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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 3
    • zagubov
    • By zagubov 5th Jul 18, 11:36 PM
    • 15,375 Posts
    • 131,343 Thanks
    zagubov
    Why would it be more likely they would find a shortfall? Could it not be more likely they are in fact just trying to save money at the vendors expense and in fact have the required funds as they initially accepted the offer and as has been pointed out the assumption here is that most likely they are just trying it on so I'd argue the exact opposite is true of what you're saying for that reason.
    Originally posted by ajak81
    As I doubt there's a public database of this, how often do you imagine that people's financial miscalculations might have gone in favour of finding more money than they thought they had compared with finding they've got less?

    And how often have you managed to suddenly find you've got a few thousand more quid than you thought you had a few hours ago in these cash-strapped times?
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • zagubov
    • By zagubov 6th Jul 18, 12:59 AM
    • 15,375 Posts
    • 131,343 Thanks
    zagubov
    Yes but the point is that ONE assumption is these people are having the money and are just trying to pay less which would mean this isn't the average person who just can't afford the required asking price if you see what I mean.

    Ordinarily I'd agree with you but not with these people because it's my belief they're just using underhand tactics just to save money not because they haven't actually got the money
    Originally posted by ajak81
    Good luck- maybe you've got more access to their motivations and assets than I do. I just have to be honest and say I've more often overestimated my financial worth than underestimated it.

    And I've always found that underestimating of my assets take less time to correct than overestimates.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • reg091
    • By reg091 6th Jul 18, 7:14 AM
    • 75 Posts
    • 10 Thanks
    reg091
    I am thinking that the "fault" is with the fact that a mortgage valuation surveyor puts a specific price. None of the estate agents do that, they give a range which is surely the sensible way to go.

    How can a surveyor possibly arrive at a specific price, and how long is that price likely to be accurate for - a day, a month?

    I have another strategy: say to them "prices have increased since your valuation in April, I want an EXTRA four grand now"!
    • Davesnave
    • By Davesnave 6th Jul 18, 8:33 AM
    • 25,538 Posts
    • 93,510 Thanks
    Davesnave

    I have another strategy: say to them "prices have increased since your valuation in April, I want an EXTRA four grand now"!
    Originally posted by reg091

    But you aren't really going to do that, are you?


    It's make your mind up time. Plenty of advice here, most of it advising you to take a tough line.


    Easy enough to dish out advice, of course, and everyone thinks what's worked for them will work for you. I've had playing hardball go both ways, hence my earlier caution.
    Last edited by Davesnave; 06-07-2018 at 8:57 AM. Reason: because I can
    If you are finding huge gaps between your paragraphs, MSE know about the problem. However, they aren't necessarily doing anything about it. More changes on the way?
    https://forums.moneysavingexpert.com/showthread.php?t=5844460
    • wesleyad
    • By wesleyad 6th Jul 18, 8:43 AM
    • 239 Posts
    • 183 Thanks
    wesleyad
    I am thinking that the "fault" is with the fact that a mortgage valuation surveyor puts a specific price. None of the estate agents do that, they give a range which is surely the sensible way to go.

    How can a surveyor possibly arrive at a specific price, and how long is that price likely to be accurate for - a day, a month?
    Originally posted by reg091
    I agree, but it seems the OP had the house up for 385k and the buyer offered at 389k. The surveyor has probably missed the offer and just looked at the house advert (they do this a lot) and agreed with the advert price of 385k. They would probably also agree with 389k if they were asked. As you say it's too close to get funny about, no one can be that accurate.

    It's possible the buyer missed this fact until solicitor sent the required funds itinerary at which point they crapped it as they realised they didn't have enough cash. Just playing devils advocate, not everyone is out for a quick buck.
    • reg091
    • By reg091 6th Jul 18, 8:50 AM
    • 75 Posts
    • 10 Thanks
    reg091
    House was up for 400K. We set ourselves a target of 390K and after two weeks figured 389K was close enough.
    • reg091
    • By reg091 6th Jul 18, 8:54 AM
    • 75 Posts
    • 10 Thanks
    reg091
    [QUOTE=Davesnave;74494751]But you aren't really going to do that, are you?/QUOTE]

    No, I'm not that would be just as immoral as what they are trying to pull.

    Although Halifax house price report published this morning shows prices up 1.8% to June...
    • wesleyad
    • By wesleyad 6th Jul 18, 9:57 AM
    • 239 Posts
    • 183 Thanks
    wesleyad
    House was up for 400K. We set ourselves a target of 390K and after two weeks figured 389K was close enough.
    Originally posted by reg091
    Oh ignore my post then, not sure where I got it was up for 385. Seems very pedantic of the surveyor then.
    • steampowered
    • By steampowered 6th Jul 18, 10:46 AM
    • 2,669 Posts
    • 2,603 Thanks
    steampowered
    I would say no in the first instance.

