Buyer trying to gazunder! Help!

zagubov

Given your circumstances, if it was me, I'd just politely say the price still stands.

muhandis

I don't get the logic. You are saying the buyer's reasons (uncertainty, etc) are "nonsensical" but also say that you want to sell asap because you are worried that the situation might get worse.

I'm not saying that what the buyer is trying here is nice/ethical but taking him at face value - the reasons he cites to claim that your flat is "overpriced" are very similar to the reasons you cite for fearing that you won't be able to get the desired price if the sale is delayed.

NJamesN

That is not correct. He offered 325k and we accepted in April, nothing much has changed in the external environment since then.

I evicted the last tenant in January in preparation for the sale and have been losing money since then!

muhandis wrote: »

I don't get the logic. You are saying the buyer's reasons (uncertainty, etc) are "nonsensical" but also say that you want to sell asap because you are worried that the situation might get worse.

I'm not saying that what the buyer is trying here is nice/ethical but taking him at face value - the reasons he cites to claim that your flat is "overpriced" are very similar to the reasons you cite for fearing that you won't be able to sell at a price that you think the flat deserves.

Sea_Shell

Basically, what it comes down to is ...

A bird in the hand worth two in the bush?

Only you know how you feel. Do you want to spend more time remarketing in the hope of still getting similar offer?

Maybe try negotiating upwards a bit to bridge the gap, rather than accept this much lower offer as is.

xylophone

If you accept £305,000, will he then suggest £290,000.......

NJamesN

I hear you. This was the most proceedable of the offers we got. There was been good interest in the flat as it's very well presented but a lot of the higher offers were from flakey FTBs who either didn't have the finance in place or went awol after making an offer.

Sea_Shell wrote: »

Basically, what it comes down to is ...

A bird in the hand worth two in the bush?

Only you know how you feel. Do you want to spend more time remarketing in the hope of still getting similar offer?

Maybe try negotiating upwards a bit to bridge the gap, rather than accept this much lower offer as is.

Hectors_House

I suspect if you swallow the guff he’s suggesting and delay your sale to him until after the budget he will find another reason to gazunder any way.

He’s got it into his mind he can knock £20k off the price and he might get the not want to pay the asking price even if the budget goes spectacularly well for property investors.

If it were me I’d tell the EA to relist it cus he’s a time waster.

Play hard ball. Make any further contact go thru your EA (if you’ve been letting him have direct contact) and wait. He may give in and pay the price you want.

I know you’ve potentially done well out of the increase in value of your property but, by accepted his tricks you put a downward value on all the others flats around yours when they come to sell.

NJamesN

I hear what you're saying but he's definitely not a time waster. He got the bank survey done in 3 days, sent me the mortgage offer in a week, did a 3rd party survey the week after, he must have sunk loads by now.

Can't understand why he would try to jeopardise the transaction at this late stage.

Hectors_House wrote: »

I suspect if you swallow the guff he’s suggesting and delay your sale to him until after the budget he will find another reason to gazunder any way.

He’s got it into his mind he can knock £20k off the price and he might get the not want to pay the asking price even if the budget goes spectacularly well for property investors.

If it were me I’d tell the EA to relist it cus he’s a time waster.

Play hard ball. Make any further contact go thru your EA (if you’ve been letting him have direct contact) and wait. He may give in and pay the price you want.

I know you’ve potentially done well out of the increase in value of your property but, by accepted his tricks you put a downward value on all the others flats around yours when they come to sell.

getmore4less

What will their gross yield be?

01afraser4

NJamesN wrote: »

I hear what you're saying but he's definitely not a time waster. He got the bank survey done in 3 days, sent me the mortgage offer in a week, did a 3rd party survey the week after, he must have sunk loads by now.

Can't understand why he would try to jeopardise the transaction at this late stage.

From what you've said it sounds as though they are fully prepared and willing to pay the originally agreed price but are trying their luck to squeeze any savings out of it.

I appreciate it is easy for myself and others to say when it's not our property, but I'd be inclined to go back to them politely declining their renegotiation but advising them you are still open to proceeding but ONLY at the originally agreed price.