Buyers lowering offer just before exchange!

Crashy_Time

https://www.housepricecrash.co.uk/forum/index.php?/topic/233102-banks-surveyors-downvaluing-houses-by-up-to-30/&tab=comments#comment-1103390491

reg091

jaycee123999 wrote: »

Can you do this? ie put your house back on the market before exchange - won't you lose the house you want to buy?

Yes, I can't see that as an option at all. No way that the upward chain is going to (be able to) wait for another three months+ whilst we go through another buyer.

Secondly, I am surrounded by boxes, the house is packed and ready to go. How can I put it back on the market, make it viewable? I'd have to put everything in storage (£££). A nightmare scenario all round really.

StumpyPumpy

reg091 wrote: »

Anything I can do? I am guessing my only options are to suck it up and wish bad thoughts on them forever, say no and risk them walking away, suggest meet halfway.

There might be a fourth way, but it depends on how able and willing your EA is. Without speaking with your buyer, first talk to your EA and let him know that regretfully you are minded to return the house to market and that because you want to recoup your own losses when the chain collapses you will need to list it at £410k. Tell the EA to prepare to re-market it but not to actually do so until you have fully made your mind up, however you have no objection to him passing this info on in advance to your buyer.

The EA won't particularly want to relist and a slightly increased selling price will only add pennies to his commission so he should be motivated to work a squeeze on the original buyer for you. The buyer will see that he will lose out if the house goes back to market at a higher price and may be more open to review his offer upwards. You have not actually committed yourself to any course of action or had to deal face-to-face with your buyer but you have still put the ball back in his court without being overtly snotty about it. If the buyer doesn't come around (or genuinely can't get the money) you can then seriously consider one of your other options. If he is playing games with you he will concede, suddenly find the money down the back of the sofa or something, and things will resume as before.

SP

getmore4less

^^^^
This is one for the EA to sort out do not talk to the buyers.

EA needs to get onto the others that were interested and see if any are still looking, the EA can exaggerate how keen they are when letting the current buyer know you won't be dropping the agreed price.


Your upper chain may lock you out or decide not to move if you pull out if not they will still need a buyer and it will be you or someone else depending how soon you can find someone.

greatgimpo

Maybe the estate agent will do a little bit and reduce % of commission... yea, right.

Margot123

steampowered wrote: »

I would say no in the first instance.

If that means the sellers can no longer afford the property because they can't make up the shortfall, I'm sure they will tell you.

I had this with one of my buyers. They dragged the transaction out for months, and then demanded several thousands off for imaginary issues.
On the advice of my solicitor, I gave a deadline when the property was to be remarketed.
Turns out they had a shortfall in funds BUT managed to borrow from friends and family in the end. Most folk can scrape together a few grand from various sources.