FTB asking for 5K reduction just before exchange

WiseOwl00

I'm a FTB and even I think asking for 5k off for non-urgent electrical work is ridiculous. First of all, the average price of a complete re-wire in the UK for a 3-bed semi is less than that. Secondly, as a buyer you just have to accept the fact that you're likely going to have to do some work to the house in the first few years. Houses go through wear and tear, and things generally need replacing at some point. If multiple aspects of the house need work in the next few years then fair enough, lower the offer a bit. But for non-urgent electrical work? A good proportion of the houses in the country would likely flag up as needing non-urgent electrical work. 

To be honest, it's up to you how big a deal it is. It sounds like this Dad is having it on a bit, and spurring them to show he's a builder. If you just want the sale to go through quick, maybe offer a reduction of what the electrician actually quoted (not some made-up figure their builder Dad plucked out of the air). 

macman

lookstraightahead said:

Sotts said:

Call their bluff.  They won't want to lose all the money they have spent on surveys, solicitors etc.  Tell them no, don't even offer £500.   They are trying their luck.

Or they are genuinely going to pull out.

Why? It's not a budget issue. Before they had the EICR done, they were prepared to pay £5k more. Had the EICR come back as 'no work required', then they would have no logical basis on which to reduce their offer. Now it's come back saying that it's not compliant (which no CU installed before 2018 is), they want £5K off. For work that will cost £1500 at most. There's no logic to this.
But unfortunately the OP has shown themselves willing to cut the price, not once, but twice (despite marketing at less than the EA's valuation) and they're seeing how much further they can push them.
I know which one I'd rather play poker with.

Sid91

WiseOwl00 said:

I'm a FTB and even I think asking for 5k off for non-urgent electrical work is ridiculous. First of all, the average price of a complete re-wire in the UK for a 3-bed semi is less than that. Secondly, as a buyer you just have to accept the fact that you're likely going to have to do some work to the house in the first few years. Houses go through wear and tear, and things generally need replacing at some point. If multiple aspects of the house need work in the next few years then fair enough, lower the offer a bit. But for non-urgent electrical work? A good proportion of the houses in the country would likely flag up as needing non-urgent electrical work. 

To be honest, it's up to you how big a deal it is. It sounds like this Dad is having it on a bit, and spurring them to show he's a builder. If you just want the sale to go through quick, maybe offer a reduction of what the electrician actually quoted (not some made-up figure their builder Dad plucked out of the air). 

Thats really helpful, thank you 😊 i feel like they want everything brand new and ship shape, in which case go and buy a new build for 70k more, that's way out your budget!

lookstraightahead

macman said:

lookstraightahead said:

Sotts said:

Call their bluff.  They won't want to lose all the money they have spent on surveys, solicitors etc.  Tell them no, don't even offer £500.   They are trying their luck.

Or they are genuinely going to pull out.

Why? It's not a budget issue. Before they had the EICR done, they were prepared to pay £5k more. Had the EICR come back as 'no work required', then they would have no logical basis on which to reduce their offer. Now it's come back saying that it's not compliant (which no CU installed before 2018 is), they want £5K off. For work that will cost £1500 at most. There's no logic to this.
But unfortunately the OP has shown themselves willing to cut the price, not once, but twice (despite marketing at less than the EA's valuation) and they're seeing how much further they can push them.
I know which one I'd rather play poker with.

Purely because they can. And no one knows anyone's personal circumstances. Maybe they need that £5000 for something completely different.
The op just need to decide what's best for the op. Frankly as a buyer or a seller I can't be bothered with all this faffing and would just pull out.

Sid91

macman said:

lookstraightahead said:

Sotts said:

Call their bluff.  They won't want to lose all the money they have spent on surveys, solicitors etc.  Tell them no, don't even offer £500.   They are trying their luck.

Or they are genuinely going to pull out.

Why? It's not a budget issue. Before they had the EICR done, they were prepared to pay £5k more. Had the EICR come back as 'no work required', then they would have no logical basis on which to reduce their offer. Now it's come back saying that it's not compliant (which no CU installed before 2018 is), they want £5K off. For work that will cost £1500 at most. There's no logic to this.
But unfortunately the OP has shown themselves willing to cut the price, not once, but twice (despite marketing at less than the EA's valuation) and they're seeing how much further they can push them.
I know which one I'd rather play poker with.

Trust me, I will not be coming down anymore, they either take it or leave it. If they pull out then they will lose quite a bit of money and have nothing to show for it. He needs to stand up to his dad. When I met the buyer her was really excited and now his dad has stepped in it's all gone to pot!

Sid91

Atomix said:

I hear this time and again, there is absolutely nothing wrong with your consumer unit.
if you were to build a new house today, then it probably wouldnt pass the regs, however it was pefectly adequate to pass any regs for the age of your house. (Regs that change on an annual basis). 

