Bottom of chain Pulled out - When to Re-list

Suseka97

Crashy_Time said:

cattie said:

It's becoming quite common for property investors to pull this reduce the price further or I walk away stunt at the very last moment & it's not anything anybody can really forsee as these guys know how to play it.

Im fortunate enough to have never been in a chain situation with any of my sales & purchases, so can't advise as to when is best to relist. I think I'd be guided by my ea over this.

Why shouldn`t an investor, or any buyer for that matter try to get a property as cheaply as possible? Full marks to this investor for saying 20-30k off or no sale. 

@Crashy_Time - should have guessed you'd be along to raise a glass to the investor's tactics.  Jeez!   It's one thing to chance your arm at a reduction, but a few days before exchange is a pretty low trick!

OP, reading various threads on this forum over the last few months - it's a clear tactic of some, oftentimes investors, to try this just before exchange hoping the seller will fold.  As has been said, it's up to you - although if you are now likely to miss the SDLT deadline and your vendors are willing to wait, maybe give them a couple of weeks.  That said, maybe this investor will realise his/her little 'game' hasn't paid off and will reinstate their offer.  Good luck.

Crashy_Time

Suseka97 said:

Crashy_Time said:

cattie said:

It's becoming quite common for property investors to pull this reduce the price further or I walk away stunt at the very last moment & it's not anything anybody can really forsee as these guys know how to play it.

Im fortunate enough to have never been in a chain situation with any of my sales & purchases, so can't advise as to when is best to relist. I think I'd be guided by my ea over this.

Why shouldn`t an investor, or any buyer for that matter try to get a property as cheaply as possible? Full marks to this investor for saying 20-30k off or no sale. 

@Crashy_Time - should have guessed you'd be along to raise a glass to the investor's tactics.  Jeez!   It's one thing to chance your arm at a reduction, but a few days before exchange is a pretty low trick!

OP, reading various threads on this forum over the last few months - it's a clear tactic of some, oftentimes investors, to try this just before exchange hoping the seller will fold.  As has been said, it's up to you - although if you are now likely to miss the SDLT deadline and your vendors are willing to wait, maybe give them a couple of weeks.  That said, maybe this investor will realise his/her little 'game' hasn't paid off and will reinstate their offer.  Good luck.

A well priced in demand house would have other offers to fall back on though? The fact that the investor can do this and get such an emotional reaction says to me that the seller was kite flying and they know it! They just don`t like being called out it seems to me, maybe they believed all the stuff you read on the internet about the seller having "power" etc. and thought the buyer would roll over like a puppy?

Norman_Castle

Jaynorth_2 said:

UnderOffer said:

Don’t give up just yet, it could work out, perhaps the investor will reinstate offer after weekend? 
  

That is what my EA is hoping for but I just do not understand why he would put them in an impossible situation with a request for £20k reduction knowing full well that it would make it impossible for them to complete their onward purchase, unless he had no intention of proceeding at all.

He doesn't know its impossible, he hopes it will happen giving him an easy £20k. Homeowners and investors have a different perspective on sales, its a lot easier for an investor to walk away. Assuming the price is realistic the sellers would be foolish to take the below value offer.

Crashy_Time

Norman_Castle said:

Jaynorth_2 said:

UnderOffer said:

Don’t give up just yet, it could work out, perhaps the investor will reinstate offer after weekend? 
  

That is what my EA is hoping for but I just do not understand why he would put them in an impossible situation with a request for £20k reduction knowing full well that it would make it impossible for them to complete their onward purchase, unless he had no intention of proceeding at all.

He doesn't know its impossible, he hopes it will happen giving him an easy £20k. Homeowners and investors have a different perspective on sales, its a lot easier for an investor to walk away. Assuming the price is realistic the sellers would be foolish to take the below value offer.

It isn`t really "below value"  though is it, in all probability?

DairyQueen

Whatever happened to a moral compass? Several families' lives have been thrown into chaos by the cynical actions of one greedy, selfish person. I don't know how such people sleep at night.

OP: I feel very sorry for you and for all others in your chain. 

Suseka97

Crashy_Time said:

Suseka97 said:

Crashy_Time said:

cattie said:

It's becoming quite common for property investors to pull this reduce the price further or I walk away stunt at the very last moment & it's not anything anybody can really forsee as these guys know how to play it.

