Sense check - am I doing the right thing (buyer wants to negotiate pre exchange)

Legacy_user

I know only we can make this decision but I would really appreciate opinions.

My situation is that I was going to sell and then buy a house. Ours is a two bed end of terrace in a popular town (due to crossrail) and we were moving to a 4 bed.

I marketed mine in early Jan 15 and had a great response. At an asking price of £265 I accepted an offer of £260k from an investor (again, crossrail related). We only viewed three houses and only ever liked one and from then until now haven't seen anything we like as much. We offered immediately (they have same EA) and they accepted.

Three weeks later the investor receives the valuation report and says it is undervaluing the house by £10k. He tries to negotiate but at this point prices are still rising and interest since STC was so strong that the EA re markets. 3 days later it has had an offer of full asking price from a local couple.

Then the problems begin. They take 3 weeks to get a survey. Then they decide to change mortgage advisor as 'they received extra funds'. They have the damp survey done 6 weeks after the original survey. They still do not have a mortgage offer.

From my side, we had a few hiccups on the way but have been ready to exchange for the last 3 weeks. Our seller is chain free and is able to exchange immediately.

So yesterday they came back with wanting £6k off the price. £2k on the damp survey costs (which is *add expletive here*) and the rest for a dropped kerb. The house wasn't being sold with a dropped kerb! The street is a cul de sac with street parking. Front gardens are big enough to park cars plus have lawn/flowers.

So at this point the situation is that realistically is I lose my sale I most probably lose my purchase. I can afford to drop the price however houses are coming on at and having offers accepted in the region of £285-290k and more importantly if something is visible at viewing I firmly believe the offer includes that within it. I have decided to not negotiate. They are considering their position.

It is tough for me because as much as we tried to detach ourselves from the process, in the end we had begun 'dreaming' of moving. I am at the moment being very firm and asking the EA to remarket this afternoon if they don't reply. Even if they do reply I want a deadline of exchange within 5 working days for a date that suits all three parties. Otherwise again I want to remarket.

What would be everyone's thoughts on this? any advice much appreciated.

Browntoa

tell them of course you are willing to renogiate.Due to the rising market you would like another £15000 , but will knock off the £6000 so they only need to find £9000

giddypenguin

4k for a dropped curb?

I'd be tempted to say fine for the 2k (show willing if you can afford it) but say you want to exchange by a certain date. They are being ridiculous asking you to pay for their new drive!

G_M

Call their bluff.

Either use brownoa's tactic above, or simply say sory, price as agreed, Exchnge within 10 days or you will put it back on the market. In fact I'd be tempted to tell the EA to start advertising at once....

They've already paid out a fair bit on the urchase - will they really back out? Maybe, but maybe not - & buyers who p*ss about should not be encouraged.....

eddddy

The obvious answer is not to accept the price reduction.

A rational buyer would look at the time and money they've invested so far; see that prices are rising; know that they were just having a punt by reducing their offer; and go ahead with the purchase anyway.

But a less rational buyer might just walk away on a point of principle.

My friends in sales always say how important it is to stay on good terms with your buyer during negotiations. So perhaps politely and firmly refuse to reduce the price, and provide rational reasons why. (And try not to make them feel like they have 'lost' the negotiation battle - even if they have really.)

But if you're dealing with an EA, they should do that stuff on your behalf.

(But don't trust your EA to give an honest opinion on this. They will just say whatever they think will close the sale quicker. They won't care about £6k either way.)

maninthestreet

Your selling them the property, which does not include the kerb in front of the house!

Jhoney_2

Politely advise them, that there is no leeway on your purchase to accommodate it and due to delay, your vendors are going to withdraw unless exchange PDQ...

macman

If the dropped kerb was so important, how come they failed to notice the lack of it when viewing the property?
As above, tell them that over 4 months the price has risen and their earlier offer is now rejected...time to up the ante.

Jhoney_2

macman wrote: »

If the dropped kerb was so important, how come they failed to notice the lack of it when viewing the property?
As above, tell them that over 4 months the price has risen and their earlier offer is now rejected...time to up the ante.

Freudian trip?:)

The property clearly has no kerb appeal, OP. I should take it off the market and throw a rug over it before re-marketing. *rolls eyes*

[Deleted User]

I'd definitely be remarketing the house if 1) The buyers were messing me around 2) The house had gone up in value because the buyers took so long to get on with things.

They're trying it on. Stick to your guns - and yes, you should raise the price; since any other house you want to buy will also have gone up in price too.

System

Thanks for the feedback. It is reassuring to know I'm on (kind of) the right path.

They still have not replied. The EA is chasing them but hasn't been able to speak to them. I'm not sure if this is a tactic of time wasting or if they are just slow but to me it looks like re marketing is the best way forward. However the EA wants to make contact first before doing that.