Buyer trying to gazunder! Help!

Davesnave

csgohan4 wrote: »

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

You don't think Crashy actually reads the stuff he posts, do you?


This one ends with, "But that doesn't mean there aren't places where you can still manage the trick (flipping) - with the people pulling it off, selling properties for £30,150 more than they paid for them on average."


Though I'd personally not trust the mainstream media, especially the red tops, to report anything like this accurately.

westernpromise

Personally I would have asked what specific outcomes the buyer was afraid of, and agreed to the lower price with the proviso that you get paid the £20k if those outcomes do not eventuate.

hazyjo

csgohan4 wrote: »

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

Dunno why - there have been links from mumsnet before!


Really - what is the point of all these random links. You read one thing on one link and something else on another. Have said as much many times. And no, I will not be reading this one. Yawn...

Exodi

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.

In theory, I think most people support exchanging earlier.

The difficulty is when, in practice, this would be. Putting aside the week or two you need for the buyer to get a mortgage offer and surveys (and all the backlash that may come from that), the relevant stages of the conveyancing process as I see them;

Each party must receive and agree to their solicitors fees and terms, hand over ID and have AML and proof of funds checks performed - yeah this obviously needs to be done.

Seller needs to complete property information form and fittings forms, buyer needs to provide mortgage offer - obviously buyer needs to understand what they're buying so can't exchange before this and seller needs assurance they can actually proceed.

Title deeds need to be sought from TLR, checked, and then re-checked by buyers solicitor - again, can't have people unknowingly committing to all sorts of caveats. Buyer would need to agree to discharge any restrictions.

Contracts are drafted and mutually discussed, if all other queries are happy and exchange happens.

Now on the above, it's not practical for exchange to take place any earlier unless the contracts had caveats such as "we agree to purchase this property UNLESS the owners takes the built in surround sound with her" and was 500 pages long.

It's a shame, because likewise, it's a really uneasy feeling to be at the mercy of a stranger for several months.

jimbog

Crashy_Time wrote: »

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

From your link:

Dog walks 125 miles 'with tears in her eyes' back to owner who rejected her

Crashy_Time

jimbog wrote: »

From your link:

Dog walks 125 miles 'with tears in her eyes' back to owner who rejected her

".....after unsuccessfully trying to "flip" three kennels bought at peak bubble price in a town she had been to once"

Davesnave

jimbog wrote: »

From your link:

Dog walks 125 miles 'with tears in her eyes' back to owner who rejected her

I was quite taken by that, and the story about the tearful couple who almost lost their dream house because the gas company was going to take 3 months to turn their gas on.

They had more luck than me. Back in the 80s, when someone burned half our house down, the Gas Board, as it was then, told us they had 70000 customers in the area and we could go to our proper place at the back of the queue.....

Crashy_Time

https://www.theguardian.com/business/live/2019/jul/24/deutsche-bank-job-cuts-trigger-biggest-loss-since-financial-crisis-business-live

Number 4 is an absolute shocker, haggling over 20k in this environment is a bad move IMO.

NJamesN

I'd like to update the thread. My solicitor has confirmed that exchange is happening as we speak with completion scheduled for next week. We finally agreed on £310k which while not ideal is good enough for the price I paid and the rent that this flat has earned for me over 15 years.

I've put a deposit down on a nice month long holiday with the other half to Maldives this Christmas, just happy that it's all gone through

I really appreciate having had this forum to vent on and especially the folk who put the numbers in perspective. Otherwise I might have called off the transaction based on my initial feelings of being swindled. Also my other half is far more sensible and business minded in these things.

All things considered, we have done well with the flat over the years, been lucky with our tenants and wish the new owner the same luck.

I really appreciate all the helpful comments on the thread and wish you all a good day.

warby68

Thank you for the update.

Glad you got an outcome that you were reasonably satisfied with, especially the immediate completion.

Its all about perspective, knowing you were 100% right to feel like telling the buyer to get lost but being pragmatic enough to get a deal done that you can live with.

I've never been 100% tested on this one - I do feel strongly about it but the only time we had someone try it we also had another buyer waiting in the wings as first refusal and just went with them so were reasonably comfortable when sticking to the 'principle'.