Im fortunate enough to have never been in a chain situation with any of my sales & purchases, so can't advise as to when is best to relist. I think I'd be guided by my ea over this.

Why shouldn`t an investor, or any buyer for that matter try to get a property as cheaply as possible? Full marks to this investor for saying 20-30k off or no sale. 

@Crashy_Time - should have guessed you'd be along to raise a glass to the investor's tactics.  Jeez!   It's one thing to chance your arm at a reduction, but a few days before exchange is a pretty low trick!

OP, reading various threads on this forum over the last few months - it's a clear tactic of some, oftentimes investors, to try this just before exchange hoping the seller will fold.  As has been said, it's up to you - although if you are now likely to miss the SDLT deadline and your vendors are willing to wait, maybe give them a couple of weeks.  That said, maybe this investor will realise his/her little 'game' hasn't paid off and will reinstate their offer.  Good luck.

A well priced in demand house would have other offers to fall back on though? The fact that the investor can do this and get such an emotional reaction says to me that the seller was kite flying and they know it! They just don`t like being called out it seems to me, maybe they believed all the stuff you read on the internet about the seller having "power" etc. and thought the buyer would roll over like a puppy?

Hmm.  You seem to have only one point of view when it comes to sellers and you make sweeping judgements without ever showing any empathy.  Fortunately, most people offer constructive advice and do not judge when they do not have all the facts at their disposal.

WiseOwl00

Crashy_Time said:

Why shouldn`t an investor, or any buyer for that matter try to get a property as cheaply as possible? Full marks to this investor for saying 20-30k off or no sale. 

That's such a simple minded thing to say. If the investor has actually pulled out, this is going to cause a lot of stress for the four other families in the chain. For the investor it's just an investment, for the others it's a home. By all means try get a house as cheaply as possible, but asking for a significant reduction just prior to exchange, and threatening to pull out if not granted, is an absolute **** move. Yeah the whole house-buying thing is supposed to be a mere business transaction, but there comes to a point (just prior to exchange) when you need to have some morals. 

Thrugelmir

Crashy_Time said:

cattie said:

It's becoming quite common for property investors to pull this reduce the price further or I walk away stunt at the very last moment & it's not anything anybody can really forsee as these guys know how to play it.

Im fortunate enough to have never been in a chain situation with any of my sales & purchases, so can't advise as to when is best to relist. I think I'd be guided by my ea over this.

Why shouldn`t an investor, or any buyer for that matter try to get a property as cheaply as possible? Full marks to this investor for saying 20-30k off or no sale. 

That's an inane comment that helps no one.  

Jaynorth_2

Crashy_Time said:

A well priced in demand house would have other offers to fall back on though? The fact that the investor can do this and get such an emotional reaction says to me that the seller was kite flying and they know it! They just don`t like being called out it seems to me, maybe they believed all the stuff you read on the internet about the seller having "power" etc. and thought the buyer would roll over like a puppy?

I have had a look on zoopla and I think that their house is well priced but in my humble opinion the area is not very desirable in comparison with other areas nearby and that may stop them from getting another buyer quickly but the fact that it has been sold subject to contract since October means that any potential buyers will have already moved on by now to another property and this is sticking point for me.

I don't begrudge a buyer trying to negotiate as much as possible off a purchase price even after the price has been agreed but to wait until the point of exchange is absolutely wrong. Why not do it at the stage of the survey? The mere fact that the investor waited so long before pulling this stunt shows that he knows he is trying his luck rather than claiming that the house is overpriced and if it was not for the stamp duty deadline everybody would just ignore his tactics and wait patiently for the next buyer to come along.

Drawingaline

We lost our buyer in early November after three months just as conveyancing was finished. They were also an investor and decided the mortgage rates they were being offered were too high. We relisted on a sat afternoon, and by 11am Monday morning we had 10 viewings booked. We received an offer Tuesday morning from a FTB for the same amount as the previous offer.

Our sellers chose to give us a week, helped by them already being abroad so the house was empty and we were selling and buying through the same ea. We managed to get across the line in 11weeks (but two of those were Xmas). There may be an option for any other buyers to obtain searches or even use the same solicitors (unfortunately our new buyer couldn't do this as the previous buyers solicitors were not on their lenders panel) which can speed things up. But the stamp duty deadline seems unobtainable now.