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

13

Comments

  • 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!
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    If you say no you risk a non cash buyer having a further "down-valuation" on the property by their lender.
  • Help1234
    Help1234 Posts: 464 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    We are nowhere near exchange/complete. The solicitors haven't even begun their searches yet.
  • Sunsaru
    Sunsaru Posts: 737 Forumite
    500 Posts Second Anniversary Photogenic Name Dropper
    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.
  • Scotbot
    Scotbot Posts: 1,534 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    This is the EAs job to sort out not yours, unless you went with one of the online bunch and paid a fixed fee
  • If you are nowhere near exchange or completion I would put it back on the market.
  • RS2OOO
    RS2OOO Posts: 389 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    edited 26 October 2021 at 11:53AM
    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.
  • RS2OOO
    RS2OOO Posts: 389 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    edited 26 October 2021 at 12:41PM
    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.
    Yep only young people are greedy and no old people are able to think and act for themselves.

    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. 
    I'm still young too :-)

    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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