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

Hoploz

That is fantastic! I hope anyone dithering over whether to use an EA or sell privately is reading this! This is exactly the kind of thing that earns them their fee.

Well done sticking to your guns! I have been reading since you posted but had nothing to add.

Please keep us updated and let us know when you reach exchange

steve2005

gazter wrote: »

that has cheered me up no end....

Me too. That's fantastic.
Buy that man pint!

audigex

If I ever move down that way, remind me to ask the name of your Estate Agent, that was well played.

At the same time, you were fortunate to be in a strong position with rising prices: don't bank on it always working. I think sometimes you have to look at why you're negotiationg: is it because you feel like you're losing out on numbers, or because it prevents you doing what you want to do (ie move home)

System

Thank you everyone for the kind words and also for the guidance. This thread was just about me be able to keep my senses and it worked.

On the day I never got to update fully. One the themes of Wednesday was that I was frustrated through the day that the EA was being too easy with them ( I was obviously wrong as he destroyed any argument they had in the end!).

This was picked up by the EA and after the meeting he did have a chat. I had asked for the house to be put back on the market in the morning and he explained why he hadn't. His argument was that in residential property never back yourself into a corner you can't get out of. Remarketing a property is a valid tactic however in this case the market is FTB and investors. His experience has been that both are difficult. FTBs are particularly difficult because they are easily swayed by media, TV and advice. Sometimes they take the advice to go low and then up offers £1k at a time. He said that of the three house he sold in Jan like mine, one had an offer £25k below and three days later they were still negotiating at which point they had two more viewing and it sold for £5k more while the initial FTB had only just reached £10k below. He needs the FTB market because that is where he gets his future business from but he said he was frustrated that people didn't trust him because other EAs have behaved badly and that someone would rather listen to a friend who has nothing to lose than an EA that can get you over the line.

So that was the context. Back yourself into a corner and the next buyer might just be as bad as this one but 8 weeks minimum away from exchange. They never said they would pull out. So he thought he had them. They were refused 100% reduction and then again on 50%. When they came back with please reduce 25% he was 99% sure that the sale was going through because they had all their cards on the table. It was money they wanted so his checkmate was to not only tell them others cost more but to be brutally honest that everyone except them comes out well from this.

There was one piece of advice he gave that I would like to share - house buying and selling is stressful. But it will only ever remain a bad memory, if that, when it is done. Always do your best to get it over the line and never let emotions involved in dealing with other people dictate your outcome. 5 years from now when you enjoy a bbq, dinner with family and friends, kids birthday parties you will most probably not even think of how you got there.

Well I know nothing is done yet. May be it happens or may be when the deadline is up we need to find another buyer. I will update as news comes through however it has been quite so far on the solicitor front as they try to arrange a convenient date.

Mojisola

Walcott wrote: »

This was picked up by the EA and after the meeting he did have a chat. I had asked for the house to be put back on the market in the morning and he explained why he hadn't. His argument was that in residential property never back yourself into a corner you can't get out of.

he said he was frustrated that people didn't trust him because other EAs have behaved badly and that someone would rather listen to a friend who has nothing to lose than an EA that can get you over the line.

He's worth a thread on the http://forums.moneysavingexpert.com/forumdisplay.php?f=82

Let other people know how good and professional he is in his business. EAs get a lot of stick (much well deserved) but we should also give praise where it's due!

[Deleted User]

Sounds like a sound, experienced EA! He's so right about how you feel during selling/buying Vs years later.

Hoploz

I completely agree - however badly you feel done by, if you can manage to hold everything together and see the bigger picture, you will VERY soon forget all the unpleasantness and it'll just be another anecdote to share with friends. You will be happily enjoying your new home without a backward glance

System

Things have now swung completely the other way. The buyers have become anxious since the meeting and have now said they would like to avoid the originally agreed 3 week gap between exchange and completion and go ahead with exchange tomorrow and completion next Thursday. I only found out yesterday so it has been a mad rush to check in with the removal company and get them to OK.

So as it stands, my buyer and I are ready to proceed. Just waiting on my seller to confirm.

Hoploz

Great! Hope it all comes together

rosie383

That's great news! Hope you exchange now while they are eager!