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Cash buyer wants to renegotiate accepted offer - what to do?
Comments
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Had something very similar on my last sale. I offered a token £500 so both parties in effect moved and we didn’t get to a place where either of us withdrew out of stubbornness.If it’s close to exchanging/completing I’d offer a very small token of goodwill.
Hopefully concluded quickly for you all.April 2020 - £102,222 Loans/CC’s.
Jan 2022 - £0
Cleared - £102,222
Jan 2022 - Now time to build suitable investments and a business!0 -
If you say no you risk a non cash buyer having a further "down-valuation" on the property by their lender.0
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We are nowhere near exchange/complete. The solicitors haven't even begun their searches yet.0
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The buyer offered asking, the valuation agreed with asking so I'd politely decline any reduction and be ready to ring previous potential buyers or remarket.
The biggest risk with this buyer is that he's tried it once so may try it again.Nothing is foolproof to a talented fool.0 -
This is the EAs job to sort out not yours, unless you went with one of the online bunch and paid a fixed fee0
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If you are nowhere near exchange or completion I would put it back on the market.0
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We told the estate agent to issue a rebuttal based on the fact the valuation was the same as the agreed price, there was nothing unexpected in the survey for a property of this age and that we received higher offers from chain-free potential buyers which we rejected to accept his offer and did not make him go head-to-head with them to try and extract more money. We asked them to confirm with him whether he agrees to proceed at the original price or if he is withdrawing and we will relist.
Within the hour he has responded to say he will proceed at the original price.Thanks everyone for your help I wouldn’t have been able to understand the report without you! Now to see if he does this again further down the line :-( hopefully not28 -
Great outcome, and the correct outcome imo.
I'd be over the moon buying a 100 year old property if the survey came back like that one did. I wouldn't have even considered attempting to renegotiate. If its an elderly buyer he may not have felt comfortable negotiating in the first place - quite possible a relative/son/daughter saw the survey and put him up to it as I'd like to think the older generation are generally a little truer to their word.0 -
RS2OOO said:Great outcome, and the correct outcome imo.
I'd be over the moon buying a 100 year old property if the survey came back like that one did. I wouldn't have even considered attempting to renegotiate. If its an elderly buyer he may not have felt comfortable negotiating in the first place - quite possible a relative/son/daughter saw the survey and put him up to it as I'd like to think the older generation are generally a little truer to their word.
Quite a nice achievement that you have managed to rather insultingly stereotype both generations there!
Personally when I manipulate my aged parents or anyone else (which as an untrustworthy young person I do regularly of course) I try and get more than £2,000 out of it.7 -
grumiofoundation said:RS2OOO said:Great outcome, and the correct outcome imo.
I'd be over the moon buying a 100 year old property if the survey came back like that one did. I wouldn't have even considered attempting to renegotiate. If its an elderly buyer he may not have felt comfortable negotiating in the first place - quite possible a relative/son/daughter saw the survey and put him up to it as I'd like to think the older generation are generally a little truer to their word.
Quite a nice achievement that you have managed to rather insultingly stereotype both generations there!
Personally when I manipulate my aged parents or anyone else (which as an untrustworthy young person I do regularly of course) I try and get more than £2,000 out of it.
And have often found the word or handshake of the older generation to be reliable and trustworthy.
But yes, I do stereotype all the time, might be a bad habit gained from not stereotyping and falling foul, so in the main it has served me well.
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