Buyers want us to drop price

Beckydev

We accepted the offer on our house, valuation passed and we thought everything was going smoothly. 
The buyers rang me and explained the bank won't lend them the full amount and he can't afford the top up so would I knock £10,000 off the price.... Instant no.
They have now asked me to wait to see if they can raise money, he has asked family but they are also struggling. They also said they have an appointment on Friday for a new mortgage but he lost his job 2 weeks ago so he doesn't really want to go down that route. 
Another thing he added, he has savings but wants to spend that on an extention to the house. Personally I would use that to get the house and when I am financially stable, start working on home improvements. 
I have never sold before but I feel like it's a waste of time giving him more time. I'm willing to wait a bit but I'm losing hope, what what you do? 

RelievedSheff

Stick to your guns. If he has savings to use for an extension then he can fund the extra £10k. It is not your fault he wants to extend the house.

If he has lost his job he should be informing his lender anyway as they will pull the mortgage offer.

I wouldn't have any great hope of this sale going through with this person.

ddonq1412

If i was in those shoes. I would re advertise the house, if they have lost the job they would have to declare that to bank about mortgage and it would make it harder to get mortgage on one income. A buyer should never have disclosed about extra saving they have for an extension, not sure what that would help the issue or annoy me more. 

Beckydev

If he didn't declare with the bank he has a mortgage offer with, would they know before completion? If they can find out then it's just a waste of time.
He is due round with a builder in 20min to quote the building work so he knows how much to put towards that and how much he needs to raise for the top up. 
Im pretty annoyed at the way he is going about it.

Thrugelmir

Relist the property. The buyers can always return if their situation changes. 

kmurray1003

Beckydev said:

If he didn't declare with the bank he has a mortgage offer with, would they know before completion? If they can find out then it's just a waste of time.
He is due round with a builder in 20min to quote the building work so he knows how much to put towards that and how much he needs to raise for the top up. 
Im pretty annoyed at the way he is going about it.

I'm pretty sure you have a legal obligation to tell the lender if your circumstances change right up to exchange of contracts. So he should have definitely told the bank that he has lost his job.

I can't believe he has money for the extension but won't put it to the house, how cheeky! That would really annoy me and i'd tell him to sort his priorities out. Does he want the house or not? ......Personally I wouldn't budge!! 

Beckydev

Thankyou, he is due here any minute. I will see what other information I can get out of him before I ring my estate agents back

KAP0365

I would defo relist. There’s a legal obligation to inform lenders of change in circumstances so if he hasn’t done that and they find out then it’s fraud. I’d at least ask him if he’s done that and what is position is job-wise, I certainly wouldn’t be letting him come round with a builder to quote for extra works when he can’t afford the house In the first place at the moment! Good luck 

Blackbeard_of_Perranporth

Don't let them in, ring the estate agent, back on the market.

ACG

Put it back on the market. If he has lost his job and that comes out in the wash you could find you lose your buyer anyway. The longer that drags on the more likely it is to get found out. 

Putting it back on the market will also make them push on or pull out and I would leave it on the market until they exchange personally. 

Beckydev

Well he came, with around 7 other family members. Couldn't get much out of him and they didn't speak English in the house so couldn't listen in. He just said will keep you updated. 
Estate agents are ringing me back.
Thankyou, I know what I'm doing now