    If that means the sellers can no longer afford the property because they can't make up the shortfall, I'm sure they will tell you.
    • DonPatch
    • By DonPatch 6th Jul 18, 11:56 AM
    • 41 Posts
    • 18 Thanks
    DonPatch
    I would ask the agent what took them so long to tell you as surely any issues with the survey or valuation should have been mentioned in April.

    It might give you a clearer idea of what you're dealing with
    • jaycee123999
    • By jaycee123999 6th Jul 18, 12:25 PM
    • 6 Posts
    • 0 Thanks
    jaycee123999
    House back on market before exchange
    Can you do this? ie put your house back on the market before exchange - won't you lose the house you want to buy?
    • Crashy Time
    • By Crashy Time 6th Jul 18, 12:31 PM
    • 6,255 Posts
    • 2,380 Thanks
    Crashy Time
    https://www.housepricecrash.co.uk/forum/index.php?/topic/233102-banks-surveyors-downvaluing-houses-by-up-to-30/&tab=comments#comment-1103390491
    • reg091
    • By reg091 6th Jul 18, 12:52 PM
    • 75 Posts
    • 10 Thanks
    reg091
    Can you do this? ie put your house back on the market before exchange - won't you lose the house you want to buy?
    Originally posted by jaycee123999
    Yes, I can't see that as an option at all. No way that the upward chain is going to (be able to) wait for another three months+ whilst we go through another buyer.

    Secondly, I am surrounded by boxes, the house is packed and ready to go. How can I put it back on the market, make it viewable? I'd have to put everything in storage (). A nightmare scenario all round really.
    • StumpyPumpy
    • By StumpyPumpy 7th Jul 18, 1:13 AM
    • 1,262 Posts
    • 3,406 Thanks
    StumpyPumpy
    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.
    Originally posted by reg091
    There might be a fourth way, but it depends on how able and willing your EA is. Without speaking with your buyer, first talk to your EA and let him know that regretfully you are minded to return the house to market and that because you want to recoup your own losses when the chain collapses you will need to list it at 410k. Tell the EA to prepare to re-market it but not to actually do so until you have fully made your mind up, however you have no objection to him passing this info on in advance to your buyer.

    The EA won't particularly want to relist and a slightly increased selling price will only add pennies to his commission so he should be motivated to work a squeeze on the original buyer for you. The buyer will see that he will lose out if the house goes back to market at a higher price and may be more open to review his offer upwards. You have not actually committed yourself to any course of action or had to deal face-to-face with your buyer but you have still put the ball back in his court without being overtly snotty about it. If the buyer doesn't come around (or genuinely can't get the money) you can then seriously consider one of your other options. If he is playing games with you he will concede, suddenly find the money down the back of the sofa or something, and things will resume as before.

    SP
    Come on people, it's not difficult: lose means to be unable to find, loose means not being fixed in place. So if you have a hole in your pocket you might lose your loose change.
    • getmore4less
    • By getmore4less 7th Jul 18, 6:27 AM
    • 32,390 Posts
    • 19,462 Thanks
    getmore4less
    ^^^^
    This is one for the EA to sort out do not talk to the buyers.

    EA needs to get onto the others that were interested and see if any are still looking, the EA can exaggerate how keen they are when letting the current buyer know you won't be dropping the agreed price.


    Your upper chain may lock you out or decide not to move if you pull out if not they will still need a buyer and it will be you or someone else depending how soon you can find someone.
    • greatgimpo
    • By greatgimpo 7th Jul 18, 8:51 AM
    • 767 Posts
    • 1,082 Thanks
    greatgimpo
    Maybe the estate agent will do a little bit and reduce % of commission... yea, right.
    • Margot123
    • By Margot123 7th Jul 18, 8:57 AM
    • 947 Posts
    • 962 Thanks
    Margot123
    I would say no in the first instance.

    If that means the sellers can no longer afford the property because they can't make up the shortfall, I'm sure they will tell you.
    Originally posted by steampowered
    I had this with one of my buyers. They dragged the transaction out for months, and then demanded several thousands off for imaginary issues.
    On the advice of my solicitor, I gave a deadline when the property was to be remarketed.
    Turns out they had a shortfall in funds BUT managed to borrow from friends and family in the end. Most folk can scrape together a few grand from various sources.
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