Lower offer accepted but purchaser want more off

Daveyjones1234

Accepted an offer £15K under asking price, but after a survey purchaser wants further reduction...of £5K.
Should I reject and re-advertise?

Surrey_EA

It depends!

Is there reasonable justification for the additional price reduction?

How likely do you feel the chances are of finding a new buyer at the same price, or better?

Will re-marketing any onward purchase?

Lots of things to consider.

Scotbot

Ask for a copy of the survey see what it says and maybe offer to split the difference.

ReadingTim

Heads yes, tails no.

ThePants999

I'd have thought this was obvious, but - you're comparing known option A against unpredictable option B. What you have to do, therefore, is predict the results of option B as best you can.

If your best guess is that you wouldn't get any higher if you relist, or that the value to you of having this sale go through now (instead of the additional time, hassle and risk of going back on the market) is greater than the additional amount you'd receive, you should accept. If your best guess is that you'd get a higher price if you relisted, and your preferences and circumstances are such that the higher price is worth the additional time/hassle/risk, reject.

(And obviously there could be room for further negotiation with this buyer too.)

pinkshoes

Are the things in the survey things you already knew about and thus reflected in the price? If yes, then stand firm.

If not, then negotiate. They have paid for a survey so have money to lose,

Is £5k 5% or 1%?

hazyjo

You may have taken less than it was originally up for, but that doesn't mean it was worth that. Nobody paid it, so one can presume its original asking price or how much you knocked off is somewhat irrelevant.


What has their valuation come in at? If the asking price, I'd be inclined to try for a 'no' but aim for paying half. If the valuation is £5k under, I'd probably reluctantly drop if I could afford the hit.

accidental_landlord_2

You either have someone with a fair point or a chancer trying to save them self 5k depending on what's flagged up to give them justification for a lower offer?

Flutterbat17

If they survey has thrown up a major issues that needs urgent attention and will cost 5k then yeah justifiable but if it’s stuff that was already pretty obvious when viewing and the price reflected that then I would argue no to the price drop.

Like others have said if needs be for the sake of the sale you could meet in the middle with the price drop/or work to be done before exchange. Or refuse if you think you can sell it for the same or more quickly if your in a chain.

xsor

Just say flat out no, doubt the buyer will walk away..

sulphate

I would be insisting on seeing a copy of the survey before I agreed to anything.