Buyer has asked for £20k off sales price

missjones80

Stenworld is completely right- has the valuation gone down? It’s your buyers report so they don’t have to share the results with you but it might be worth asking?

Crashy_Time

numbercruncher8 said:

You're well within your rights to do that, I guess that would be the consensus here from most.

Bigger picture which nobody else has, is that London flats are probably the most uncertain of properties with regard to valuation. If the initial bid was at a good price relative to others or if you had a lot of viewings without bidders it may be worth attempting to re-negotiate something before pulling the plug.

No way to know this for sure but if a buyer has a modicum of flexibility of where to live in London, there is a greater choice of flats available at most price points than there was a couple of months ago. 

Good advice, IMO losing a buyer in this climate over 20k could be a bad decision.

SpiderLegs

Yes I agree with crashy, drop the price by 50k immediately.

vacheron

Almost every house on the market will have an electrical system which is not up to the current wiring regulations. If this were an issue, every house would have to be rewired every few years. This is why there are clauses in the standards to say that pre-existing wiring does not have to comply with the regs.

Every half decent survey will record that the wiring does not comply with current regulations as this is a matter of fact, but this is not a "fault" that needs to be rectified.

I'd agree with the majority and tell them to do one!  

vacheron

Crashy_Time said:

numbercruncher8 said:

You're well within your rights to do that, I guess that would be the consensus here from most.

Bigger picture which nobody else has, is that London flats are probably the most uncertain of properties with regard to valuation. If the initial bid was at a good price relative to others or if you had a lot of viewings without bidders it may be worth attempting to re-negotiate something before pulling the plug.

No way to know this for sure but if a buyer has a modicum of flexibility of where to live in London, there is a greater choice of flats available at most price points than there was a couple of months ago. 

Good advice, IMO losing a buyer in this climate over 20k could be a bad decision.

You mean the climate where 2 days ago it was reported that annual house price growth hit 5.8%?

How many years is this you've been prophesying a crash with a 0% success rate now?

SpiderLegs

vacheron said:

Crashy_Time said:

numbercruncher8 said:

You're well within your rights to do that, I guess that would be the consensus here from most.

Bigger picture which nobody else has, is that London flats are probably the most uncertain of properties with regard to valuation. If the initial bid was at a good price relative to others or if you had a lot of viewings without bidders it may be worth attempting to re-negotiate something before pulling the plug.

No way to know this for sure but if a buyer has a modicum of flexibility of where to live in London, there is a greater choice of flats available at most price points than there was a couple of months ago. 

Good advice, IMO losing a buyer in this climate over 20k could be a bad decision.

You mean the climate where 2 days ago it was reported that annual house price growth hit 5.8%?

How many years is this you've been prophesying a crash with a 0% success rate now?

I wouldn’t bother if I were you mate. You’ll probably just get a response that bypasses your point and asks a different question about sales volumes vs 2016 or some other rubbish.

Neil49

If you aren't desperate to sell then hold your ground and get your agent to remove the 'sold subject to contact' off the listing. If the buyer really wants the property they will compromise on the reduction and it's up to you to accept or not. If, however, you have found a new place you wish to buy then you may have to go half way and then try to get the price down on your new place. 

vacheron

SpiderLegs said:

vacheron said:

Crashy_Time said:

numbercruncher8 said:

You're well within your rights to do that, I guess that would be the consensus here from most.

Bigger picture which nobody else has, is that London flats are probably the most uncertain of properties with regard to valuation. If the initial bid was at a good price relative to others or if you had a lot of viewings without bidders it may be worth attempting to re-negotiate something before pulling the plug.

No way to know this for sure but if a buyer has a modicum of flexibility of where to live in London, there is a greater choice of flats available at most price points than there was a couple of months ago. 

Good advice, IMO losing a buyer in this climate over 20k could be a bad decision.

You mean the climate where 2 days ago it was reported that annual house price growth hit 5.8%?

How many years is this you've been prophesying a crash with a 0% success rate now?

I wouldn’t bother if I were you mate. You’ll probably just get a response that bypasses your point and asks a different question about sales volumes vs 2016 or some other rubbish.

I've been enjoying discussions with Crashy for many years now and that is usually how it ends up. In fact I was just checking back over some older discussions we have had and I attach a response from Crashy in September 2017...

"It is amazing, when front line politicians are basically getting up to the podium to reel off a HPC wish list that people still try to pretend that the crash has been and gone. It is a bubble, a big one, and it is now causing big political and social problems and has to pop, or be popped."

Cue 3 years later, global pandemic, my house has gone up another 45K and I've saved another £45K by not renting for the last 36 months, so whatever crash was planned then would need to be at least 90K worse now just to break even!

Crashy_Time

vacheron said:

Crashy_Time said:

numbercruncher8 said:

You're well within your rights to do that, I guess that would be the consensus here from most.

Bigger picture which nobody else has, is that London flats are probably the most uncertain of properties with regard to valuation. If the initial bid was at a good price relative to others or if you had a lot of viewings without bidders it may be worth attempting to re-negotiate something before pulling the plug.

No way to know this for sure but if a buyer has a modicum of flexibility of where to live in London, there is a greater choice of flats available at most price points than there was a couple of months ago. 

Good advice, IMO losing a buyer in this climate over 20k could be a bad decision.

You mean the climate where 2 days ago it was reported that annual house price growth hit 5.8%?

How many years is this you've been prophesying a crash with a 0% success rate now?

From the same article..
https://www.thisismoney.co.uk/property/article-8889485/Stamp-duty-cut-extended-warns-housing-industry.html

As transactions drop it just means that less and less people can get anything near the headline price for their house, making the headline stat basically meaningless in the real world.

vacheron

Crashy_Time said:

vacheron said:

Crashy_Time said:

numbercruncher8 said:

You're well within your rights to do that, I guess that would be the consensus here from most.

Bigger picture which nobody else has, is that London flats are probably the most uncertain of properties with regard to valuation. If the initial bid was at a good price relative to others or if you had a lot of viewings without bidders it may be worth attempting to re-negotiate something before pulling the plug.

No way to know this for sure but if a buyer has a modicum of flexibility of where to live in London, there is a greater choice of flats available at most price points than there was a couple of months ago. 

Good advice, IMO losing a buyer in this climate over 20k could be a bad decision.

You mean the climate where 2 days ago it was reported that annual house price growth hit 5.8%?

How many years is this you've been prophesying a crash with a 0% success rate now?

From the same article..
https://www.thisismoney.co.uk/property/article-8889485/Stamp-duty-cut-extended-warns-housing-industry.html

As transactions drop it just means that less and less people can get anything near the headline price for their house, making the headline stat basically meaningless in the real world.

I guess only time will tell, so I have marked the 30th of June (3 months from the end of the stamp duty holiday providing it isn't extended) in my calendar to re-visit this thread and see how things have played out.