Advice please...

Morata_

We had originally agreed a sale Price £195k and a purchase price of 245k, however our buyer pulled out within a few days.

We are currently negotiating with a new buyer but the max offer is likely to much closer the £192k!

As our vendor didn’t put the house back on the market to allow us the weekend to find another buyer, are we unable to offer a new price?

Reality is, we needed the original figures to make the deal work but if we agree a new lower sale we will be looking at the bank of mum and dad for a short term loan.

Morally, i know the answer, I feel bad, but legally can we and what would you do or what have you done in a similar position??

Thanks for reading. We are very genuine and don’t want to upset or take the mickey at the same time we would like to avoid having to borrow £2-4K after completion...

Don’t know what to do...

Red-Squirrel_2

What sort of position are the new buyers in? If its a strong one and they seem motivated/committed I would go to your sellers and ask if they would be willing to drop their price for the sake of getting a sale through, or if not then meet halfway and take a £1500 hit and you take the other £1500 hit.

However, if their house is desirable and you think they would find a new buyer easily, you might be better off just taking the full hit yourself to keep the chain intact and keep the house.

juniordoc

Splitting the difference with your vendor is a good option, or ask your buyer to increase to 193 and your vendor to reduce the price by 1k, then only an extra 1k for you to find.
You can engender a lot of good will with a compromise but I don't think you can expect your vendor to find the whole 3k themselves.

Morata_

Buyer first time buyer! So great position for us no chain!

Above, would sell quickly given what they have accepted - (went 11 weeks and previous buyer couldn’t get mortgage!) we are 10k under a “offers over” so feel very lucky!

Just wanted to get opinions as ultimately we will be ££££ worse off for the new deal!

Morata_

Thank you! I think that!!!8217;s how was all the question, through compromise! We are going to accept £4K less,

!!!8220;would the vendors be willing to accept £2k less as a compromise given the strength of chain etc!!!8221;

Worst case then, they say no, we accept less but get good buyers and we love the house we are buying!

Thanks

Davesnave

Morata_ wrote: »

Above, would sell quickly given what they have accepted - (went 11 weeks and previous buyer couldn!!!8217;t get mortgage!) we are 10k under a !!!8220;offers over!!!8221; so feel very lucky!

Except that the "offers over" was a vague guesstimate figure, not written on tablets of stone handed down from on high.....

It's maybe what the vendors wanted, but people frequently don't get what they want in property transactions, so compromise is entirely normal.

We've split the difference before and had no hard feelings; it's the way these things go. Your vendors won't like it, but will they really go through all the hassle and uncertainty of marketing again?

moneyistooshorttomention

Your vendor has already had "your" uncertainty re a buyer for yourself on them whilst they waited for you to find a new buyer. Personally - it's your hit = so you are the one that should take it.

In your vendors position - I simply wouldn't believe that my buyer had literally stretched themselves literally every last £ and couldnt find only another £2,000. I would interpret it as "They don't want to find another £2,000 - they can't be that stretched about such a small amount". £10,000 would sound believable - but £2,000?!

Ozzuk

Borrowing that amount of money for such a long term investment - if this is the property you really want seems sensible. Do you really want to risk losing it for 1-2% of its value.

Another angle though, if money is that tight are you stretching yourself too much - what if you move in and heating breaks, or you lose your job etc. You now have a large asset to maintain. I'd risk it, buts thats me

Crashy_Time

Ozzuk wrote: »

Borrowing that amount of money for such a long term investment - if this is the property you really want seems sensible. Do you really want to risk losing it for 1-2% of its value.

Another angle though, if money is that tight are you stretching yourself too much - what if you move in and heating breaks, or you lose your job etc. You now have a large asset to maintain. I'd risk it, buts thats me

Take in a lodger?

Morata_

We cant take a lodger, family of 5 - 3 children.

We have put it to the vendors, not an instant no, possibly we can get a deal done, lets see.