PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Buyer trying to gazunder! Help!

Options
1235710

Comments

  • NJamesN
    NJamesN Posts: 20 Forumite
    The buyer has replied with a very (fake) nicely written email saying how sorry he is for the inconvenience, and that I'll surely find another buyer as it's such a lovely flat but that he just can't afford to pay the price we agreed on because of the (so-called) uncertainty. He has pulled out and said that "my offer stands until eod Wednesday".

    My other half and I will have a nice long chat about it. We have made a decent amount of money from this flat over the years but it's time to say goodbye. Been lucky until now and there's no guarantee what will happen a few months down the line. We can't be bothered with finding new tenants and starting again.

    If the supremely idiotic idea of making sellers pay stamp duty sees the light of day, we'll be screw*d. We will decide a price that we can drop to and give the buyer a final counter offer tomorrow with the proviso that exchange happens latest on Thursday.
    NJamesN wrote: »
    I have told the EA to reject the lower offer. Let's call his bluff and see. I think he will come back with a revised offer.
  • NJamesN
    NJamesN Posts: 20 Forumite
    That is a bit of an exaggeration, a 9% increase in price over 20 years is not doing "very well".
    strongboes wrote: »
    they have seemingly done very well out of their investment over the years
  • FTBAngst
    FTBAngst Posts: 130 Forumite
    NJamesN wrote: »
    That is a bit of an exaggeration, a 9% increase in price over 20 years is not doing "very well".

    Is 50 to 305 a 9% increase?
  • diggingdude
    diggingdude Posts: 2,492 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Personally I would not give in but equally it does sound as though you're flat is overpriced. If you attract tenants I'm wondering how the landlord expects to. His price may be fair just stinks the way he's done it
    An answer isn't spam just because you don't like it......
  • Slinky
    Slinky Posts: 11,012 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    My friend had this done to her by somebody, they needed to sell so reluctantly agreed on the proviso that exchange took place the same week. The buyer strung them out for another 3 weeks at the lower price. Many years later she's still very bitter about the experience.
    Make £2025 in 2025
    Prolific £229.82, Octopoints £4.27, Topcashback £290.85, Tesco Clubcard challenges £60, Misc Sales £321, Airtime £10.
    Total £915.94/£2025 45.2%

    Make £2024 in 2024
    Prolific £907.37, Chase Intt £59.97, Chase roundup int £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44
    Total £1410/£2024  70%

    Make £2023 in 2023  Total: £2606.33/£2023  128.8%



  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Slinky wrote: »
    My friend had this done to her by somebody, they needed to sell so reluctantly agreed on the proviso that exchange took place the same week. The buyer strung them out for another 3 weeks at the lower price. Many years later she's still very bitter about the experience.

    Very sad, just shows how this property bubble nonsense has twisted people`s thinking and priorities.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Rodders53 wrote: »
    Call his bluff.

    Tell EA to re-market and get viewings lined up asap (and to let your buyer know that).

    Get them to tell investor it's £325k if he exchanges immediately, and that the price to him will be increasing by, say, £325 per day if he doesn't.

    I'd be inclined to refuse to sell to him at any price. But I do have a temper.

    EDIT: cross-posted with your EA comments.
    Wonders: Is your EA hoping to be letting agent for this investor?

    This just isn`t going to work under any circumstances, least of all on the eve of a hard Brexit.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    NJamesN wrote: »
    The buyer has replied with a very (fake) nicely written email saying how sorry he is for the inconvenience, and that I'll surely find another buyer as it's such a lovely flat but that he just can't afford to pay the price we agreed on because of the (so-called) uncertainty. He has pulled out and said that "my offer stands until eod Wednesday".

    My other half and I will have a nice long chat about it. We have made a decent amount of money from this flat over the years but it's time to say goodbye. Been lucky until now and there's no guarantee what will happen a few months down the line. We can't be bothered with finding new tenants and starting again.

    If the supremely idiotic idea of making sellers pay stamp duty sees the light of day, we'll be screw*d. We will decide a price that we can drop to and give the buyer a final counter offer tomorrow with the proviso that exchange happens latest on Thursday.

    And unfortunately negotiating like this makes you part of the problem. This is why they do it, because people back down.
  • NJamesN
    NJamesN Posts: 20 Forumite
    I hear you, but at the end of the day it’s a business transaction, nothing more nothing less.

    I had a bit of a fit at the time but there’s nothing to be gained by letting my ego take over.

    And to the other poster, obviously 50 to 305k is not 9%, I meant annualised compounded price growth.
    Lokolo wrote: »
    And unfortunately negotiating like this makes you part of the problem. This is why they do it, because people back down.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Lokolo wrote: »
    And unfortunately negotiating like this makes you part of the problem. This is why they do it, because people back down.

    No they do it because they know that housing has been in a massive bubble for years, and the only thing holding it up is low rates and government schemes, and now that there is obvious weakness in that bubble they want to see some value, that is my opinion anyway. Sorry OP but I am going to assume that your house is still over-priced, and that this supposed buyer is going to walk away this time.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.