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

m4ry444

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

They told the EA on having the offer accepted the have a family friend who is involved in property who will be helping them with the process so I wouldn't think it would be an overaight. In terms of them needing to cost £x + y, that's a personal decision as the house in no way needs extending down or up to make it livable. Their offer was not dramatically more than the majority of offers and I'm sure not all over those were offering on the basis that the house needs extending. So we will see what tomorrow brings! Thanks for your replies

Ath_Wat

m4ry444 said:

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

They told the EA on having the offer accepted the have a family friend who is involved in property who will be helping them with the process so I wouldn't think it would be an overaight. In terms of them needing to cost £x + y, that's a personal decision as the house in no way needs extending down or up to make it livable. Their offer was not dramatically more than the majority of offers and I'm sure not all over those were offering on the basis that the house needs extending. So we will see what tomorrow brings! Thanks for your replies

I am sure you are right that they were not, and so if they reduce it below those other offers, you'd be sensible to refuse and tell them you know you can get more for it.  The EA clearly already knows that as they presumably handled the other offers.

macman

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

I wasn't suggesting they should. But equally, the vendor is under no obligation to reduce. There is no right or wrong here, either party can walk away. Or they can compromise. Only the OP can decide what to do.
You could equally well say that the OP would be a fool to reduce the price that it was presumably valued and marketed at. There is no suggestion that the house is not worth the price previously agreed.

Wail

I think it depends on the size/percentage of the reduced offer as well. 

Woolsery

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

The financial landscape in building has changed, although the price increases were aleady there in the spring. Where I live, a scheme for affordable housing was finally passed after 6 months of wrangling. Then it was discovered none of the builders previously interested when the plans were drawn-up would take it on at a set price. It's 'on-hold.'

Ath_Wat

macman said:

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

I wasn't suggesting they should. But equally, the vendor is under no obligation to reduce. There is no right or wrong here, either party can walk away. Or they can compromise. Only the OP can decide what to do.
You could equally well say that the OP would be a fool to reduce the price that it was presumably valued and marketed at. There is no suggestion that the house is not worth the price previously agreed.

Well no, because almost everybody reduces the price it was marketed at.  That's just a starting point for negotiation.

The OP would only be a fool to reduce the price below what they reasonably expect they could get from somebody else.

[Deleted User]

m4ry444 said:

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

They told the EA on having the offer accepted the have a family friend who is involved in property who will be helping them with the process so I wouldn't think it would be an overaight. In terms of them needing to cost £x + y, that's a personal decision as the house in no way needs extending down or up to make it livable. Their offer was not dramatically more than the majority of offers and I'm sure not all over those were offering on the basis that the house needs extending. So we will see what tomorrow brings! Thanks for your replies

..... as in guarantor ??
Or as in tradesman etc ??

GDB2222

m4ry444 said:

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

They told the EA on having the offer accepted the have a family friend who is involved in property who will be helping them with the process so I wouldn't think it would be an overaight. In terms of them needing to cost £x + y, that's a personal decision as the house in no way needs extending down or up to make it livable. Their offer was not dramatically more than the majority of offers and I'm sure not all over those were offering on the basis that the house needs extending. So we will see what tomorrow brings! Thanks for your replies

Even if you are convinced that this is simply a cynical attempt at gazundering, you need to consider carefully whether it is worth your while to start the process again. There tends to be a lot of very gung ho advice on this forum, and you need to temper that with practicality.

macman

Ath_Wat said:

macman said:

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

I wasn't suggesting they should. But equally, the vendor is under no obligation to reduce. There is no right or wrong here, either party can walk away. Or they can compromise. Only the OP can decide what to do.
You could equally well say that the OP would be a fool to reduce the price that it was presumably valued and marketed at. There is no suggestion that the house is not worth the price previously agreed.

Well no, because almost everybody reduces the price it was marketed at.  That's just a starting point for negotiation.

The OP would only be a fool to reduce the price below what they reasonably expect they could get from somebody else.

The negotiations concluded, or should have, when the buyer's first offer was accepted by the vendor.
The buyer has miscalculated and wants the vendor to compensate him for this.
He can certainly ask, but he shouldn't get.
The offer was accepted in May, and now, in late August .they want to renegotiate.

Woolsery

GDB2222 said:

m4ry444 said:

Ath_Wat said:

macman said:

So, if I understand correctly, they now want to reduce their offer, not because their multiple surveys have found any defects in your property, but because they have found that the building works they want to undertake are now going to cost more than they would have done a few months ago (now there's a surprise). And they expect you to finance their shortfall?
FTB's: you've gotta love 'em...
As a previous post says, Arkell vs Pressdram most certainly applies here.

It's not a matter of financing their shortfall - they may well have made a genuine mistake in their estimation of costs and realised they have over offered.  As I say, while annoying, they would be fools to carry on and buy it at the original price if this is the case.

They told the EA on having the offer accepted the have a family friend who is involved in property who will be helping them with the process so I wouldn't think it would be an overaight. In terms of them needing to cost £x + y, that's a personal decision as the house in no way needs extending down or up to make it livable. Their offer was not dramatically more than the majority of offers and I'm sure not all over those were offering on the basis that the house needs extending. So we will see what tomorrow brings! Thanks for your replies

Even if you are convinced that this is simply a cynical attempt at gazundering, you need to consider carefully whether it is worth your while to start the process again. There tends to be a lot of very gung ho advice on this forum, and you need to temper that with practicality.

Or to quote the lyrics of a popular song made famous by Frank Sinatra and others:

Oh, it's a long, long while from May to December

But the days grow short when you reach September

When the autumn weather turns the leaves to flame

One hasn't got time for the waiting game

Will your vendor wait, especially if sentment starts to change?