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    • reg091
    • By reg091 5th Jul 18, 7:04 AM
    • 75Posts
    • 10Thanks
    reg091
    Buyers lowering offer just before exchange!
    • #1
    • 5th Jul 18, 7:04 AM
    Buyers lowering offer just before exchange! 5th Jul 18 at 7:04 AM
    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.
Page 2
    • westernpromise
    • By westernpromise 5th Jul 18, 12:55 PM
    • 4,071 Posts
    • 5,315 Thanks
    westernpromise
    Nobody knows what the value of a property is within 1% FGS.
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
    • Crashy Time
    • By Crashy Time 5th Jul 18, 1:20 PM
    • 6,245 Posts
    • 2,379 Thanks
    Crashy Time
    Nobody knows what the value of a property is within 1% FGS.
    Originally posted by westernpromise

    Why do sellers wriggle and squirm about 4k in that case?
    • Asl77c
    • By Asl77c 5th Jul 18, 1:37 PM
    • 81 Posts
    • 65 Thanks
    Asl77c
    ask for a copy of their valuation report.
    • Surrey_EA
    • By Surrey_EA 5th Jul 18, 1:39 PM
    • 1,580 Posts
    • 2,076 Thanks
    Surrey_EA
    Why do sellers wriggle and squirm about 4k in that case?
    Originally posted by Crashy Time
    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
    • By reg091 5th Jul 18, 1:47 PM
    • 75 Posts
    • 10 Thanks
    reg091
    Why do sellers wriggle and squirm about 4k in that case?
    Originally posted by Crashy Time
    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
    • By bmthmark 5th Jul 18, 1:54 PM
    • 245 Posts
    • 232 Thanks
    bmthmark
    I would say 'No'
    • Cakeguts
    • By Cakeguts 5th Jul 18, 1:57 PM
    • 4,561 Posts
    • 6,573 Thanks
    Cakeguts
    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
    • By csgohan4 5th Jul 18, 3:15 PM
    • 4,627 Posts
    • 2,895 Thanks
    csgohan4
    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"
    • Thrugelmir
    • By Thrugelmir 5th Jul 18, 6:31 PM
    • 59,199 Posts
    • 52,590 Thanks
    Thrugelmir
    Why do sellers wriggle and squirm about 4k in that case?
    Originally posted by Crashy Time
    Doing business on a handshake is the British way.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Lysimache
    • By Lysimache 5th Jul 18, 7:05 PM
    • 170 Posts
    • 58 Thanks
    Lysimache
    Ask to see valuation report.
    • Margot123
    • By Margot123 5th Jul 18, 7:32 PM
    • 940 Posts
    • 957 Thanks
    Margot123
    As my solicitor advised me, if you reduce by 4k now then they will want another 2k discount a few hours before exchange.
    • greatgimpo
    • By greatgimpo 5th Jul 18, 7:41 PM
    • 767 Posts
    • 1,082 Thanks
    greatgimpo
    Turn this brinkmanship around: agree to their reduction, until a few hours before exchange then hit them for the previously agreed price - take it or leave it (although it may go wrong of course).
    • Margot123
    • By Margot123 5th Jul 18, 7:43 PM
    • 940 Posts
    • 957 Thanks
    Margot123
    Turn this brinkmanship around: agree to their reduction, until a few hours before exchange then hit them for the previously agreed price - take it or leave it (although it may go wrong of course).
    Originally posted by greatgimpo
    I can't see the OP doing this, they already think it's a disgusting practice and would be mindful of others in the chain.
    Sometimes it isn't right to play people at their own games.
    • greatgimpo
    • By greatgimpo 5th Jul 18, 7:58 PM
    • 767 Posts
    • 1,082 Thanks
    greatgimpo
    I can't see the OP doing this, they already think it's a disgusting practice and would be mindful of others in the chain.
    Sometimes it isn't right to play people at their own games.
    Originally posted by Margot123
    OK then, look after everybody else in the chain, and take the fall - I'm sure all the other homebuyers will appreciate your generous gesture and offer to chip in a little to offset your sudden loss.
    • Bass_9
    • By Bass_9 5th Jul 18, 8:03 PM
    • 107 Posts
    • 113 Thanks
    Bass_9
    Say the original price still stands and give them 24 hours before you're putting it back on the market.

    I'm annoyed for you but also the other buyers who couldn't stretch to their offer, perhaps they planned this all along? I wouldn't let them get away with it, but that's just me.
    • waamo
    • By waamo 5th Jul 18, 8:16 PM
    • 3,600 Posts
    • 4,766 Thanks
    waamo
    It will probably cost them a few thousand to pull out now. Add a few thousand to buy another house and it makes little economic sense for them to pull out.
    This space for hire.
    • GSDPenny
    • By GSDPenny 5th Jul 18, 8:18 PM
    • 21 Posts
    • 6 Thanks
    GSDPenny
    Some great advice I read on here, and my husband applied it only 10 days ago to someone who tried to do the same.

    Either agree or meet them half way, subject to exchange 'by the end of the week' or the price goes back up/relisted for sale.

    Bear in mind that the mortgage offer will need to be changed, so that will delay things, but only delayed it by a week in our case.
    • zagubov
    • By zagubov 5th Jul 18, 9:24 PM
    • 15,367 Posts
    • 131,332 Thanks
    zagubov
    Turn this brinkmanship around: agree to their reduction, until a few hours before exchange then hit them for the previously agreed price - take it or leave it (although it may go wrong of course).
    Originally posted by greatgimpo
    It's more likely they could find a shortfall in their funding than suddenly find a boost to their funds at such short notice.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • diggingdude
    • By diggingdude 5th Jul 18, 10:20 PM
    • 316 Posts
    • 365 Thanks
    diggingdude
    I really hope you say no to these people but don't lose your future over it if that is what would happen. I know someone who was gazumped for a couple of grand the day of exchange. Their house was not left in show room condition for the new owners despite it being lovely previously. Not recommending that but my friend at least took great delight in it
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22 14621.22 16021
    • WoodyMax
    • By WoodyMax 5th Jul 18, 10:35 PM
    • 52 Posts
    • 39 Thanks
    WoodyMax
    I agree with a previous poster - I would say I would reduce it by 2K and that's it providing the exchange happens asap.

    It sounds like you would get another buyer fairly quickly based on the amount of viewings and offers you had initially.

    Good luck
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