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Buyers lowering offer just before exchange!

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Comments

  • Alfrescodave
    Alfrescodave Posts: 990 Forumite
    Name Dropper First Anniversary First Post
    It would be interesting to know what percentage of buyers who suddenly drop their offer just before exchange are FTB's?

    From posts on this forum about this topic my guess is that it is a high percentage
  • Davesnave
    Davesnave Posts: 34,741 Forumite
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    Within the context now provided, I'd probably want to play this hard, but I wouldn't risk a house I really wanted for £2k either. Maybe that's because it took years to find the property I have now.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Name Dropper First Anniversary First Post I've helped Parliament
    reg091 wrote: »
    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.

    Will they find another buyer quicker than you?


    Your FTB means they only have the cash and the mortgage to play with.

    If they pull out their cash pot goes down by another set of costs and if renting a few more months rent.

    get the agent doing their job, they will want this one sold and move on.
  • wesleyad
    wesleyad Posts: 754 Forumite
    First Post First Anniversary
    Really depends on the buyers situation. If their mortgage offer has come in at the lower value maybe they cant make up the difference? They genuinely might not be trying it on.

    I'd say no, explain you have tons of interest and will have no problem selling at current price. However if it then turns out they would have to pull out, I'd consider bargaining rather than mess up the entire sale.
  • Lauralou79
    Lauralou79 Posts: 268 Forumite
    I hate this. If the mortgage valuation came up in April why hasn't this been sorted before now? Funny that 4K is the exact amount they went above their offer. Have you/solicitors seen proof of the valuation?

    It's difficult cos my immediate thoughts are no way and call their bluff but your circumstances may not quite be that simple.

    I certainly wouldn't give them the full amount off though.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
    reg091 wrote: »
    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?
    Have they just said this, or have they given you documentary evidence in the form of a copy of the valuation?


    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.
    Yep, they're the choices. The chances of them walking now over four grand are slim, unless they're right on the edge of affordability and have been taking the time to try and make the numbers work, but have finally admitted they can't...
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    Say that you believe the property is worth more money now than it was in April, ask for another £4K on top of their original offer.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    ACG wrote: »
    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.


    This is how people end up with property on the market for years, take off the 4k and think good thoughts about your buyer (they don`t grow on trees)
  • pinkshoes
    pinkshoes Posts: 20,075 Forumite
    Name Dropper First Anniversary Photogenic First Post
    reg091 wrote: »
    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.

    So accept the price drop then!

    If you are not willing to call their bluff, then that limits your options.

    Your vendors will then have to find another buyer too if they choose not to wait for you to find a new buyer, and given you have had the searches done already you will be faster than any new buyer, so easy enough for them to wait.
    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!)
  • westernpromise
    westernpromise Posts: 4,833 Forumite
    Nobody knows what the value of a property is within 1% FGS.
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