Buyers asking to re-open price negotiations

Mojisola

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.

bruich76 wrote: »

We've now given them an deadline that they have to decide by tonight if they still want to buy it for the agreed price or not otherwise we are putting it back on the market.

If that happens, get the boiler serviced yourselves before any other buyers make an offer.

Pewmouse

We just had the same issue, we were due to exchange early December after agreeing a sale early September. Our buyer decided to get a survey after telling us all along they didn't want one (19th of December). They then came to us last week asking for 7k off a 160k purchase with no reason as to why, we obviously said no. This resulted in our buyer pulling out with no further communication. We were tearing our hair out as this could mean we would lose out on our purchase.


We ended up contacting the buyer through our EA, we put our house straight back on the market. The original buyer then asked to come for a second viewing (bizarre?!?) and decided they wanted it but at the lower price. After thinking it over we have decided we have to accept at this stage or we will lose our purchase.


It really depends how much you want the sale to continue as people can react unexpectedly when faced with an ultimatum. (Moral of our story!)

DaftyDuck

Why do you want the Estate Agents to have a copy of the survey? It's your decision whether to drop the price in accordance with the buyer's demands or not, and the Estate Agent is (normally, sadly not always) the least well-informed professional in the whole business.

Nobody, not even the Estate Agents, can really tell you whether to drop the price or not. It's not just dependant on market conditions and ease of resale, but on personal circumstances. Sure, your buyers are trying it on, but only while you let them, or have expectations that aren't being met.

Anyway, all you can do is be clear about what you want to achieve, and work towards that. If selling soon is key, accept the price drop. If price is key, tell them they either exchange by a deadline (that you stick to) at the original agreed price, or remarket.

It's fairly common for to-ings and fro-ings like this to take place. Buyers get cold feet, see a better deal elsewhere, worry about Brexit, job insecurity... whatever. Sellers start dropping things from the fixtures and fittings list, suddenly decide not to go into rental but buy in a chain, need to go on holiday and delay exchange by a month...

Just keep it impersonal, try to minimise the stress.

Completely understand

...we are stressed out about everything ...

as everybody is always during the process. However

.... its not fair.

isn't true, and isn't going to get you anywhere. Just deal with it professionally, just as you would for all those 1000's of clients you have helped through identically stressful transactions!

tim123456789

cashbackproblems wrote: »

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

Bromley/Beckenham are served by South Eastern


And reductions in EA prices on its own means nothing.


It could be that the market is buoyant but that EAs pushed up asking prices beyond the new market prices and got caught out.

bruich76

they have now confirmed that they want to buy it at the asking price.


however, are insisting on coming around again tonight


apparently wanting to complete before end of month.

cashbackproblems

tim123456789 wrote: »

Bromley/Beckenham are served by South Eastern


And reductions in EA prices on its own means nothing.


It could be that the market is buoyant but that EAs pushed up asking prices beyond the new market prices and got caught out.

South eastern are part of the same union and have also been striking!

https://www.southeasternrailway.co.uk/travel-information/live-travel-information/service-disruption

Yes lots of agents are trying it on as theres always some stupid buyers who dont research, however reductions are coming thick and fast. One even said on a 400k asking the vendor would consider 340k my budget...its not even worth that!

G_M

bruich76 wrote: »

they have now confirmed that they want to buy it at the asking price.


however, are insisting on coming around again tonight


apparently wanting to complete before end of month.

That's good to hear. Well done.

Bo&aro

We are in a similar position. I’m not hopeful that if we give on now it won’t come up again.

Waiting game numbers game. Buyers or sellers market it just the way it goes and you have to decide what’s important.

mattpaint

hutman wrote: »

To use similar discourse to you - were you asleep during June 23rd?

The consensus seems to be that that property prices will be determined by a face off between UK lack of supply/low interest rates vs inflation/unemployment/mass investment uncertainty. On top of that the ratio for lending to income is at its peak. I'm thinking the latter will win the bout.

I'm not from Sunderland but do a google search and you'll find even London's prices are sinking. 2017 will herald a property crash.

It didn't.

Crashy_Time

cashbackproblems wrote: »

South eastern are part of the same union and have also been striking!

https://www.southeasternrailway.co.uk/travel-information/live-travel-information/service-disruption

Yes lots of agents are trying it on as theres always some stupid buyers who dont research, however reductions are coming thick and fast. One even said on a 400k asking the vendor would consider 340k my budget...its not even worth that!

:rotfl: Yes, this bubble is a classic that`s for sure.