Cash buyer wants to renegotiate accepted offer - what to do?

Shaztastic3000

This guy is trying to exploit you. Don’t let them.

74jax

To be honest I would say no, and ask the EA to start ringing round ASAP (if he said reduced or I'll pull out). If he just asked, then a polite no. 

NameUnavailable

Depends how quickly you want to sell. As you had other higher offers I would explain that as your reasoning and hold at £215K or you will be asking the agent to contact the other parties who offered (although some will have found or may be put off if a sale has fallen through).

youth_leader

I don't like the sound of him/her at all, the type to demand a reduction the night before exchange, money pinching chancer.  I'd approach the EA and ask if the other offers are still on the table.  

Jaybee_16

My response would be that the surveyor confirmed the value to be the same as you agreed with the purchaser. The survey report shows nothing unexpected for a property of that age so politely refuse any reduction and be prepared to put back on the market. 

I'm suspicious of buyers wanting a reduction such as this; my mind always thinks they'll come back at a later date with another problem wanting a reduction.

jimbog

I would thank him for a copy of the survey and as it would be of interest to other prospective buyers 

theartfullodger

Tell them you thought a firm price had been agreed.  But as they've decided it's now flexible, price is now £217,000.

980233

You've had enough interest so I would refuse to sell to him now.

lookstraightahead

Help1234 said:

lookstraightahead said:

I'm all for vendors not taking the proverbial, but in this case I would say no to your buyer. How pedantic and mean.

Were you fair to them when they offered (didn't go to final offers etc?). 

We were completely fair. This was his first offer and we accepted it. We could have tried to make him go head-to-head with the higher first-time buyer offers but we didn't.

In that case I would really consider whether any of the others are interested. You could tell the EA to tell them you are thinking of remarketing.

theoretica

Are you indeed on a tight schedule?  If you have any leeway I would be tempted to reply that you had indeed hoped for a rapid and uncomplicated sale, but his attempt to renegotiate makes it clear that you will not be getting that. So you will instead consider maximising the price achieved. You plan to discuss the other offers received and state of the market with your estate agent and will let him know after this if you are still prepared to accept his initial 215 offer.