Buyer trying to gazunder! Help!

Crashy_Time

NJamesN wrote: »

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.

A fair number of users on this forum would do well to learn that lesson IMO!

kinger101

NJamesN wrote: »

I just had a chat with the EA. He did not sound very confident about finding me a new buyer (very different from when he swore that I'd get 340-350 easy!).

The EA wants their commission ASAP. They'd be very happy for you to accept less to expedite matters.

When is your contract with them up? If you can, move to a different one. I'd explain to the managing partner of the firm that the agent dealing with the sale didn't feel confident about finding you another buyer, so it seem pointless continuing with them. That way, they know who to let go when it comes to redundancies.

Madmel

Whilst I understand completely that we loathe this sort of practice, I think a number of people are not looking at the bigger picture. This is not the OP's principal residence. They say that they money is not needed for an onward purchase. Yes, it sucks that you were potentially 3 days away from an extra £20k.

Having been in the OP's position myself, and my father also, I would counter-offer at £315k on condition that exchange happened within 24-48 hours. The simple fact is that you didn't have the extra £20k; it was only on paper and with the current uncertainties, is it likely that anyone would pay it now? Better in my opinion to take the lower amount (through gritted teeth) because it's money in the bank for you, rather than an asset that is costing you money.

Lokolo

Crashy_Time wrote: »

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.

Oh shut up.

Madmel wrote: »

Whilst I understand completely that we loathe this sort of practice, I think a number of people are not looking at the bigger picture. This is not the OP's principal residence. They say that they money is not needed for an onward purchase. Yes, it sucks that you were potentially 3 days away from an extra £20k.

Having been in the OP's position myself, and my father also, I would counter-offer at £315k on condition that exchange happened within 24-48 hours. The simple fact is that you didn't have the extra £20k; it was only on paper and with the current uncertainties, is it likely that anyone would pay it now? Better in my opinion to take the lower amount (through gritted teeth) because it's money in the bank for you, rather than an asset that is costing you money.

OK but then if people think it's acceptable, why does it matter what position the seller is in?

Maybe it could be a family of 4 in a chain, ready to move into their next family home. Having gone through the pain staking process and ready for their next adventure, only to get a week from exchanging, the only thing left to do is to organise dates, to be told that the buyer isn't going to pay what was originally agreed, but 10% less.

The family are now in the position of pulling out, losing all the money they've spent. Going ahead and losing any emergency savings they have.

Yes there are times when negotiating is required. But this late? It's selfish. Simple as. And this does not help people feel confident in the house buying process.

muhandis

To be fair, it's the house buying process which does not help people feel confident in the house buying process.

If we had a system which was quicker and locked in commitments earlier, that would eliminate a lot of time-wasters and save buyers/sellers a ton of money in wasted legal fees, searches, surveys, etc etc.

Lokolo wrote: »

And this does not help people feel confident in the house buying process.

Doozergirl

Lokolo wrote: »

OK but then if people think it's acceptable, why does it matter what position the seller is in?

Maybe it could be a family of 4 in a chain, ready to move into their next family home. Having gone through the pain staking process and ready for their next adventure, only to get a week from exchanging, the only thing left to do is to organise dates, to be told that the buyer isn't going to pay what was originally agreed, but 10% less.

The family are now in the position of pulling out, losing all the money they've spent. Going ahead and losing any emergency savings they have.

Yes there are times when negotiating is required. But this late? It's selfish. Simple as. And this does not help people feel confident in the house buying process.

But it isn't a family in a chain and sometimes, people do this.

I wouldn't dream of it, but it happens. One person making a stand against one person doesn't change a thing. Whilst it is possible to do it, it will happen.

I have a great deal of respect for the OP.

Lokolo

muhandis wrote: »

To be fair, it's the house buying process which does not help people feel confident in the house buying process.

If we had a system which was quicker and locked in commitments earlier, that would eliminate a lot of time-wasters and save buyers/sellers a ton of money in wasted legal fees, searches, surveys, etc etc.

Yep I 100% agree.

Davesnave

In terms of pure numbers, this is similar to what happened to us at a bad time to be selling. The EA managed to repair a broken deal, which eventually left us and our buyers short in order to get Mr FTB on board. He was calling the shots.

So we took a substantial hit, our buyer took a smaller one, while the FTB b-ggered around and then came good. The agent did very well from all of us.

Morally, it's not quite the same, but we didn't have an onward purchase at the time and our house, like the OP's, had done well by being in an area that had come up.

Yes, we missed those £££, and if we'd hung on for a few years the market would have bounced back, but we didn't know that then....and 'a few years' are more noticeable when you're no longer young.

We didn't look back. If we'd had that money, our renovation on the property we eventually bought would've been easier, but the property was only available cheaply because of the dire financial circumstances of the time. Swings and roundabouts

I'd do the same again.

Crashy_Time

https://www.mirror.co.uk/money/easy-house-price-profits-vanish-18794006

csgohan4

Crashy_Time wrote: »

https://www.mirror.co.uk/money/easy-house-price-profits-vanish-18794006

Crashy I expected more from you, to get your info from 'The Mirror'...