Buyer trying to gazunder! Help!

NJamesN

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

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

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

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

Slinky

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.

Crashy_Time

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

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

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

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

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.