Buyer trying to guzzunder us.

Jackmydad

Agree with the others. Don't be bullied. Don't be rushed.
Good luck!

Margot123

Cakeguts wrote: »

If they have started mucking about after only 5 weeks I wonder what they will do during the next 4 months or so?

Heed this advice. We are nearly 6 months into selling a vacant property and our buyers have come up with every delay under the sun. £10k off the asking, and now they want another £5k off saying the house has deteriorated in the time!

They have now received an ultimatum........pay up or go away. I'm sure prices have gone up in the time they've been faffing.

Nicki

This happened to me. What we discovered is that if the buyer needs any form of mortgage, if they reduce their offer they need to go right back to the start and reapply for a new mortgage offer so even if you accepted the reduced value you will suffer a delay.

Once we knew this we told them to foxtrot oscar and we were lucky because we very quickly got offers from two interested parties and ended up selling for £15k above asking rather than £10k below as we would have done had the first buyer honoured their original offer

Amusingly, the first buyer got their conveyancing solicitor to write to us asking us to pay their wasted conveyancing costs and survey fee because the sale wasn't going ahead. They didn't get very far with that, given it was their own clients who had pulled out of the process not us!

enjoyyourshoes

I would suggest that you do not take house off market for merely and offer.

Could take house off market if they pay none refundable deposit after firm agreement on price .

With this customer I would carry on heavily marketing the property and somewhat forget they exist, until above condition met in full-agreed final price and none refundable deposit in your bank account

G_M

Tell your estate agent

a) to put the property back on the market

b) to tell the buyer the price is non-negotiable

c) and to tell the buyer you'll continue the sale to him if:

i) he confirms he is happy with the price as originally agreed and
ii) he demonstrates his commitment by completing a survey within 5 days
iii) and that if he does i) & ii) above you will then take the property back off the market

steampowered

I think you have to be firm.

If you open the door to negotiation, the process is going to take even longer than it is at the moment.

Unless you put your foot down it is in the buyer's interest to drag this out as much as possible to get the best possible price.

If you accept a small reduction now, the buyer is going to use the survey as an opportunity to ask for yet another reduction.

Follow the advice given by G_M.

walwyn1978

Another one to say it's a rotten situation to be in but they can (and probably will) keep chipping away if you accept this reduction. Tell them no. Don't explain why or get into details. Tell the EA to get it back on the market ASAP. +1 for telling the EA not to deal with them again for your property unless he sticks at full asking, and even then I'd be wary - even if they offer full asking they may try the same stunt again.

Good luck. It's not your fault, it's nothing you've done, and us on this board are rooting for you. Let us know how it's going. Best wishes.

walwyn1978

G_M wrote: »

Tell your estate agent

a) to put the property back on the market

b) to tell the buyer the price is non-negotiable

c) and to tell the buyer you'll continue the sale to him if:

i) he confirms he is happy with the price as originally agreed and
ii) he demonstrates his commitment by completing a survey within 5 days
iii) and that if he does i) & ii) above you will then take the property back off the market

Forgot this last bit in my response. Excellent advice from G_M, do this

m0bov

G_M wrote: »

Tell your estate agent

a) to put the property back on the market

b) to tell the buyer the price is non-negotiable

c) and to tell the buyer you'll continue the sale to him if:

i) he confirms he is happy with the price as originally agreed and
ii) he demonstrates his commitment by completing a survey within 5 days
iii) and that if he does i) & ii) above you will then take the property back off the market

Def this, if it were 5 months into the process then maybe, but not 5 weeks!

AnotherJoe

PokerPlayer111 wrote: »

Looks like your buyer doesn't think the property is worth the asking price. You cant force them to pay more and they cant force you to accept less, do what you want to do basically.

Not necessarily. They may well think its worth it or more otherwise why did they offer the price in the first place. More likely they also think they have the OP over a barrel.