Buyers asking to re-open price negotiations

Thrugelmir

bruich76 wrote: »

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.

A boiler service doesn't cost £2.5k. What other niggles have been identified?

JP1978

Your answer - when pricing the house and then accepting your offer, we had already taken into consideration that x,y & z may need to be done and the price already agreed reflects that.

G_M

bruich76 wrote: »

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.

Perhaps you are not fully aware of this, but until you exchange contracts, there is no legal commitment/obligation to buy, or sell, by either party.

Similarly, there is no legal commitment/obligation to buy, or sell,at the price initially negotiated.

Either side can "re-open negotiations" for any reason (or indeed for no reason).

Look up 'gazump' & 'gazunder'. A legal dictionary should explain the terms.

No one can tell you what to do, though your conveyancer may be able to offer advice or guidance if he's any good.

You could refuse to drop the price & see what happens, you may lose the sale or the buyer may decide he does not wish to write off his survey fee so he'll proceed anyway.

You could agree to his proposed new price, and feel shafted for months/years to come.

You could attempt to meet half-way, and see what happens.

I know what I'd do, but I'm not you.

As an aside, if you need any advice or help with the conveyancing I'd be happy to oblige. Just post any conveyancing concerns you have here & we'll point you in the right direction.

DaftyDuck

Oh, G_M, you are worse than I am! Positively acerbic.

Are you Mrs Merton in disguise, by any chance?

cashbackproblems

It seems like a small amount to lose a sale over and potentially delay your life or moving into your next place while to search for a new buyer

And im sure you accepted a lower asking price not from the kindess of your heart but due to no other offers. Personally the signs are the market is going to stay depressed for a long time, it was a sellers market 2015/early 2016, but even in london commuter towns this doesnt seem to be the case anymore

A property is only worth what someone will pay, not what an EA values it at to win your business

k3lvc

bruich76 wrote: »

I will start by saying that I am a property solicitor have dealt with 1000s of conveyancing transactions.

Is there only me that's struggling to believe this bit ?

DaftyDuck

k3lvc wrote: »

Is there only me that's struggling to believe this bit ?

I think there's unanimity on the matter!

Marvel1

bruich76 wrote: »

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?

So call their bluff, if they drop out, re-market and sorted a new buyer straight away.

lush_walrus

hutman wrote: »

news flash

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

In the south east and west it most certainly is a sellers market. Personally I wouldn't accept lower can not abide those who try to guzzunder put it back up and sell again.

cashbackproblems

lush_walrus wrote: »

In the south east and west it most certainly is a sellers market. Personally I wouldn't accept lower can not abide those who try to guzzunder put it back up and sell again.

I am south east london and further down bromley/beckenham and things havent been selling for months, lots of reductions just today. Southern rail problems are additionally driving down prices

He wouldnt have accepted 10k lowerer if sellers market and reselling something adds months to a sale and doesnt guarentee completion