Hi, we put our property on the market back in September and got an offer after first viewing. The offer was 23k less than the asking price but we decided to accept it. We were due to exchange last Wednesday when the estate agent called me in the morning saying our buyers pulled out! We got quite upset but decided to put the propery back on the market. We 've got a call from the estate agent this Monday saying that buyers decided if we reduce the price by further 37k, which is 9% of the asking price! He said we should go for it as it's uncertain when we will find new buyers and that the money will be collected from the whole chain. I really don't feel like selling them our place after them pulling out right before the exchange. Any advice on what to do. Thanks.
If the EA can get everyone else in the chain to accept a reduction then good luck to them and at least your sale can go ahead but I wouldn’t be taking any further hit if it were me. I would have no faith in these buyers to complete the purchase.
Gosh, I wouldn't want any dealings with them. It's their original offer or not at all. Pulling out just before exchange is only acceptable if you lose your job or spouse/dc dies. No other excuse is acceptable and they are essentially blackmailing you knowing don't want to lose the house you're buying. I'd tell them to stick it. Estate agent just wants their commission!
I wouldn't sell to them unless you are absolutely desperate, they have shown themselves to be completely lacking in integrity. You said they were the first viewing when the house first went on the market, so is it an option to leave it on for a while? Of course it's uncertain when you will find new buyers as the EA said, but it's barely been on the market to find out. Maybe I'm being a bit cynical, but it sounds like the EA is trying to take the easy route. 37k is a hell of a lot of money for you to lose, but 1% (or whatever you're paying them) of 37k is not a lot of money to them. It's in their interests to push the sale through quickly at a lower price. Good luck whatever you decide to do!
I wouldn't reduce the price any further unless there has been a number of issues brought up on survey. But then I'm stubborn. You are just approaching peak property time March to July so I would hold on.
So they want 60k off the asking price, did the estate agent ask why they pulled out and want a further reduction, was it something on the survey. I wouldn't accept the offer, they sound very precise amounts, what was the original asking price and what are they offering. I'd also change estate agents.
Thanks a lot everyone. I feel the same, they do not deserve to live in our place. The building survey was fine, there is nothing wrong with our place. It's lovely, we are moving out as family expanded and we need more space. We decided to find a new buyer. X