Buyers asking to re-open price negotiations

bruich76

I will start by saying that I am a property solicitor have dealt with 1000s of conveyancing transactions. However, the buyers of our house have recently had a survey carried out (which valued the house at the purchase price).


It, however, pointed out a few maintenance points - things that should be looked at when they move in for example getting the boiler serviced, etc.


They are trying to negotiate £2,500.00 off the asking price!!


I don't know what planet they are on but it has really annoyed us... the only time this ever happens in practice is when the valuation has come back showing the property as undervalued.


We have said no, however, they are saying that they will pull out if its not reduced. I know we can meet them in the middle at £1,250.00, however, I don't think that we should have to and they are just trying it on.

AnotherJoe

They can use whatever reasons they want, really it doesn't matter. It could just be they feel like getting some money off.

Its a judgement call on your part, depends on your frame of mind, do you wish to call their bluff, will it rankle for years, and also other factors such as might you lose out on a dream house, do you have other buyers lined up to replace, etc.

Suppose you'd initially been open to agree £2,500 off would you be happy with that price now? If so meeting in the middle and £1250 moire than you'd have settled for, doesnt sound too bad, if not it does.

bruich76

we've already agreed to go £7,500 under asking price for them and throwing in £1,000 worth of free stuff that's only a year old. So no we are not willing to budge for them.

hutman

news flash

its not a seller's market anymore. take the hit or you'll forced to swallow more

bruich76

It is a massive sellers market! Are you living in 2007?


Its been a sellers market for 2 or 3 years...


house prices have rocketed and houses are selling as soon as they go on the market.


Do you live in Sunderland or something?

Thanetia

What AJ says - Don't turn it into a win/lose battle about money, when that might not be the criteria to fight over. Only you can answer that one, and I think you might have just done that ! Easy to say "don't get annoyed", but try and take the emotion out of the situation if you can ......

Good luck !

POPPYOSCAR

hutman wrote: »

news flash

its not a seller's market anymore. take the hit or you'll forced to swallow more

Depends where you live.

Property here sells virtually as it comes up for sale.

Son has just sold his house and there were three buyers after the one he is buying.

pjcox2005

I'd also say don't take it personally. They're presumably spending a lot, seen a survey which potentially says things will need replacing sooner rather than later so figure may as well ask for a further discount.


Your then perfectly entitled to agree or disagree to that.


If I'm in a dealership buying a car I'd haggle it down. If I then found out tyres were going to need replacing immediately, I'd probably push for a new set to be thrown in. It's just normal logic when looking after your own finances. Obviously dealership could refuse and I then decide whether it's worth not buying or not. Houses are no different, or if anything more important given the amounts (even if for many that cost is spread over 25 years).

fairy_lights

I'd call their bluff on it and say no can do.
They'll probably change their tune when they realise you're not going to budge and they'll lost the money they've already spent on surveys etc.

nodtomc

I'm a first time buyer, and I've just received a survey on my prospective house, so I'll give an opinion from that side of the argument.

If the survey value shows the same as your agreed value, they don't really have a good case for a reduction. It's my understanding that the surveyor only values what the house is in it's current condition. Therefore, if it's the agreed price, any work that needs doing is expected to add on rather than take away. All houses of a certain age are expected to need certain maintenance work doing to them at some stage. You can't expect to buy a house and have everything perfect for many years to come with no expenses at all.

For my example, my surveyor said it was worth the agreed price if I was willing to bear the expenses and inconvenience of the work that needed doing. I would not have felt right asking for more money off given that statement.

Having said that, you have to ask whether you're willing to lose the sale for the amount being argued over, whether you can afford to wait for another buyer and potentially have to accept a lower offer anyway.

Grenage

How much interest did your property generate?

In your position, I would tell them that they can do what they wish with the place once it's theirs, but that the price stands.