FTB asking for 5K reduction just before exchange

Sid91

AnotherJoe said:

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.

Good idea 😊 thank you, hopefully we'll know by the end of the week!

ciderboy2009

Sid91 said:

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.

Why wait?  Call the EA now and tell them to start re-marketing the property.

It might make the EA pull their finger out and do some work to get the sale back on track.

Sid91

Just an update. The EA has just called and said that the buyer has said they are not legally obliged to share the report with me. That's all they've said? Which confirms what I already knew, there's nothing in the report to warrant a 5k reduction. The EA has just gone back and asked if they will accept the 500 reduction as they haven't specified in their email.

efes_shareholder

I had a similar scenerio with a property I let in the student market , recieved a full asking price offer which I accepted however just before exchange the buyers solicitor went to mine with a builders report that stated I needed a new ground floor extension roof - this was done when I bought the property 3 years earlier.
The quote was poorly written and included a cost for scaffolding which is not required on a single story roof.
I went back to them and and quite frankly said I would like the papers returrned and was withdrawing from the sale. I took it very personally as they were trying to take my pants down and I didnt have any urgency to sell the house as it was still generating income and covering its costs.
The following day they returned saying that they would like to proceed with the purchase at the agreed price so I went back to them and told them that my asking price had just risen by 10k !!
obviously that sale didnt happen but i'd like to think it taught them a little life lesson.
Hold your nerve and tell them its £500 quid or return the papers , it will cost them a lot more to pull out of the purchase

UnderOffer

That sounds like they are just further delaying, good that EA have asked about the £500 hope they also stated “or otherwise Sid91 have instructed us to remarket”? 

MaryNB

Sid91 said:

Just an update. The EA has just called and said that the buyer has said they are not legally obliged to share the report with me. That's all they've said? Which confirms what I already knew, there's nothing in the report to warrant a 5k reduction. The EA has just gone back and asked if they will accept the 500 reduction as they haven't specified in their email.

I mean, of course they're not legally obliged to share the report, in the same way you're not legally obliged to reduce the cost by £5,000, or even sell them the house at all until after exchange!

Sid91

UnderOffer said:

That sounds like they are just further delaying, good that EA have asked about the £500 hope they also stated “or otherwise Sid91 have instructed us to remarket”? 

They have 😊 she's told them we want to exchange in the next week or we're remarketing as house prices in our area have gone up since we accepted their offer (this is true)

Sid91

MaryNB said:

Sid91 said:

Just an update. The EA has just called and said that the buyer has said they are not legally obliged to share the report with me. That's all they've said? Which confirms what I already knew, there's nothing in the report to warrant a 5k reduction. The EA has just gone back and asked if they will accept the 500 reduction as they haven't specified in their email.

I mean, of course they're not legally obliged to share the report, in the same way you're not legally obliged to reduce the cost by £5,000, or even sell them the house at all until after exchange!

My friend said exactly that! It just further confirms what I already knew they were doing. The EA has gone back and asked them if they're taking the 500 off or we will remarket the property as house prices in our area have gone up since we accepted their offer. If they're accepting the 500 reduction then we want to exchange within the next week!

Sid91

efes_shareholder said:

I had a similar scenerio with a property I let in the student market , recieved a full asking price offer which I accepted however just before exchange the buyers solicitor went to mine with a builders report that stated I needed a new ground floor extension roof - this was done when I bought the property 3 years earlier.
The quote was poorly written and included a cost for scaffolding which is not required on a single story roof.
I went back to them and and quite frankly said I would like the papers returrned and was withdrawing from the sale. I took it very personally as they were trying to take my pants down and I didnt have any urgency to sell the house as it was still generating income and covering its costs.
The following day they returned saying that they would like to proceed with the purchase at the agreed price so I went back to them and told them that my asking price had just risen by 10k !!
obviously that sale didnt happen but i'd like to think it taught them a little life lesson.
Hold your nerve and tell them its £500 quid or return the papers , it will cost them a lot more to pull out of the purchase

Ha ha i love that story! I wish I could do that and tell them to do one. We've told them to accept the reduction or we're remarketing the property! I just hope they don't pull out!

youth_leader

I'm very glad they are proceeding Sid91, hope all goes well for you.  My buyer got so 'chippy' about everything I lost patience and withdrew from the sale, and left my estate agent as well, his language of negotiation made me so angry.