Buyer renegotiating at late stage

morwok

What would you do?

We were expecting completion in early November and they have just asked for a significant reduction. I have initially told them where to go and the price is the price and we would put our place back on the market but we really want to move to the place we are buying. I think we could have got a bit more for ours initially but we wanted a buyer in place asap as we wanted to move.

I don't think the market where we are has moved significantly since August.

Would you go to our seller and ask for a discount too I don’t want to aggravate them if we do have to re-market anyway.

It is all too stressful!

Browntoa

let the agents sort it out ,let the chain share the pain


you have to reduce by XXXXXX or the chain collapses , all parties agree XXXX share of the pain ...

TBagpuss

Have they given any reason for the reduction? If it is due to a bad survey or something of that kind then it may not be unreasonable.

It it is just that they want to pay less then the question is whether, if you re-market, you are likely to sell for more or less than their revised offer, and whether if yuou lose this sale, it means you will also lose your onward purchase, and what the costs of that will be.

For instance, if you've alreay speant £1,500 on surveys etc and they are asking for a £2,000 reduction, then it may make sense to agree it rather than losing your purchase and having to pay another £1,500 in surveys when you find a new property.

On the other hand, if they want £20,000 off then the picture is different.

yoiu also need to think abotu the non-financial cost - if they pull out becuase you don't agree, and you lose the house you are buying, what is the impact on you? If you have very specifc requirements in terms of locatio etc which are hard to meet, then the impact on you personally of losing this purchase may be much bigger than if there are lots of properties which would suit you and the impact is 'just' the immediate hassle and cost of the survey etc.

G_M

Are they FTbs or is there are chain below them?

Is there a justification given for the reduction (survey result)? or are they just trying it on/being nasty? If survey etc, is it genuinely justifiable?

What money have they commited already? had a survey done? legals/searches? Mortgage application? Calling their bluff may make them reluctant to throw away the money they've already spent.

If there's no good reason for the reduction I'd tell them a straight 'No'. But I'm a belligerant b*st**d when people try to pull one on me. So it all depends on your temprament, how much you want the sale and your purchase, whether you're willing to call their bluff etc

morwok

Thanks for all the comments it helps to share as I don’t want to upset my wife just now.

The reduction is £13k they say the flats they were looking at when they offered on our have all reduced I don’t believe this is this case and there is nothing in our area really similar I have had alerts set up for everything coming on the market. They have had all the searches and survey etc. we were just about to get all the contracts sorted.

They are not FTB's and their are 5 properties in the chain we are second from top and no onward chain on what we are buying.

I don’t know what we have spent so far at least £1,500 depends on how much the solicitor charges for all the work so frustrating really. We don’t need to move we love our flat just wanted something bigger.

I think saying no initially is the right move and we will see what they say to determine a next step

lee111s

Stick to your guns.

If the reduction isn't justified then don't agree to it.

morwok

lee111s wrote: »

Stick to your guns.

If the reduction isn't justified then don't agree to it.

Thanks I just hate the waiting and not knowing what is going on.

Hoploz

OMG how horrible! I can't believe the cheek of some people! That is a lot of money to ask - what's the price level?

No advice for you but you have my sympathies and I hope it works out.

Hoploz

They won't want to lose their buyers though surely ... Let's hope.

morwok

Hoploz wrote: »

OMG how horrible! I can't believe the cheek of some people! That is a lot of money to ask - what's the price level?

No advice for you but you have my sympathies and I hope it works out.

Thanks price is above £400k. I do hope they are just trying one.

Hoploz wrote: »

They won't want to lose their buyers though surely ... Let's hope.

I hope that is the case and it works out but we can stay in our flat we don't need to move so don't need to negotiate.

Shakin_Steve

It's a really difficult situation. We all know, and I guess you do too, what should happen. But we're not the ones in your position and moving house does strange things to ones brain. I know our emotions were all over the place when we bought.
I guess you should look at it selfishly, as that is what you're buyer is doing. If you are happy to stay where you are and not prepared to give in to blackmail, then sod the rest of the chain, just stay. If, however, the reduction in price is less painful for you, personally, than not moving at all, then swallow it. It will leave a bitter taste, though.


If you do move, don't forget the fish.......:)