's either!!

oldwiring

I wondered if accidentally (?? on purpose??) the second valuation is based on rebuilding costs rather than market value. %&**£" cheeky. Where is the nearest short pier you van introduce him to?:D

daisyroots_2

Well done Nicki - that's exactly what I'd have done. I'm a great believer in setting deadlines too - 24 hours, that should concentrate their minds. I bet they come back asking for a lower figure - say a reduction of £7,500 or something - they are cheeky enough. Have you thought about what you'll say if they do that ? Personally, I'd dig my heels in and refuse anything but the previously agreed price, especially as you have a workable Plan B.

House buying and selling really brings out the worst in people, I'm sorry to say. Please let us all know what they come back with, won't you ?

kingkano

oldwiring wrote: »

I wondered if accidentally (?? on purpose??) the second valuation is based on rebuilding costs rather than market value. %&**£" cheeky. Where is the nearest short pier you van introduce him to?:D

That tends to be 50% of the purchase price these days haha. So you'd definitely notice the difference!! (Land with planning is another big chunk and sentiment is the last bit).

Good on you for telling the cheeky beggars where to go. After they already got 10k off they come back for another 15!!! I wouldnt entertain them for a second. They might even have the cheek to pretend they are following through and then pullout anyways so beware!

MadMonkey

How awful ! I would be totally psychotic if someone did this to me.

Hopefully they are just trying it on and things will get back to normal when they realise you are not going to play ball.