Advice on possible gazundering

Worrier378948

Hi

So all going well signed contracts discussed exchange and completion for next week....then...... our buyers have requested a price reduction today based on a minor roof issue on homebuyers report. It was a level 2 on their report apparently. I’m cross as they have said nothing until exchange as their survey was done 6 weeks ago....

They also have bought at a good price 257k offer accepted back in March and the local market selling similar houses now between 270k plus. The market is crazy last few weeks and the EA has told them this apparently to avoid the sale falling through.

I have said no to negotiations on price as report said it is worth 257k at current state. Also said will be remarketing asap...EA has given them 24hours to decide....

The more I think about it the more cross I am...not wanting to cut my nose off to spite my face in terms of our next purchase which could be jeopardised but the way they have behaved has upset me. I think this is a gazundering attempt? EA agrees with me....

Just interested to see what others would do in this situation.....thank you x

Worrier378948

Forgot to add that they have gone on holiday for 2weeks without telling anyone so original planned exchange for tomorrow now not possible

Thrugelmir

Remarket. Issue should have been resolved weeks ago.

Jaffapig

Personally, I think if the survey value matches the agreed price then that's that. And the time to argue about it was six weeks ago.

Admittedly I don't have a lot of experience at this but I know if I was buying I wouldn't have the cheek to ask that considering what is written down in black and white before me.

Jaffapig

Worrier378948 wrote: »

Forgot to add that they have gone on holiday for 2weeks without telling anyone so original planned exchange for tomorrow now not possible

What a pair of :silenced:

steampowered

You never quite know what people are thinking.

It is possible that you are dealing with nervous buyers who get easily spooked, and genuinely took a long time to make a decision, rather than a deliberate gazundering strategy.

I agree with holding firm on the price though. A polite 'no' is all that is needed.

theartfullodger

Tell them you didn't realise the price was flexible but if that's the case it's going up £5k unless they behave.

eddddy

Worrier378948 wrote: »

Forgot to add that they have gone on holiday for 2weeks without telling anyone so original planned exchange for tomorrow now not possible

Assuming they have signed their contracts and returned them to their solicitor (just like you have) - they can exchange contracts whilst on holiday. It just needs a phone call.

If the EA has their mobile number, if you want, you can ask the EA to call them to explain that unless they exchange, you will start marketing the property again. (Which means they risk losing their legal and survey fees.)


But... if you and/or the EA handle this badly, it's possible that the buyer might storm off in a huff.

sleepymans

Don!!!8217;t give in to this blackmail.
Though my intuition would be that these are not serious buyers......be prepared to remarked.
It!!!8217;s possible whatever you do to bend over backwards they won!!!8217;t exchange/complete anyway.
Stick to the agreed price or walk away, hard as it will be.

MysteryMe

Put it back up for sale, if the market is moving as you have said then you should get a sale quick enough.

elsien

Out of interest, how much of a reduction have they asked for?