Buyers lowering offer just before exchange!

greatgimpo

Turn this brinkmanship around: agree to their reduction, until a few hours before exchange then hit them for the previously agreed price - take it or leave it (although it may go wrong of course).

Margot123

greatgimpo wrote: »

Turn this brinkmanship around: agree to their reduction, until a few hours before exchange then hit them for the previously agreed price - take it or leave it (although it may go wrong of course).

I can't see the OP doing this, they already think it's a disgusting practice and would be mindful of others in the chain.
Sometimes it isn't right to play people at their own games.

greatgimpo

Margot123 wrote: »

I can't see the OP doing this, they already think it's a disgusting practice and would be mindful of others in the chain.
Sometimes it isn't right to play people at their own games.

OK then, look after everybody else in the chain, and take the fall - I'm sure all the other homebuyers will appreciate your generous gesture and offer to chip in a little to offset your sudden loss.

Bass_9

Say the original price still stands and give them 24 hours before you're putting it back on the market.

I'm annoyed for you but also the other buyers who couldn't stretch to their offer, perhaps they planned this all along? I wouldn't let them get away with it, but that's just me.

waamo

It will probably cost them a few thousand to pull out now. Add a few thousand to buy another house and it makes little economic sense for them to pull out.

GSDPenny

Some great advice I read on here, and my husband applied it only 10 days ago to someone who tried to do the same.

Either agree or meet them half way, subject to exchange 'by the end of the week' or the price goes back up/relisted for sale.

Bear in mind that the mortgage offer will need to be changed, so that will delay things, but only delayed it by a week in our case.

zagubov

greatgimpo wrote: »

Turn this brinkmanship around: agree to their reduction, until a few hours before exchange then hit them for the previously agreed price - take it or leave it (although it may go wrong of course).

It's more likely they could find a shortfall in their funding than suddenly find a boost to their funds at such short notice.

diggingdude

I really hope you say no to these people but don't lose your future over it if that is what would happen. I know someone who was gazumped for a couple of grand the day of exchange. Their house was not left in show room condition for the new owners despite it being lovely previously. Not recommending that but my friend at least took great delight in it

WoodyMax

I agree with a previous poster - I would say I would reduce it by 2K and that's it providing the exchange happens asap.

It sounds like you would get another buyer fairly quickly based on the amount of viewings and offers you had initially.

Good luck

zagubov

ajak81 wrote: »

Why would it be more likely they would find a shortfall? Could it not be more likely they are in fact just trying to save money at the vendors expense and in fact have the required funds as they initially accepted the offer and as has been pointed out the assumption here is that most likely they are just trying it on so I'd argue the exact opposite is true of what you're saying for that reason.

As I doubt there's a public database of this, how often do you imagine that people's financial miscalculations might have gone in favour of finding more money than they thought they had compared with finding they've got less?

And how often have you managed to suddenly find you've got a few thousand more quid than you thought you had a few hours ago in these cash-strapped times?