Renegotiating Sale Price

Esper

TXC said:

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.

If they reduced their offer I would have no problem with it whatsoever, they can go on their way. I'd remarket it. It is an asset, I'm simply after the best possible price and they are after the lowest possible price. I honestly don't get the hostility. It is a transaction.

Esper

jkrbec said:

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.

Sorry. How am I delusional?

jkrbec

Esper said:

TXC said:

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.

If they reduced their offer I would have no problem with it whatsoever, they can go on their way. I'd remarket it. It is an asset, I'm simply after the best possible price and they are after the lowest possible price. I honestly don't get the hostility. It is a transaction.

You asked for opinions on the matter and that is what you are getting..people find a house they are happy with, make an offer and then start the proceeds based on that offer, it's totally immoral to then say "actually I want x amount more" when a buyer has already invested in purchasing it as that price, you sound like an absolute nightmare to buy a house off, totally greedy and selfish.

TXC

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

On the contrary, lets hope you  do!

Esper

jkrbec said:

Esper said:

TXC said:

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.

If they reduced their offer I would have no problem with it whatsoever, they can go on their way. I'd remarket it. It is an asset, I'm simply after the best possible price and they are after the lowest possible price. I honestly don't get the hostility. It is a transaction.

You asked for opinions on the matter and that is what you are getting..people find a house they are happy with, make an offer and then start the proceeds based on that offer, it's totally immoral to then say "actually I want x amount more" when a buyer has already invested in purchasing it as that price, you sound like an absolute nightmare to buy a house off, totally greedy and selfish.

I was asking for opinions. If the market has moved significantly I am only after a fair price. I've not actually decided what I do about it, that'll come down to the length of time the property is "under offer" for. But I wouldn't be selling for less than it's worth, if it is at all! I don't even know. I'd be up for writing down the loss to reduce some cap gains though, if at all possible. Will need to check with my accountant.

aoleks

Esper said:

jkrbec said:

Esper said:

TXC said:

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.

If they reduced their offer I would have no problem with it whatsoever, they can go on their way. I'd remarket it. It is an asset, I'm simply after the best possible price and they are after the lowest possible price. I honestly don't get the hostility. It is a transaction.

You asked for opinions on the matter and that is what you are getting..people find a house they are happy with, make an offer and then start the proceeds based on that offer, it's totally immoral to then say "actually I want x amount more" when a buyer has already invested in purchasing it as that price, you sound like an absolute nightmare to buy a house off, totally greedy and selfish.

I was asking for opinions. If the market has moved significantly I am only after a fair price. I've not actually decided what I do about it, that'll come down to the length of time the property is "under offer" for. But I wouldn't be selling for less than it's worth, if it is at all! I don't even know. I'd be up for writing down the loss to reduce some cap gains though, if at all possible. Will need to check with my accountant.

say there's a dip in the market and prices drop a few percentage points. will you then reduce your price as well? I have a feeling you won't...

also, the market has been hot (hotter than now, in fact) for at least 18 months. if the property is worth that much, how come you only had an ok offer? most places go for tens of thousands over asking, within hours/days.

Esper

TXC said:

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

On the contrary, lets hope you  do!

More hostility. I'm treating it as a non-emotional transaction, which it should be. Think i've got the lay of the land, got another one to sell which I've not put on the market yet but I don't think i'll be canvassing opinions here.

jkrbec

Esper said:

TXC said:

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

On the contrary, lets hope you  do!

More hostility. I'm treating it as a non-emotional transaction, which it should be. Think i've got the lay of the land, got another one to sell which I've not put on the market yet but I don't think i'll be canvassing opinions here.

it might be non-emotional to you but it isn't to people who are buying a home, that's the point.

Mahsroh

Esper said:

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. 

This has got to be wind up! 

jkrbec

Mahsroh said:

Esper said:

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. 

This has got to be wind up! 

can't help but feel it has to be....