H E L P! Offer lowered bottom of chain - options

jimmyjammy001

House prices are continually coming down at the moment, who says that in a couple months time they won't want another price reduction to reflect the current market, you have said yourself you would not achieve the price oti have if you were to pull out now, sounds like a slippery slope of prices reductions ahead unfortunately 

[Deleted User]

Parties03 said:

anselld said:

Normally if a reduction is passed up the chain everyone takes the hit in diminishing amounts, eg your buyer -X, you -2/3X, your vendor -1/3X.   Your vendor not playing so perhaps buyer -X, you -1/2X.   However, buyer asking for -1.5X is just taking the mick.  Personally I would be inclined to say no  and that is what they should have said to the bottom, but worst case no more than 1/2X reduction.

Cash in brown envelopes can never work whatever the numbers.

Yeah I think it’s a ridiculous amount as it’s 10s of thousands. However I’m not sure we would get this number if we re marketed now. 

Thanks all about the cash idea it didn’t actually occur to me haha

If you can't get that amount if you re market then it's not ridiculous, it's generous.

movilogo

How long back your sales were agreed?

If several months back and your seller is not accepting any reduction how about finding another house as price has fallen and you are likely to get a better house at lower price.

Parties03

@movilogo well we went back and reduced 2/3 of the amount which the estate agent himself said was very generous. We could not do the whole amount as much as I’d have liked to as the house we are buying (probably not anymore lol) wouldn’t reduce at all. 

They haven’t accepted that unfortunately and said unless we vacate by end of the month they will pull out. 

We can’t break the chain as rentals here that would be suitable for us (two very young children) are incredibly expensive and I just don’t want to get stuck in rented 

so I think we have reached the end of th road. 

Sarah1Mitty2

movilogo said:

How long back your sales were agreed?

If several months back and your seller is not accepting any reduction how about finding another house as price has fallen and you are likely to get a better house at lower price.

This is good advice.

housebuyer143

Parties03 said:

@movilogo well we went back and reduced 2/3 of the amount which the estate agent himself said was very generous. We could not do the whole amount as much as I’d have liked to as the house we are buying (probably not anymore lol) wouldn’t reduce at all. 

They haven’t accepted that unfortunately and said unless we vacate by end of the month they will pull out. 

We can’t break the chain as rentals here that would be suitable for us (two very young children) are incredibly expensive and I just don’t want to get stuck in rented 

so I think we have reached the end of th road. 

It's hardly fair they expect you to take on all the loss, which is what they seem to be doing. 
Hold your ground and if it falls through maybe the top of the chain will change their mind and reduce.

Sarah1Mitty2

Yes, top of the chain is the problem, they need to sort themselves out before anything can happen.