Buyers want to reduce price of house - house valuation gone up.

Okey00001

We have had a survey and minor remedial work will need to be done (this was expected) the buyers want to reduce the house price further*.

The house was on the market last year priced according. The house is under offer now at a reduced the price by £5000. 

The buying/selling process is incredibly slow and since then, the house price value has gone up by £20,000. 

*I don't see why I should have to reduce it further considering it was priced accordingly last year.  I feel held to ransom (buyer might pull out of the sale), what should I say to them as I feel I have made quite a loss considering the value of the house now?

Elliott.T123

You have 3 options

1. Accept their lower offer and get the sale done asap
2. Call their bluff, say no price stays at it is but risk them pulling out
3. Go all out, tell them that actually the price has gone up now and ask for £5k extra, obviously expecting that they will pull out and you will need to remarket.

Option 3 is obviously not overly ethical and I would not advise that. 

Its hard to advise which route to go down without knowing your exact circumstances, such as ow quickly you would expect to get another offer if the buyers pulled out, would it affect onwards purchase, how likely you think the buyers are to actually pull out etc.

Gycraig

It’s like selling a car with more steps just stand your ground “the price is the price pay it or don’t” 

they will always try to negotiate, it’s up to you whether you negotiate or risk them pulling out. Only you know your circumstances, is the house you would be buying worth 30k more now ? Might be worth the hit just to get moved, personally I couldn’t do it I’d tell them pay the price or I’ll move on to someone else 

Thrugelmir

Would position would you be in if your potential purchasers walked away? 

lookstraightahead

What is your onward plan? 

jimbog

Hold out for the price agreed. They’ll be aware of the rise in house prices over the last year. Sit tight 

Flugelhorn

Just  say "no further reduction" and hold your nerve

Okey00001

Gycraig said:

It’s like selling a car with more steps just stand your ground “the price is the price pay it or don’t” 

they will always try to negotiate, it’s up to you whether you negotiate or risk them pulling out. Only you know your circumstances, is the house you would be buying worth 30k more now ? Might be worth the hit just to get moved, personally I couldn’t do it I’d tell them pay the price or I’ll move on to someone else 

It is not like selling a car - the difference being - the car depreciates in value as soon as you buy it. 

Okey00001

Thrugelmir said:

Would position would you be in if your potential purchasers walked away? 

Good question!  I would put it up at the market value price which is higher than the sold price or leave it as it is. The house  is a bargain price as it is.

Okey00001

Elliott.T123 said:

You have 3 options

1. Accept their lower offer and get the sale done asap
2. Call their bluff, say no price stays at it is but risk them pulling out
3. Go all out, tell them that actually the price has gone up now and ask for £5k extra, obviously expecting that they will pull out and you will need to remarket.

Option 3 is obviously not overly ethical and I would not advise that. 

Its hard to advise which route to go down without knowing your exact circumstances, such as ow quickly you would expect to get another offer if the buyers pulled out, would it affect onwards purchase, how likely you think the buyers are to actually pull out etc.

Thank you.  No. 2 would be approriate. Thinking about it - I don't want to be held at 'ransom' with the threat of them pulling out. The house price is not over-priced and valued accordingly. The £5000 drop is enough - they can accept it or leave it.

plumberpaig

You'll know if they are totally serious about buying the house. If house prices have increased then they'll know that as well. You could also threaten to remarket it at a higher price. You could go through the agent and do this. Around my area prices have shot up, a lot since 12 months ago. Why has it taken so long to go through?