Renegotiating Sale Price

badger09

Esper said:

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.

That's a perfectly reasonable approach IMO.  

Quite a dramatic turnaround for you.  

https://forums.moneysavingexpert.com/discussion/6275301/keeping-on-the-straight-and-narrow#latest

Esper

No turn around, unfortunately we were spending about 15k per month, no debt just spending. I keep detailed accounts and was trying to be a bit more sensible with the outgoings but actually covid reset our spending pattern down to 6-10k (usually dependent on socialising). Despite earning more than the 15k I just felt it was time for some cuts. I know these are decent numbers and don't want another tirade really!

TheJP

Esper said:

No turn around, unfortunately we were spending about 15k per month, no debt just spending. I keep detailed accounts and was trying to be a bit more sensible with the outgoings but actually covid reset our spending pattern down to 6-10k (usually dependent on socialising). Despite earning more than the 15k I just felt it was time for some cuts. I know these are decent numbers and don't want another tirade really!

This makes me even more confused about your approach to selling your house. The rise in the market is probably pocket money in relation to what you've just said you spend a month *socialising. 

Esper

As someone pointed out, 10k, would it change my life? No, I look at most things as a percentage so it is still significant.

propertyhunter

When you say we were spending 15k per month - is this for a family of 15? Or are you buying jeroboams of champagne every Saturday night? 

@Esper you have made my entire day. 

Esper

propertyhunter said:

When you say we were spending 15k per month - is this for a family of 15? Or are you buying jeroboams of champagne every Saturday night? 

@Esper you have made my entire day. 

I'm glad. Only 2 of us. You have to understand we live in a financial hub where everything is marked up. Within my circles it is quite reasonable to spend these amounts. Air conditioning for the month will cost about 1k in electricity. I earn less than 7 figures, but am not that far off, there is little tax to pay but goods/services are expensive. Dinner, 4 people, decent wine will come in at 2k approximately.

And that's my bed time. I think that's probably it for my MSE experience! I'll logon sometime later but don't want to get too involved as I'm quite sure my presence here isn't adding anything.

propertyhunter

You know what fair enough. Hope you have the information you needed to make a decision regarding the house. 

gingercordial

Most house sales in the UK take many months, which is an issue in itself but unfortunately normal.  The "done thing" is that in most cases an offer is accepted and that remains the price, the vendor does not track the market and try to push the price up over the course of those months.

If you try to do so now, the most likely outcome is that you will lose your buyer.

You can then start again, accept an offer, wait for the several months of conveyancing to grind through, notice the market has moved, try to put the price up... and lose your new buyer.

And repeat.  You could end up stuck in a loop of waiting for the normal conveyancing timescales, fretting about market changes, renegotiating and seeing sale after sale fall through.  What is the point of that?  Just get on and sell it for the price you've agreed.

You may also have a clause with your estate agent that you are liable for their fee if they have found you a "ready, willing and able" buyer.  If you pull out of the sale (and by saying "I won't sell for £x anymore because I want £x+10" you are pulling out) you may be liable for their full fee as if the sale had gone through.

babyblade41

I think I've figured this is a complete wind up ... never mind ..I'm off to play with the grown ups 

Thrugelmir

Esper said:

[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.

Relationships in business work both ways. When you need someone you may find that they've got better things to do with their time.