Buyer wants to reduce offer after I've signed and sent contract

m4ry444

Hello

I've been waiting for my buyer to gazunder me for several weeks now after being suspicious of the amount of surveys/tradesmen she's had round since May and the were our highest of many offers.

They messaged me Friday saying she was going to be contacting my estate agent and putting in a reduced offer, but I've already signed and emailed/posted my contract to my solicitor earlier this week.

Does this have any legal implications yet if they're going to ask for money off? I'm guessing they won't have signed their contract yet if planning on asking for a reduction.

Thank you!

babyblade41

I'm afraid until contracts are exchanged either side can offer less, pull the plug anytime.  A signed contract is not legally binding until exchanged has happened

m4ry444

Ah thank you. That's what I suspected anyway

Flugelhorn

many things can get changed in the contract before exchange - sorry the buyers are being a pain and contacting you to say she will contact the agent is just petty trying to wind you up, don't be in any hurry to respond to them when they come back with an offer.

Have a chat with agent re status of the others who offered, just so you know what the market is like 

tasticz

Tell them someone’s come around and offered 2% (whatever the amount is) more than they have and you’re happy to reject their offer.

Tell your agent to put property back on market, plenty of FTB looking to make the jump.


Some buyers tend to forget that the house they’re currently looking at is someone else’s house and it works for them. It’s not supposed to meet their taste

Martin_the_Unjust

I’d be rejecting and re marketing (probably at a higher price) as well.

m4ry444

We had 13 offers in a week of similar price back in April, the house we're moving into to is empty and had no issues with those vendors (they had a last minute gazundering which caused the sale to fall through before we bought it) so I've no qualms about telling them no and being prepared for them to pull out, but I think it's a bluff.

They're FTB as well, as were the majority of our offers so I'm not sure what they're playing at really as I feel were probably in a stronger position than them. Also giving me the heads up has let me rationalize any anger and now I'm ready to be emotionless about the situation as call the estate agents first on Tuesday so it's done me a favour really!

babyblade41

m4ry444 said:

We had 13 offers in a week of similar price back in April, the house we're moving into to is empty and had no issues with those vendors (they had a last minute gazundering which caused the sale to fall through before we bought it) so I've no qualms about telling them no and being prepared for them to pull out, but I think it's a bluff.

They're FTB as well, as were the majority of our offers so I'm not sure what they're playing at really as I feel were probably in a stronger position than them. Also giving me the heads up has let me rationalize any anger and now I'm ready to be emotionless about the situation as call the estate agents first on Tuesday so it's done me a favour really!

That is exactly the attitude to take. I'm sure you will get a better & less difficult buyer .

It's difficult to take the emotion out of buying and selling but if you can then you take charge of the transaction instead of the other way round 

Give yourself the satisfaction of getting to the EA first & informing then if the current buyer wants to reduce the offer then the property will go back on the market .

September is one of the best times to sell as everyone wants to be in for xmas, holidays are over so you should be in a great position.

Let us know how it went & good luck tomorrow with getting the first word in !!

Flugelhorn

probably FTB who suddenly got greedy and thought you were very keen to sell, good luck with it all - good idea re contacting the EA then when the buyer contacts them they can give the answer straight off

Woolsery

m4ry444 said:

Hello

I've been waiting for my buyer to gazunder me for several weeks now after being suspicious of the amount of surveys/tradesmen she's had round since May.

Does this have any legal implications yet if they're going to ask for money off?

Three observations:

You've had since April to find out when an offer becomes binding. It's not MSE to go into the most major transaction you're likely to undertake without understanding the legal process.

While you've not been doing the legal homework, your buyer has tried to form a picture of  financial repercussions if they purchase. Every house has faults, so it's a judgement call whether you've priced-in anything of real concern in your asking price. FTBs may be unrealistic in their expectations, but sellers best counter that and push back most effectively by knowing their local market and sold prices. Hopefully you've researched that.

The market is reacting to recent interest rate hikes and the dire predictions regarding fuel prices. Concerns which weren't there in May are everywhere now. Before you reject a revised offer, talk with your agent about the realistic prospects of doing better.

pinkshoes

Is the sale anywhere near exchange? 

Your buyer sounds flakey. I would be instructing the EA to tell the buyer to either exchange contracts ASAP at the agreed price or you will be putting the house back on the market immediately.