Buyer reduced bid by 9% before exchange

lookstraightahead

[Deleted User] said:

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

Which they would laugh at (especially being a developer) but if you're not that bothered about selling then it might be a risk worth taking.

jimbog

lookstraightahead said:

I think a lot of people who created bidding wars will see this - did they pay over what you marketed it at?

I think 9% isn't too bad given the circumstances.

I would go with this - but try and negotiate first

[Deleted User]

Perhaps accept their offer on condition that exchange and completion happens within a strict time frame (asap?).
The sooner you get paid, the sooner you can put the proceeds to work.

[Deleted User]

[Deleted User] said:

Perhaps accept their offer on condition that exchange and completion happens within a strict time frame (asap?).
The sooner you get paid, the sooner you can put the proceeds to work.

The contracts have been drafted and signed by me, although with the old price. I assume new contracts and transfer request with the new price are required. So other than that I assume exchange and completion could happen immediately.

lookstraightahead

[Deleted User] said:

[Deleted User] said:

Perhaps accept their offer on condition that exchange and completion happens within a strict time frame (asap?).
The sooner you get paid, the sooner you can put the proceeds to work.

The contracts have been drafted and signed by me, although with the old price. I assume new contracts and transfer request with the new price are required. So other than that I assume exchange and completion could happen immediately.

If you go this way, you will at least find out how serious they are and if they are still going to play games you won't have to wait for negotiation.

a bird in the hand and all that. 

lisyloo

I would grab it.
looking at the net position it’s asking - 2% which most people would be happy with and I think you’ve got the kind of buyer who won’t mess about

youth_leader

I would accept the reduction on the proviso they exchange/complete immediately.  It's very stressful selling a late parent's property, sorry for your loss.  Offering less before exchange is called gazundering.  

RM_2013

I tend to agree that I would take the offer but request an early exchange/completion.
No harm in trying to negotiate and see if they would offer at least original asking price? 

[Deleted User]

RM_2013 said:

I tend to agree that I would take the offer but request an early exchange/completion.
No harm in trying to negotiate and see if they would offer at least original asking price? 

How does an early exchange/completion differ to what would normally happen? There is no chain on either side.

FaceHead

Get another estate agent's view on what the asking price should be if it was marketed right now. You need to introduce someone into this equation (other than you) who is incentivised to drive up the sale price. Right now your current EA and the buyer are both incentivised to tell you the market is in the toilet and -9% is a good deal.

Hopefully that 'today's asking price' is somewhere between what you've been offered and the 9% less offer. 

Tell your buyer that you are re-marketing at that price. They are welcome to offer this new asking price to be back in the running. 

Give them a few days, and then remarket - either with the current EA, or with the new one, depending on your contractual position with the current one.