Buyer has asked for £20k off sales price

Crashy_Time

vacheron said:

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. :)

Why? The thread is already about someone not being able to get their asking price in the real world, which underlines my point that statistics based on low transactions are basically meaningless to the average seller.

Unicorn_cottage

I had a buyer wanted £10k off for damp work and some roof reinforcing. I said I would do the roof work (surveyor said would cost £3.5k when in reality it cost £570 to do!) and said I would not negotiate further on price. I went back to market and got same asking price the weekend it had viewings.

eidand

I had a buyer who wanted 25k off because he wanted to replace the windows ( which do not need replacing and even if they did they would not be so expensive ).
I told them to jog off basically.
You are perfectly well within your rights to not give in. As long as the price is fair and reflects the current state, all is good. Yes, the market is a bit slow at the moment but that doesn't mean that some buyers can take the mickey. You will always get these dreamers though.

JamoLew

20k on a 435k sale is <5% - its usual negotiation imo

Unicorn_cottage

JamoLew said:

20k on a 435k sale is <5% - its usual negotiation imo

The £20k quoted for the works is a joke! So raises alarm bells straight away!

JamoLew

The report says damp
The report says outdated electrics
OP says moisture and condensation
OP says old electrics but functional
One could easily cost 15k - the other 15 quid
We are all guessing

macman

A Home Buyers report is done by someone with no electrical skills or qualification whatsoever. They have simply glanced at the CU, noted that it's not an 18th Wiring Regs compliant install, and reported accordingly.
That means it's older than July 2018, so it could be 2.5 years old, or 25. 
Like 99% of the property in the UK.

cattie

In London it could cost anywhere from £8k upwards for a full rewire. This is the price I was quoted having bought a house in desperate need of updating a few years ago. Obviously it depends on what fittings are chosen, how many sockets etc. & whether you go for the nasty cheap job of wires in trunking all over the place, or a proper job with all wires chased into the walls. But don't under estimate the cost of getting major work such as this done in London. Then there is the sheer upheaval of the actual work & the dust & debris that seems to hang around in the air for months afterwards.

Crashy_Time

eidand said:

I had a buyer who wanted 25k off because he wanted to replace the windows ( which do not need replacing and even if they did they would not be so expensive ).
I told them to jog off basically.
You are perfectly well within your rights to not give in. As long as the price is fair and reflects the current state, all is good. Yes, the market is a bit slow at the moment but that doesn't mean that some buyers can take the mickey. You will always get these dreamers though.

We are in one of the biggest public health/economic emergencies in living memory, don`t lose a buyer for 20k in this climate!

[Deleted User]

Crashy_Time said:

eidand said:

I had a buyer who wanted 25k off because he wanted to replace the windows ( which do not need replacing and even if they did they would not be so expensive ).
I told them to jog off basically.
You are perfectly well within your rights to not give in. As long as the price is fair and reflects the current state, all is good. Yes, the market is a bit slow at the moment but that doesn't mean that some buyers can take the mickey. You will always get these dreamers though.

We are in one of the biggest public health/economic emergencies in living memory, don`t lose a buyer for 20k in this climate!

It depends on the local market and property.

An in-demand area will still be in-demand - particularly with Boris and Co inflating the market with HTB and stamp duty holidays -to say nothing about furlough and other government subsidies etc.