Renegotiating Sale Price

Esper

jkrbec said:

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.

Thanks appreciated. Yep! I can see that is the "done" thing. I am happy with the offer... (drum role), if it hasn't completed in 6 months then I may not be. But I do appreciate the clarity.

Esper

propertyhunter said:

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. 

That's a fair point. No, 10k is not you're right. So I think we just plod along and let it complete and hope that happens in a reasonable time frame.

TheJP

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.

So you've taken the FTB mentality into selling the house. 

How will you approach this if the buyer has a survey and wants to renegotiate or a seller who offered X and now the market has dropped and wants to offer less? Surely you are biting off your nose to spite your face with this approach.

Esper

TheJP said:

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.

So you've taken the FTB mentality into selling the house. 

How will you approach this if the buyer has a survey and wants to renegotiate or a seller who offered X and now the market has dropped and wants to offer less? Surely you are biting off your nose to spite your face with this approach.

TheJP said:

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.

So you've taken the FTB mentality into selling the house. 

How will you approach this if the buyer has a survey and wants to renegotiate or a seller who offered X and now the market has dropped and wants to offer less? Surely you are biting off your nose to spite your face with this approach.

I had a hint from the estate agent the survey came back ok. Surveyors never reveal too much though apparently, I'd certainly give on a couple of k. Anything more, I'd probably assess and see. Would have to deal with that if it happens.

canaldumidi

Capital Gains Tax?

Esper

Think we can all cool our jets now after that deluge. Cheers for the advice jkrbec/propertyhunter and everyone else who has chimed in. I do think it got a bit emotional which wasn't my intention. I know property in the uk is a bit of a hot topic at the moment. Thanks again.

TheJP

TheJP said:

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.

So you've taken the FTB mentality into selling the house. 

How will you approach this if the buyer has a survey and wants to renegotiate or a seller who offered X and now the market has dropped and wants to offer less? Surely you are biting off your nose to spite your face with this approach.

I had a hint from the estate agent the survey came back ok. Surveyors never reveal too much though apparently, I'd certainly give on a couple of k. Anything more, I'd probably assess and see. Would have to deal with that if it happens.

If you take the approach you are proposing you'll likely find the EA not wanting to work with you. They invest time to market your property, find a buyer and then you want to raise the property price, buyer walks away. Eat, sleep, wake, repeat. 

Esper

canaldumidi said:

Capital Gains Tax?

Yes but there are some useful rules around expats and rebasing to make it a sensible amount.

[Deleted User]

It is your property to sell and you should sell at the price you want to, regardless of fear of hurting a person's feelings. But expect some kind of comeback if the result is significant loss to the buyer.

Esper

[Deleted User] said:

It is your property to sell and you should sell at the price you want to, regardless of fear of hurting a person's feelings. But expect some kind of comeback if the result is significant loss to the buyer.

Just out of interest. What kind of comeback? My understanding is there would be none? Apart from the reputational risk.