PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Buyers lowering offer just before exchange!

reg091
reg091 Posts: 178 Forumite
First Anniversary First Post Name Dropper Combo Breaker
in House buying, renting & selling
Our buyers had their mortgage valuation survey done on 21 April.
We are now (July) potentially a few days away from exchange (of all parties in the chain) and yesterday I am informed that their valuation is £4K below the agreed price so will we reduce?
Why wait this long!!!?
It seems like a shabby, calculated trick to me.
We accepted their offer at the start over another keen buyer who couldn't stretch to what they agreed to pay.

Anything I can do? I am guessing my only options are to suck it up and wish bad thoughts on them forever, say no and risk them walking away, suggest meet halfway.
«13456

Comments

  • kinger101
    kinger101 Posts: 6,277 Forumite
    First Anniversary Name Dropper First Post
    A bit more complicated, but you could see if any of it could be passed up the chain. E.g., explain what's happened and see if your vendors will knock £2K off.

    Personally, I'd tell your purchasers no at first. I suspect they can find it, otherwise they'd have mentioned it sooner.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Name Dropper First Anniversary Photogenic First Post
    reg091 wrote: »
    Anything I can do? I am guessing my only options are to suck it up and wish bad thoughts on them forever, say no and risk them walking away, suggest meet halfway.
    Firstly, accept that your house isn't judged to be as valuable as you thought. On that basis, negotiate. It's common for the shortfall to be shared 50:50. Remember they still want your house.


    We have no idea about context, such as what % of the price £4k represents, or what your onward plans are.



    Most older posters here will have met similar situations or had to lower their price to keep as sale afloat. People sometimes behave badly and it's easy to get caught-up in strong emotions, then do the wrong thing, but the overall objective should always guide actions.
  • reg091
    reg091 Posts: 178 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    @Davesnave Thanks for the reply. A bit more context: the house was valued by five estate agents at between £385 - 400K. We put it on at £400K expecting to get somewhere in the range suggested.

    We accepted £389K from these people after negotiating them up from an initial offer of £385K, So we were confident that we were just about bang on with the price we expected and hoped to realise.

    It doesn't have a massive impact on the onward purchase (we can absorb it). It is just the timing that stinks!
  • greatgimpo
    greatgimpo Posts: 1,256 Forumite
    Davesnave wrote: »
    Remember they still want your house.

    ...and perhaps they need it as they have sold themselves presumably.
  • kiddy_guy
    kiddy_guy Posts: 987 Forumite
    First Anniversary First Post
    They're playing the game, trying to get it back down to their original offer.

    Tell them No and say that there's no justification at this late stage.
  • reg091
    reg091 Posts: 178 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    @greatgimpo No, they are FTB (apparently with a £100K deposit, not that that is relevant).
  • pinkshoes
    pinkshoes Posts: 20,074 Forumite
    Name Dropper First Anniversary Photogenic First Post
    I would be tempted to say no and give them 24 hours to confirm if they would like to proceed still, otherwise you will instruct the estate agent to re advertise it again.

    Did you have much interest initially?
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
    First Anniversary First Post Name Dropper Photogenic
    reg091 wrote: »
    @Davesnave Thanks for the reply. A bit more context: the house was valued by five estate agents at between £385 - 400K. We put it on at £400K expecting to get somewhere in the range suggested.

    We accepted £389K from these people after negotiating them up from an initial offer of £385K, So we were confident that we were just about bang on with the price we expected and hoped to realise.

    It doesn't have a massive impact on the onward purchase (we can absorb it). It is just the timing that stinks!



    Your house is not worth what an estate agent markets at, they want your business, the higher value, the more business.


    It is the buyer's and what their willing to pay is the true price and to an extent an independent surveyor
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • reg091
    reg091 Posts: 178 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Hi Pinkshoes. Well then of course we will lose our onward purchase which is not an option.

    We had about ten people view and 3 offers in the 14 days it was on the market.
  • ACG
    ACG Posts: 23,717 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    There is absolutely no way in this world I would negotiate. I would literally rather cut my arm off with a rusty knife.

    I would ask the agents to put the house back on the market until exchange has taken place.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.8K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards