Renegotiating Sale Price

propertyhunter

Esper said:

What do people think about a seller (myself) renegotiating since the market seems to incredibly hot at the moment?

That you're acting in bad faith. You accepted an offer and should stick by your word. If it wasn't 'amazing' in the first place, you shouldn't have accepted it. 

Esper

TBG01 said:

I'm assuming you'll also want to renegotiate the price if the valuation comes in under what has been offered/accepted. 

Valuation has been done and confirmed by buyer's bank.

Esper

propertyhunter said:

Esper said:

What do people think about a seller (myself) renegotiating since the market seems to incredibly hot at the moment?

That you're acting in bad faith. You accepted an offer and should stick by your word. If it wasn't 'amazing' in the first place, you shouldn't have accepted it. 

They could also exit at any point too? They could have multiple offers on, I don't know.

As someone suggested, best wait to see how quickly they can move then evaluate nearer exchange. I can always bump it then if the price has moved too much. 

Thrugelmir

Esper said:

TBG01 said:

I'm assuming you'll also want to renegotiate the price if the valuation comes in under what has been offered/accepted. 

Valuation has been done and confirmed by buyer's bank.

Are you prepared to lose this buyer? 

Esper

andyf1980 said:

This is everything that is wrong with the property buying process in England. 

The buyer made and you accepted an offer in good faith. If you didn’t think it was a reasonable offer, why did you accept it? 

Assuming that things are proceeding at a reasonable pace then follow through with it. 

Because it was reasonable at the time? I didn't know where the market was going. Unfortunately my crystal ball was foggy that day

jkrbec

Esper said:

propertyhunter said:

Esper said:

What do people think about a seller (myself) renegotiating since the market seems to incredibly hot at the moment?

That you're acting in bad faith. You accepted an offer and should stick by your word. If it wasn't 'amazing' in the first place, you shouldn't have accepted it. 

They could also exit at any point too? They could have multiple offers on, I don't know.

As someone suggested, best wait to see how quickly they can move then evaluate nearer exchange. I can always bump it then if the price has moved too much. 

are you serious? people don't do that, if they've had an offer accepted for what could be their "dream home" and are making plans, spending money on going through the process then evaluating the price near exchange is just down right wrong.

Esper

Thrugelmir said:

Esper said:

TBG01 said:

I'm assuming you'll also want to renegotiate the price if the valuation comes in under what has been offered/accepted. 

Valuation has been done and confirmed by buyer's bank.

Are you prepared to lose this buyer? 

Yeah. I'm not too fussed. Property has a tiny mortgage. Having to pay the bills is a bit meh but I can live with it. I've no real plans for the cash.

Esper

jkrbec said:

Esper said:

propertyhunter said:

Esper said:

What do people think about a seller (myself) renegotiating since the market seems to incredibly hot at the moment?

That you're acting in bad faith. You accepted an offer and should stick by your word. If it wasn't 'amazing' in the first place, you shouldn't have accepted it. 

They could also exit at any point too? They could have multiple offers on, I don't know.

As someone suggested, best wait to see how quickly they can move then evaluate nearer exchange. I can always bump it then if the price has moved too much. 

are you serious? people don't do that, if they've had an offer accepted for what could be their "dream home" and are making plans, spending money on going through the process then evaluating the price near exchange is just down right wrong.

At some point the price needs to be assessed, if a buyer was to drag it out over months in a bullish market they could get a reduce their risk significantly. It hasn't been months and months yet but if it does turn into it, it would be perfectly reasonable to re-value the house.

TXC

Maybe the offer isn't "amazing" because your property isn't "amazing"? Just a thought.

How would you feel roles reversed and the market were cold if your buyer gazundered you at this point?

You asked for a price, you're getting that price. This is sheer greed at play and no more. 

By all means pull the rug from these buyers after theyve likely made considerable plans / financial investment but it's morally repugnant - I can't say I don't hope you get messed around to the same extent with any future sale on this property.

jkrbec

Esper said:

jkrbec said:

Esper said:

propertyhunter said:

Esper said:

What do people think about a seller (myself) renegotiating since the market seems to incredibly hot at the moment?

That you're acting in bad faith. You accepted an offer and should stick by your word. If it wasn't 'amazing' in the first place, you shouldn't have accepted it. 

They could also exit at any point too? They could have multiple offers on, I don't know.

As someone suggested, best wait to see how quickly they can move then evaluate nearer exchange. I can always bump it then if the price has moved too much. 

are you serious? people don't do that, if they've had an offer accepted for what could be their "dream home" and are making plans, spending money on going through the process then evaluating the price near exchange is just down right wrong.

At some point the price needs to be assessed, if a buyer was to drag it out over months in a bullish market they could get a reduce their risk significantly. It hasn't been months and months yet but if it does turn into it, it would be perfectly reasonable to re-value the house.

You are delusional! lets hope you don't get messed about as much as you are planning to mess your buyers around.