Buyer wants 6k off after survey.

RHemmings

Fdbjg123 said:

Good points. They are also in a chain and in need of selling their house due to divorce. I don’t think their buyers would be best pleased if the chain collapses. However they did say ‘I am very sorry to be in this position but as you know this house already has stretched my budget, so I am going to need to renegotiate the price if I am to proceed with the purchase.’ I just don’t know why they viewed the house if they can’t afford it. Maybe they’re bluffing but I can’t really afford to reduce anyway. 

I feel there are some estate agents who push people towards the utter limits of their budgets. Not all, but some. There's also the pull of properties slightly out of range - temptation. Affordability is a complicated thing, and unexpected things can go wrong. Houses are so expensive so leaving a 30% gap between what you'll spend and what you can afford - I can see it being tricky. I'm not surprised that so many purchase fall through because the buyer finds they can't afford the property. 

This is a general comment - I have no idea what your buyers are thinking or what they will do. 

Fdbjg123

RHemmings said:

Fdbjg123 said:

Good points. They are also in a chain and in need of selling their house due to divorce. I don’t think their buyers would be best pleased if the chain collapses. However they did say ‘I am very sorry to be in this position but as you know this house already has stretched my budget, so I am going to need to renegotiate the price if I am to proceed with the purchase.’ I just don’t know why they viewed the house if they can’t afford it. Maybe they’re bluffing but I can’t really afford to reduce anyway. 

I feel there are some estate agents who push people towards the utter limits of their budgets. Not all, but some. There's also the pull of properties slightly out of range - temptation. Affordability is a complicated thing, and unexpected things can go wrong. Houses are so expensive so leaving a 30% gap between what you'll spend and what you can afford - I can see it being tricky. I'm not surprised that so many purchase fall through because the buyer finds they can't afford the property. 

This is a general comment - I have no idea what your buyers are thinking or what they will do. 

I suppose. However their offer was already over 10k below asking so it’s a house they clearly can’t afford (assuming it’s actually worth what it was valued at). I don’t believe the estate agent did much pushing either. You wouldn’t think they’re getting a commission with how blasé they’ve been about all this. 

Grizebeck

I'd go halves and that's your best offer

Fdbjg123

Also buyer viewed the house 5 years ago (when we bought it) and didn’t buy it as it ‘needed too much work’. So they’ve know the condition of the house since then.

RHemmings

Fdbjg123 said:RHemmings said: 

I suppose. However their offer was already over 10k below asking so it’s a house they clearly can’t afford (assuming it’s actually worth what it was valued at). I don’t believe the estate agent did much pushing either. You wouldn’t think they’re getting a commission with how blasé they’ve been about all this. 

I'm not sure that making an offer below asking (or valuation) means they can't afford the property. If you agree on a price, then it's the agreed price that becomes what they can afford or not afford. 

But, I can't say exactly what happened in your situation. I'm just musing on the general concept of buying. 

Today I've been receiving properties from estate agents uniformly 10k-20k above my absolute maximum. The more I received them, the more my eyebrows went up. 

Fdbjg123

RHemmings said:

Fdbjg123 said:RHemmings said: 

I suppose. However their offer was already over 10k below asking so it’s a house they clearly can’t afford (assuming it’s actually worth what it was valued at). I don’t believe the estate agent did much pushing either. You wouldn’t think they’re getting a commission with how blasé they’ve been about all this. 

I'm not sure that making an offer below asking (or valuation) means they can't afford the property. If you agree on a price, then it's the agreed price that becomes what they can afford or not afford. 

But, I can't say exactly what happened in your situation. I'm just musing on the general concept of buying. 

Today I've been receiving properties from estate agents uniformly 10k-20k above my absolute maximum. The more I received them, the more my eyebrows went up. 

They offered £170k because they couldn’t afford to offer more (their words), as we did ask originally for a higher offer from them. So that’s why I say that. Sorry should’ve clarified 

deannagone

In your position, I'd say the acceptance was based on the condition of the property and you aren't prepared to offer any further reductions..  But check on actual 'sold' prices of other properties in same condition in your very local area, and compare to what your property was valued at.  Just to check the EA price really is good value for your area before doing this.

But I do agree with your assessment.  If the property needed too much work (when you bought it) for these buyers, what has changed since?  They sound a bit undependable to me.

[Deleted User]

I think it is entirely reasonable to state that the agreed price is already reduced in view of condition. This at least comes across as being reasonable and fair minded whilst refusing to budge. Also,  a sagging roof in this context does not mean it will leak this winter or in the next 20 winters!

Fdbjg123

[Deleted User] said:

I think it is entirely reasonable to state that the agreed price is already reduced in view of condition. This at least comes across as being reasonable and fair minded whilst refusing to budge. Also,  a sagging roof in this context does not mean it will leak this winter or in the next 20 winters!

Yes quite. The buyer also stated in her email we were ‘propping the roof up’ with an old duvet that was in the eaves storage. Many roofers must be missing a trick if all it takes to prop up a roof is an old duvet 😄

theartfullodger

Tell them you didn;t realise the price (which you thought was agreed) was flexible, and that being the case it's gone UP £6k