Buyer reduced bid by 9% before exchange

[Deleted User]

anselld said:

Personally, I would reject and remarket on principle.  The current buyer still has the option to proceed at the agreed price unless someone else comes along first.

Only for the same thing to potentially happen again in the future with a different buyer.

jimbog

clearancer said:

Grab it and exchange ASAP. The market is in free fall, no one can get a good rate, and this sale is all profit for you 

It's difficult to know what to suggest

clearancer said:

Rubbish! There will always be areas where house prices rise (trendy, transport, great schools, beautiful location). Homes are not always about the investment.

user1977

I would negotiate (or simply say you're remarketing and see what their next move is). I wouldn't expect their current offer to be their best one.

[Deleted User]

user1977 said:

I would negotiate (or simply say you're remarketing and see what their next move is). I wouldn't expect their current offer to be their best one.

Negotiate does appear to be a popular choice. Other than the price negotiation, we are ready for exchange. I already signed the contract.

The alternative of going back to market, going through more conveyancing only for the same thing to potentially happen with the next buyer is not very attractive.

aoleks

you had a price in mind when you put the house up for sale. buyer offered 7% more. they're now reducing that by practically 2% under asking price, which is what you wanted. tell them you'll accept your asking price and move on with life.

offers over is non-sense anyway, the market works much better when you know what you want (e.g. £250000), inflate that by 5% and accept the £250k you had in mind. this way, you sell for what you want/need, buyer gets a "discount", everyone happy.

having said that, do you HAVE to sell?

anselld

lookstraightahead said:

Personally, I would reject and remarket on principle.  The current buyer still has the option to proceed at the agreed price unless someone else comes along first.

I think lots of people who got into bidding wars will be wanting to reduce though, on principle and because they actually do think they're paying too much.

True, but then I would not entertain bidding wars either.

anselld

[Deleted User] said:

anselld said:

Personally, I would reject and remarket on principle.  The current buyer still has the option to proceed at the agreed price unless someone else comes along first.

Only for the same thing to potentially happen again in the future with a different buyer.

Yes, possibly.   I did not know when I first posted that you got to the agreed price by agent creating a bidding war.  It does tend to leave the winner thinking they overpaid.
If I had multiple asking price offers I would prefer to accept the most "proceedable" at asking price.

[Deleted User]

I would advise them that the price has increased by 9%.

74jax

We sold our family home in lockdown. We had something similar happen and we just said thanks but no thanks. The property was 1.5hrs from me and 1hr from my brother, but we had money in the Estate that we could leave the property empty and sell at a later date.
My brother wanted to keep it and rent out, but lockdown didn't really allow us to push on with this anyway. 
They waited a few days and decided to continue, we honestly didn't mind which way they went, but it may happen in your case.
It depends on your circumstances. 

housebuyer143

The problem with a developer is there heart isn't in it at all. They either get the return they planned or they are not interested. 
With the rates the way they are, the profit is likely taking a massive blow so unless the numbers stack up they will drop out.

You got 7% over and the market is not the same as it was in April. You will be hard pressed I think to sell it as quickly or maybe even for asking, especially at the moment when fixed rates are all but gone. 

You are not losing any money so it's about principal really. In your shoes I would just accept it and move on with your life.