Buyer has asked us to drop house price

Bass_9

Red-Squirrel wrote: »

If they were genuinely concerned they’d have paused the process, got the quotes, then negotiated.

Letting it get to exchange then trying to drop the price is plain and simple gazundering.

Tell them no!

Absolutely. You can either arrange further investigation (which in my experience doesn't take long) or just ring a few companies for quotes which would only take a day or 2. Would be interesting to know whether the buyer had requested access for professionals to investigate and provide quotes.

Crashy_Time

simpywimpy wrote: »

We are in the same situation selling a Victorian terrace. I met them halfway between their two valuations though their mortgage lender has asked for the work to be done before completion which means me having the hassle and expense of doing it so Ive refused that and they are now going with Nationwide instead of Barclays I believe.

I do feel like putting the price back up though tbh considering all the hassle.

That is not going to do you much good though is it?

Mutton_Geoff

AnotherJoe wrote: »

To be fair to the FTB it could have taken a fair amount of time to get some quotes in.
50/50 would be the non confrontational suggestion. .

How could the buyer get accurate quotes without the trades visiting the property? It's game playing on the part of the buyer. Just say no. In a polite way.


50/50 is not "non confrontational" it's weakness in negotiation. Your name is on the deeds, it's your house to sell. You decide the price. House buying emotion outweighs plus minus £10k in the process.


At the same time, tell the agent your long lost uncle has just turned up looking to move to the area, loves your house and is prepared to pay the asking price with/without the agent.

cornwalltigger

Thanks everyone. She has had some tradesmen in to do some quotes, which is why I think its taken until now for the quotes to come back and her to try to renegotiate. We;ve taken the view that anything that could be seen at viewings such as the ceilings, there;s a window with a small amount of condensation in etc - we won;t contribute to those, the house was ;sold as seen; and her offer should have reflected those items. However with the things that have only come up after survey, we have decided to offer to go halves on - one quote was very high we felt so we haven;t offered quite 50/50 on that. It amounts to us agreed to a £1k drop in price not £3k.
Will be interesting to see what happens. I;m really keen not to break the chain over something *fairly* small like a thousand pounds, but equally I think for us to swallow the whole cost is slightly unfair.

System

cornwalltigger wrote: »

Thanks everyone. She has had some tradesmen in to do some quotes, which is why I think its taken until now for the quotes to come back and her to try to renegotiate. We;ve taken the view that anything that could be seen at viewings such as the ceilings, there;s a window with a small amount of condensation in etc - we won;t contribute to those, the house was ;sold as seen; and her offer should have reflected those items. However with the things that have only come up after survey, we have decided to offer to go halves on - one quote was very high we felt so we haven;t offered quite 50/50 on that. It amounts to us agreed to a £1k drop in price not £3k.
Will be interesting to see what happens. I;m really keen not to break the chain over something *fairly* small like a thousand pounds, but equally I think for us to swallow the whole cost is slightly unfair.

Sadly, fairness never comes in to the equation. If a survey reveals problems, then the buyer can reduce the offer or just walk away. This might seem harsh but you also have the right to walk away up to exchange of contracts. We complete on our 7th sale on Tuesday, and 8th purchase on Friday.

Having agreed with all parties in the chain that we would go for an end of July completion, our buyer's buyer announced just prior to exchanging contracts that he wanted to complete in early July as they were living with parents and hubby had fallen out with his MiL! No early completion, then no deal. Do people actually walk away from a purchase for the sake of 4 weeks having spent money on legal fees, surveys etc? The problem was that he wasn't my buyer so we just had to sit back and see what we could do in the way of moving out early.

In the event, our buyer agreed to complete on his sale on the 16th and we found a holiday cottage for 4 nights allowing us to complete on our sale this coming Tuesday.

Perhaps there is an argument for closed and final bids. As my wife and I are fast approaching 70, this is stress that we could well have done without.

AdrianC

Mutton_Geoff wrote: »

How could the buyer get accurate quotes without the trades visiting the property?

No sane seller is going to refuse access to a buyer for trades to visit for quoting. If nothing else, it's an indication of commitment on the part of the buyer.

Crashy_Time

cornwalltigger wrote: »

Thanks everyone. She has had some tradesmen in to do some quotes, which is why I think its taken until now for the quotes to come back and her to try to renegotiate. We;ve taken the view that anything that could be seen at viewings such as the ceilings, there;s a window with a small amount of condensation in etc - we won;t contribute to those, the house was ;sold as seen; and her offer should have reflected those items. However with the things that have only come up after survey, we have decided to offer to go halves on - one quote was very high we felt so we haven;t offered quite 50/50 on that. It amounts to us agreed to a £1k drop in price not £3k.
Will be interesting to see what happens. I;m really keen not to break the chain over something *fairly* small like a thousand pounds, but equally I think for us to swallow the whole cost is slightly unfair.

Not worth losing the sale for 3k IMO.

MysteryMe

What is the valuation? I think you are right to compromise but if the buyer wants you to pay everything so they get a fully maintained house at a knock down price I'd tell them no. It's a Victorian property, there will be maintenance of some description required. If they want nice and shiny direct them to the nearest new build estate.

Crashy_Time

cornwalltigger wrote: »

Thanks everyone. She has had some tradesmen in to do some quotes, which is why I think its taken until now for the quotes to come back and her to try to renegotiate. We;ve taken the view that anything that could be seen at viewings such as the ceilings, there;s a window with a small amount of condensation in etc - we won;t contribute to those, the house was ;sold as seen; and her offer should have reflected those items. However with the things that have only come up after survey, we have decided to offer to go halves on - one quote was very high we felt so we haven;t offered quite 50/50 on that. It amounts to us agreed to a £1k drop in price not £3k.
Will be interesting to see what happens. I;m really keen not to break the chain over something *fairly* small like a thousand pounds, but equally I think for us to swallow the whole cost is slightly unfair.

How much profit are you making from when you bought?