FTB asking for 5K reduction just before exchange

Sid91

We sold our house at the end of October last year. I agreed on 3k less than the asking price and actually marketed at less than the estate agent suggested. Now just as we're about to exchange they have asked for a 5K reduction. Concincidently this takes it back to their original offer that I turned down. They had an electrical inspection done last week (again last minute) which came back that around £1000-£1500 worth of work was needed which included a new consumer unit. I've said no but now I'm worrying they will pull out if I don't agree 😔 FTB always have the upper hand which really annoys me! 

grumiofoundation

If they are stretching themselves they may need the 5k off in order to pay for the work? 

Could you offer to pay for the £1000-1500 electrical work allowing them to remain at previous offer?

lookstraightahead

Anything happens before exchange - you could pull out also so I don't think anyone had the upper hand, they're just in a good buying position. Many break the chain as someone needs to be bottom of the chain as no one would sell anything.

They could be trying it on, or maybe they can't afford to buy if work needs doing that they didn't factor in? 

It's up to you now. If you're not in a rush to sell you don't need to.

Slips36

Why do they want 5k reduction when electrical work is £1500?
Tell the EA you willing to reduce £1500.

Sid91

grumiofoundation said:

If they are stretching themselves they may need the 5k off in order to pay for the work? 

Could you offer to pay for the £1000-1500 electrical work allowing them to remain at previous offer?

The works are only a recommendation and aren't urgent. The electrician said it would be better to do it after we had moved out because he needs to get to the floorboards in my bedroom? I assume he's told them this! I'd make a 1500k reduction if absolutely necessary but I can't go any lower really.

MaryNB

It's helps if you stick to the one thread. People can see the full history of your concerns 
https://forums.moneysavingexpert.com/discussion/6234501/electrical-inspection#latest

The buyer is also losing out if they pull out now. They've spent money on conveyancing and surveys and will probably be emotionally invested in the house. 

Have you had a response since you responded with a counter offer? If not, there no point in getting upset over it yet. They haven't actually threatened to pull out. As an FTB they might have someone goading then to keep asking for money off for any issues in the surveys. Or they might be very naive about the costs of keeping a house maintened and want to you to pay to get it perfect. You shouldn't. 
They probably know well they are chancing their arm.

ETA: I'm a bit confused at your first post. Is the £5k the money they wanted off for the electrical survey (as per your other thread) or is this another £5k reduction they've requested?

pinkteapot

If they pull out now they won't benefit from the stamp duty thing. Hold firm. If they say they're pulling out you could offer *something* off. 

grumiofoundation

pinkteapot said:

If they pull out now they won't benefit from the stamp duty thing. Hold firm. If they say they're pulling out you could offer *something* off. 

As FTBs the stamp duty holiday doesn’t really impact them (if house <300k makes zero difference). 

RelievedSheff

Just say no. You don't have to reduce the sale price.

GDB2222

@Sid91 You have another thread running on almost exactly the same topic. You know perfectly well what your options are:

Agree their reduced offer
Negotiate, or
Remarket your property 

This reminds me of a TV game show, with some members of the audience shouting at you to take the money and others to open the box. None of us know your property or the local market, so the quality of the advice you can get here is bound to be low. 

In any case, on the other thread, you said that you have offered £500 reduction, and that’s as far as you will go. Is that your final decision, or are you having second thoughts? Edit: I see that you have now decided that you can go to £1500. 

If you are after some magical negotiation strategy that will get you what you want, you are wasting your time, as there isn’t one. 

AdrianC

Will they walk away over £3.5k?

Remember, they've spent a couple of grand to get to this point, and they're staring at the imminent removal of the SDLT holiday.