Renegotiating Sale Price

propertyhunter

It seems like you wanted to re-list it regardless of the collective opinion of this forum.

I just hope you're not selling your house to me - I can't go any higher!

Thrugelmir

Esper said:

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.

Why the need to ask for other peoples opinions then if you aren't particularly fussed. 

Esper

aoleks said:

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.

The offer is over asking price. I think you're all getting caught up on the offer. It is a decent offer, I'm just asking if the market moves significantly what's the done thing for revaluing the property?

If there is a dip. I probably wouldn't sell. I'm not obligated to.

jkrbec

Esper said:

aoleks said:

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.

The offer is over asking price. I think you're all getting caught up on the offer. It is a decent offer, I'm just asking if the market moves significantly what's the done thing for revaluing the property?

If there is a dip. I probably wouldn't sell. I'm not obligated to.

as you can probably tell, the "done" thing is to stick to the offer that was made. People don't just pull more money out of their a*se because you decide you want more when it's close to exchange, it's craziness. Either proceed with a price you are happy with at the time or don't.

Esper

jkrbec said:

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....

Sorry it isn't. It was a genuine question.

babyblade41

OP, sounds like a right PITA ... if you have no plans for the money then the present offer will suffice ... 

Even though this might not be an emotive transaction, there will come a time when you might be in that position to buy a home when it does become so.

If that happens I hope you don't have a buyer like you. You state "you may have another house to sell later on"...do you think this makes you somewhat superior ?  There are many on here who have vast portfolios so yours is not that impressive 

Esper

Thrugelmir said:

Esper said:

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.

Why the need to ask for other peoples opinions then if you aren't particularly fussed. 

It is the first time I've sold a house. I'm taking some money off the table whilst prices are decent so I can just I dunno? Retire early. I don't know. I've been fortunate in my career, albeit a relatively short one.

propertyhunter

OP - you are hilarious. You will never sell the house if you try to keep up with the latest upwards movements in price, or if the market cools and you hold onto it.

Think more about why you are selling it - what is really motivating the decision. Surely it can't be eeking out another 5-10k because that's not going to change your life. If you're not serious about selling it, just remove it from the market. 

Esper

babyblade41 said:

OP, sounds like a right PITA ... if you have no plans for the money then the present offer will suffice ... 

Even though this might not be an emotive transaction, there will come a time when you might be in that position to buy a home when it does become so.

If that happens I hope you don't have a buyer like you. You state "you may have another house to sell later on"...do you think this makes you somewhat superior ?  There are many on here who have vast portfolios so yours is not that impressive 

Not at all! Last thing I want is a vast portfolio and there are always plenty of wealthy people about. Comparison if the thief of joy and all that. These are houses I've accumulated along the way.

jkrbec

Esper said:

Thrugelmir said:

Esper said:

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.

Why the need to ask for other peoples opinions then if you aren't particularly fussed. 

It is the first time I've sold a house. I'm taking some money off the table whilst prices are decent so I can just I dunno? Retire early. I don't know. I've been fortunate in my career, albeit a relatively short one.

You will end up causing your self delays and ultimately losing your self money in the process, if you get all the way to exchange and decide you want more, the buyer needs a new mortgage offer (potentially), new valuation, they pull out and then you decide to do the same thing again, before you know it you are 12 months in and all you've done is ruin peoples plans to buy a house and no further forward with the sale and for probably not much more money, the prices have been this way for at least 6-12 months it hasn't suddenly increased in value.