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Buyers lowering offer just before exchange!

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  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    westernpromise wrote: »
    Nobody knows what the value of a property is within 1% FGS.


    Why do sellers wriggle and squirm about 4k in that case?
  • Asl77c
    Asl77c Posts: 87 Forumite
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    ask for a copy of their valuation report.
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    Crashy_Time wrote: »
    Why do sellers wriggle and squirm about 4k in that case?

    Not sure why this has any relevance to the correct statement that a property cannot be accurately valued to within 1%, but to most people £4000 is rather a lot of money.
  • reg091
    reg091 Posts: 178 Forumite
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    Crashy_Time wrote: »
    Why do sellers wriggle and squirm about 4k in that case?
    Any "wiggling and squirming" I may have done would have been back in April when the house had been valued, was on the market and offers were being made. At no point was I thinking I wasn't getting enough for the house.

    The amount agreed then was about spot on with all the information we had available, in fact I was surprised (old skeptic that I am) that the Estate Agents had all been pretty much spot on with their valuations.

    What this thread is all about is that a few days before a possible exchange the buyers decide to unearth a valuation that names a specific value rather than a range, and seemingly "use it" towriggle out of an agreed price that was by all estimates a fair price.
  • bmthmark
    bmthmark Posts: 297 Forumite
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    I would say 'No'
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    The timing looks as if they are playing a game. I would say no. I also think that if they have left it this long they can't actually afford the house at all and the sale will fall through anyway.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    even if you agreed to knock off 4k, would the buyers have to apply for the mortgage of the reduced value??
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Crashy_Time wrote: »
    Why do sellers wriggle and squirm about 4k in that case?

    Doing business on a handshake is the British way.
  • Lysimache
    Lysimache Posts: 192 Forumite
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    Ask to see valuation report.
  • Margot123
    Margot123 Posts: 1,116 Forumite
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    As my solicitor advised me, if you reduce by £4k now then they will want another £2k discount a few hours before exchange.
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