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cornwalltigger
Posts: 19 Forumite
We are selling our house and have signed all of the papers in preparation for exchange. Our buyer (first time buyer) has just asked us to drop the price. She’s had some quotes for some work on the house which comes to £3k and she’s asking us to drop the price by the whole amount. We’re not going to agree to that.
What (if anything) would you drop the price by? Some of it is fairly legitimate - damp needs sorting in one of the downstairs rooms, a flat roof needs repairing. Some is definitely more in the cosmetic category - cost to replace a couple of ceilings for example.
We obviously are cautious not to collapse the chain but nor do we feel like we’re willing (or have the cash) to drop by the whole amount.
What (if anything) would you drop the price by? Some of it is fairly legitimate - damp needs sorting in one of the downstairs rooms, a flat roof needs repairing. Some is definitely more in the cosmetic category - cost to replace a couple of ceilings for example.
We obviously are cautious not to collapse the chain but nor do we feel like we’re willing (or have the cash) to drop by the whole amount.
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Comments
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If you want, you could start by saying very politely that you cannot drop the price because then you wouldn't be able to afford the place you are buying.
But it's always best to try to avoid it becoming a confrontation.
Were the problems with your house visible when the buyer viewed - or were they 'discovered' by a surveyor?0 -
Thanks eddddy. It’s a bit of a mix. Some stuff like the ceilings were visible, but then the survey has brought up some stuff too. It’s a Victorian terrace so in my opinion you’d be very lucky to find one that has a completely clean bill of health and so to a degree you have to make an offer with that in mind.0
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Was your house priced with some cosmetic work needing to be done when first advertised?
The crux is what did the surveyor value the property at?
Reduce if you really feel the need but TBH I would have thought that you should be resisting such a late challenge.
Are the purchasers willing to share their survey detailing the defects and the resulting downing of valuation....if yes then negotiate,if no then hold on to your stance in a polite mannerin S 38 T 2 F 50
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My question would be, why has it taken them so long to establish this and ask for the reduction? The time to negotiate this is straight after survey, not just before exchange. If I were you I would ask the EA to question their timing.
Leaving it till this point is just blackmail imo. Really annoys me when I see these threads, hopefully it happens to them in the future so they know how it feels!0 -
To be fair to the FTB it could have taken a fair amount of time to get some quotes in.
50/50 would be the non confrontational suggestion. .0 -
For me it would depeand on two things - whether the surveyor has downvalued the house (ie: below the agreed price) because of it and whether or not the surveyor has said it's critical to get done as a matter of urgency.
Even then I would only consider going 50/50 with them.0 -
Do you want to proceed with the sake? Of course, they could just walk away. It's more of a threat to you than to them0
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The key really is the surveyor's valuation. If that's said the property is worth the agreed sale price, then that takes the issues he raised into account already.
But, even if it doesn't, it's down to whether you think the buyer is going to walk over £3k. Or, to look at it the other way round, whether you want to risk your sale for £3k. You could take the route of asking the rest of the chain to contribute...
What sort of sale price are we talking about? £3k is a much bigger proportion of a £75k sale than a £750k sale.0 -
We are in the same situation selling a Victorian terrace. I met them halfway between their two valuations though their mortgage lender has asked for the work to be done before completion which means me having the hassle and expense of doing it so Ive refused that and they are now going with Nationwide instead of Barclays I believe.
I do feel like putting the price back up though tbh considering all the hassle.0 -
AnotherJoe wrote: »To be fair to the FTB it could have taken a fair amount of time to get some quotes in.
50/50 would be the non confrontational suggestion. .
If they were genuinely concerned they’d have paused the process, got the quotes, then negotiated.
Letting it get to exchange then trying to drop the price is plain and simple gazundering.
Tell them no!0
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