Thats what the electrician said! He was very helpful and kind of hinted that they were going to try this, so he prepared me by giving me a rough estimate of the works required so I could shoot them straight back down again. 

Sid91

lookstraightahead said:

macman said:

lookstraightahead said:

Sotts said:

Call their bluff.  They won't want to lose all the money they have spent on surveys, solicitors etc.  Tell them no, don't even offer £500.   They are trying their luck.

Or they are genuinely going to pull out.

Why? It's not a budget issue. Before they had the EICR done, they were prepared to pay £5k more. Had the EICR come back as 'no work required', then they would have no logical basis on which to reduce their offer. Now it's come back saying that it's not compliant (which no CU installed before 2018 is), they want £5K off. For work that will cost £1500 at most. There's no logic to this.
But unfortunately the OP has shown themselves willing to cut the price, not once, but twice (despite marketing at less than the EA's valuation) and they're seeing how much further they can push them.
I know which one I'd rather play poker with.

Purely because they can. And no one knows anyone's personal circumstances. Maybe they need that £5000 for something completely different.
The op just need to decide what's best for the op. Frankly as a buyer or a seller I can't be bothered with all this faffing and would just pull out.

Unfortunately it's not that simple. They've already spent a good chunk of money so far. Also the reason for our sale is we have separated so I could do without staying in this house anymore! But 5k is just taking the p****

badger09

Sid91 said:

lookstraightahead said:

macman said:

lookstraightahead said:

Sotts said:

Call their bluff.  They won't want to lose all the money they have spent on surveys, solicitors etc.  Tell them no, don't even offer £500.   They are trying their luck.

Or they are genuinely going to pull out.

Why? It's not a budget issue. Before they had the EICR done, they were prepared to pay £5k more. Had the EICR come back as 'no work required', then they would have no logical basis on which to reduce their offer. Now it's come back saying that it's not compliant (which no CU installed before 2018 is), they want £5K off. For work that will cost £1500 at most. There's no logic to this.
But unfortunately the OP has shown themselves willing to cut the price, not once, but twice (despite marketing at less than the EA's valuation) and they're seeing how much further they can push them.
I know which one I'd rather play poker with.

Purely because they can. And no one knows anyone's personal circumstances. Maybe they need that £5000 for something completely different.
The op just need to decide what's best for the op. Frankly as a buyer or a seller I can't be bothered with all this faffing and would just pull out.

Unfortunately it's not that simple. They've already spent a good chunk of money so far. Also the reason for our sale is we have separated so I could do without staying in this house anymore! But 5k is just taking the p****

If your buyers know you (& presumably your now ex) want to sell as quickly as possible, they probably think you'll crumble. In your situation, I honestly think I would call their bluff. I would instruct EA to pass on your final decision - either accept your offer of £500 reduction and proceed to exchange by xx Feb or you will remarket the property.

AnotherJoe

OP good luck, stand your ground and tell the EA to let them know it's going back on the market if they don't exchange by date X. Perhaps to help the dad save face, tell the EA your ex won't let you lower the price any more so your hands are tied, and to pass that on.

Sid91

badger09 said:

Sid91 said:

lookstraightahead said:

macman said:

lookstraightahead said:

Sotts said:

Call their bluff.  They won't want to lose all the money they have spent on surveys, solicitors etc.  Tell them no, don't even offer £500.   They are trying their luck.

Or they are genuinely going to pull out.

Why? It's not a budget issue. Before they had the EICR done, they were prepared to pay £5k more. Had the EICR come back as 'no work required', then they would have no logical basis on which to reduce their offer. Now it's come back saying that it's not compliant (which no CU installed before 2018 is), they want £5K off. For work that will cost £1500 at most. There's no logic to this.
But unfortunately the OP has shown themselves willing to cut the price, not once, but twice (despite marketing at less than the EA's valuation) and they're seeing how much further they can push them.
I know which one I'd rather play poker with.

Purely because they can. And no one knows anyone's personal circumstances. Maybe they need that £5000 for something completely different.
The op just need to decide what's best for the op. Frankly as a buyer or a seller I can't be bothered with all this faffing and would just pull out.

Unfortunately it's not that simple. They've already spent a good chunk of money so far. Also the reason for our sale is we have separated so I could do without staying in this house anymore! But 5k is just taking the p****

If your buyers know you (& presumably your now ex) want to sell as quickly as possible, they probably think you'll crumble. In your situation, I honestly think I would call their bluff. I would instruct EA to pass on your final decision - either accept your offer of £500 reduction and proceed to exchange by xx Feb or you will remarket the property.

Yes, they know our situation as the EA told them. I think you're right. Me and my ex have agreed to give them til Friday if we haven't heard anything and we will ring the estate agent and say exactly what you've just said and call their bluff.