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

youth_leader

I'm pleased for you Help1234.  When he asks for a damp/timber report, don't be persuaded to pay for it as I was.  The Estate agent gave me the number of a PCA Surveyor and I paid the £300 as a 'gesture of goodwill'.  Unfortunately the mortgage company had valued the house at £0 until this was received, and when it was, it was thrown out as completely inappropriate for a period property.

lookstraightahead

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.

I find almost everyone in this housing market greedy, particularly vendors. I absolutely hate the final bids situation and hanging round to see a price house war. I just walk away as a buyer if it comes to that.

There are vendors who just expect their houses to keep rising in price, and buyers who think they've won if they pay the most. It's just more more more from every angle.

bizarre. 

However, op, you seem to have been sensible and you've got your buyer back. Some karma there well done and good luck.

Crashy_Time

lookstraightahead 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.

I find almost everyone in this housing market greedy, particularly vendors. I absolutely hate the final bids situation and hanging round to see a price house war. I just walk away as a buyer if it comes to that.

There are vendors who just expect their houses to keep rising in price, and buyers who think they've won if they pay the most. It's just more more more from every angle.

bizarre. 

However, op, you seem to have been sensible and you've got your buyer back. Some karma there well done and good luck.

Yep, a lot of people will come to regret that if mortgage rates rise.

Shaztastic3000

Crashy_Time said:

lookstraightahead 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.

I find almost everyone in this housing market greedy, particularly vendors. I absolutely hate the final bids situation and hanging round to see a price house war. I just walk away as a buyer if it comes to that.

There are vendors who just expect their houses to keep rising in price, and buyers who think they've won if they pay the most. It's just more more more from every angle.

bizarre. 

However, op, you seem to have been sensible and you've got your buyer back. Some karma there well done and good luck.

Yep, a lot of people will come to regret that if mortgage rates rise.

Why? Fixed rate mortgage mate

Crashy_Time

Shaztastic3000 said:

Crashy_Time said:

lookstraightahead 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.

I find almost everyone in this housing market greedy, particularly vendors. I absolutely hate the final bids situation and hanging round to see a price house war. I just walk away as a buyer if it comes to that.

There are vendors who just expect their houses to keep rising in price, and buyers who think they've won if they pay the most. It's just more more more from every angle.

bizarre. 

However, op, you seem to have been sensible and you've got your buyer back. Some karma there well done and good luck.

Yep, a lot of people will come to regret that if mortgage rates rise.

Why? Fixed rate mortgage mate

How will their future buyer secure that rate if rates rise, and how do you think the new lender will value their property in a higher rate environment?

We can add "fixed rate mortgage" to the list of things that includes "Help! Lender has undervalued house we offered on" that people need to think through a bit more before they take on large mortgage debt.

BikingBud

Shaztastic3000 said:

Crashy_Time said:

lookstraightahead 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.

I find almost everyone in this housing market greedy, particularly vendors. I absolutely hate the final bids situation and hanging round to see a price house war. I just walk away as a buyer if it comes to that.

There are vendors who just expect their houses to keep rising in price, and buyers who think they've won if they pay the most. It's just more more more from every angle.

bizarre. 

However, op, you seem to have been sensible and you've got your buyer back. Some karma there well done and good luck.

Yep, a lot of people will come to regret that if mortgage rates rise.

Why? Fixed rate mortgage mate

For the life of the mortgage? If so you are probably not getting the best current rate and if for 2-3 years you are exposed when they change.

Facts:

1. The consumer always pays!
2. The bank always wins!
3. Taxes are never fair!

ss2020jd

Edit: oops just seen the update - well done. Glad it worked out! 

I would explain the facts - it was valued at 215k by their surveyor, you accepted their offer despite receiving higher offers, didn’t attempt to make them match any other offer, and everything noted in the survey amounts to minor expected works when buying an older property.

When we bought we had minor issues raised, as well as the possible ‘damp’ in one area, recommending £3-5k of works (which incidentally, after consulting an independent specialist damp surveyor, they said not needed. They just suggested moving the plants away from front walls and repointing parts in lime rather than cement as it has been patched with). 

We didn’t go back to the sellers to ask for money off despite other minor works needed, and we did the damp survey after we completed as we knew there was nothing major on our structural (building) survey that would stop us buying the house.

It all depends if you want to risk losing the buyer and starting again. Presumably they knew there were more and higher offers at the time. If you wanted to offer a minimal amount as a piecemeal gesture in the interests of proceeding quickly, but really it shouldn’t be necessary. If the other buyers are still around you can gauge and decide whether to proceed with current buyer on the understanding that this was the offer for a quick sale, or start again with a new buyer. 

As an aside, our buyers didn’t come back to us either but I seem to remember the EA had something in the memo of sale which said price agreed will not be renegotiated for minor issues arising, or something like that, which I hadn’t seen before.

lookstraightahead

Shaztastic3000 said:

Crashy_Time said:

lookstraightahead 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.

I find almost everyone in this housing market greedy, particularly vendors. I absolutely hate the final bids situation and hanging round to see a price house war. I just walk away as a buyer if it comes to that.

There are vendors who just expect their houses to keep rising in price, and buyers who think they've won if they pay the most. It's just more more more from every angle.

bizarre. 

However, op, you seem to have been sensible and you've got your buyer back. Some karma there well done and good luck.

Yep, a lot of people will come to regret that if mortgage rates rise.

Why? Fixed rate mortgage mate

 Did you take out a lifetime fixed rate?