Lower offer days before Exchange and Completion

Crashy_Time

SVFM wrote: »

Thanks for all your replies.


We didn't know until signing the contract that they already had another property therefore they needed to pay the second home stamp duty, which is what they were obviously trying to get us to pay for by reducing the price. We felt disappointed that they had never mentioned this and not factored into the calculations and in any case this was not our problem. We have wasted time on them and are quite annoyed, therefore any goodwill we had towards them has gone as there is no trust any longer.


We just can't understand how people can do this so close to completion, I guess it is another lesson learned. Had two viewings in the first day it has gone back on the market. We are not buying another property so we will just wait and hope for another buyer who is more upfront and sticks to their word.


Thanks again.

Taking the reduced price would be far less stressful in the long run in this market, IMO.

Cardinal-Red

This is done to death now but well done on standing firm.

societys_child

Crashy_Time wrote: »

Taking the reduced price would be far less stressful in the long run in this market, IMO.

Your entitled to your opinion, but the market doesn't sound too bad at all.

Had two viewings in the first day it has gone back on the market.

In the circumstances, I'd have found it more stressful having to reduce by another 5K . . .

brit1234

societys_child wrote: »

Your entitled to your opinion, but the market doesn't sound too bad at all.

House prices fall £3,600 in September across the UK - and London is top of the list

Across England and Wales, the average price tag on a property coming on to the market fell by 1.2% or £3,660 month-on-month
http://www.mirror.co.uk/money/house-prices-fall-3600-september-11193428

Crashy_Time

brit1234 wrote: »

House prices fall £3,600 in September across the UK - and London is top of the list

Across England and Wales, the average price tag on a property coming on to the market fell by 1.2% or £3,660 month-on-month
http://www.mirror.co.uk/money/house-prices-fall-3600-september-11193428

And of course sentiment really drives the market, and viewers will be soaking all this stuff up on a daily basis now.........DYOR... and carefully weigh up the risks of letting buyers who just want a fair price go IMO.

societys_child

@ brit: In the context of this thread . . . I really don't get your point.
I'll just leave you and crashy to wave at each other.

Ronaldo_Mconaldo

Stick it to them! For the good of all home owners it is vital that we gouge away at anyone wanting to buy a house, if one person gets a discount for just trying it on at the last minute then word might spread and next thing you'll have first time buyers rushing around trying to undercut each other.

Well done.

ukcarper

societys_child wrote: »

@ brit: In the context of this thread . . . I really don't get your point.
I'll just leave you and crashy to wave at each other.

A fall in asking prices you should know it's the start of the crash, 50% off by Christmas although crashy needs much more than that.

lisyloo

@ brit: In the context of this thread . . . I really don't get your point.

There are a couple of people on this thread who've been waiting for a crash since 2001.
You almost certainly know your local market and the desireability of your home and how easy it's going to resell plus you need to take account of the fact that these buyers aren't trustworthy/honourable.


House prices are starting to go down in London but most of the country is still going up according to the main indices although less than previously. We are hardly in a crash situation and unlikely to be in the medium term, but what is happening in your local area is much more relevant that high-end London or national figures.
Unfortunately there's a few with extreme views who seem intent on pushing them on ever thread.

gld73

In response to the OP - I had exactly the same experience earlier this year. My buyers were investors buying the house to turn it into a HMO, and I accepted their offer as they weren't in a chain and allegedly had the funds available, so it was all meant to progress quickly.

Instead of 4 or 5 weeks to complete though, it became 8 or 9 weeks ... and 2 days before exchange they demanded money off, saying they'd pull out otherwise. I refused initially, but ended up knocking £500 off, instead of the £2k they wanted .... but that put exchange of contracts back another week as I hadn't realised that would mean them having to get a new offer from their mortgage company (they weren't cash buyers as had originally been implied). Altogether an unpleasant experience, I've never considered doing such a thing myself when buying somewhere, so it's galling when others think it's acceptable...!

If I'd still been living in the house I probably would have been stubborn and called their bluff, but as I had moved and was paying 2 mortgages in the interim, I needed to sell the empty house more than I needed the £500...