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Original poster

… to ask your help deciding on how to respond to our buyer’s request

120 replies

Northerngirl1969 · 28/08/2024 19:23

So, we’re part of a four person chain with four houses being bought/sold. Our buyer’s house has been surveyed and an issue has been found. Their buyers (the FTBs) are requesting a £20k reduction as a result. The estate agents representing our buyers (and the house with the issue) are suggesting we help out our buyer by taking £10k off our price and that our sellers should take off £5k. Thus we would be worse off by £5k, our sellers worse off by £5k and our buyers (and the owner of the house with an issue) £10k. The first time buyer will be better off by £20k. The issue is not major. Our estate agent believes the quotes for the work don’t come anywhere near the £20k but of course there’s inconvenience etc. Lastly the FTBs got the survey done on the house very late. So we’ve already 3 months in and several thousands of solicitor fees in. Your thoughts are very welcome!

OP posts:
MeanMrMustardSeed · 28/08/2024 19:44

Not usual, but of course it depends on how much you want to buy the house.

You’ve already spent £2k, so if you’d lose that by the chain failing, it would only cost you £3k to keep it. Is it worth that to you?

Local market matters so much. Where I grew up, there were 8-10 streets of similar houses I could chose from. Where I live now, they’d be no more than 30 houses I could chose from. I would pay £3k extra to get my chosen home here, if that was the only way. It would be too costly not to.

IfOnlyTheyWent · 28/08/2024 19:44

Could you afford to offer half? It all sounds complicated, I'd worry it could all fall through, although you shouldn't have to give any reduction.

FloordrobeIsGoingToGetME · 28/08/2024 19:41

OP, I used to work in an estate agents years and years ago.

This certainly CAN and does happen and can sometimes be the only way to keep a chain together.

CinnamonJellyBeans · 28/08/2024 19:41

What a ridiculous request. Of course you say: "No"

schloss · 28/08/2024 19:40

It does happen however it would be a firm no from me. The EA is trying to protect all the sales,I expect more for their benefit though!

There may or may not be 20k worth of work need doing, but as it is FTB I expect they will have seen all the generic backside covering in all surveys, and they have decided it is work which has to be done. I would expect it is "electrics do not meet current standards", boiler does not meet current standards etc etc.

Not your issue though, stand firm for the moment - the situation can always be reassessed if all the other parties in the chain agree to it.

Just a word of caution, the EA may tell you everyone else has agreed, if you do say no, that doesn't mean they have!

BabaYetu · 28/08/2024 19:38

😂😂😂😂😂😂😂😂😂

They can get to fuck. AS IF! Never heard such absolute nonsense.

Babychewtoy · 28/08/2024 19:37

Absolutely not. Why would the value of your house be affected by a problem with someone else’s house? That doesn’t make any sense at all.

Have your buyers had the survey done for your house? I would be worried that they would try to get some money off over a non-issue. I imagine it’s quite common for people to try their luck in that situation, but to explicitly say that you should take money off because of someone else’s survey is batshit.

Notanotheronetoday · 28/08/2024 19:37

They are being very cheeky. It would be a no from me!

5128gap · 28/08/2024 19:36

Northerngirl1969 · 28/08/2024 19:32

Just to confirm, it it NOT usual?

Show quote history

Sorry, not unusual! It's happened to us twice!

TellerTuesday · 28/08/2024 19:35

That would be a firm no from me.

5128gap · 28/08/2024 19:35

Well I guess when this happens it's all well and good people saying it's not your problem it's between the FTB and vendor 1. But in reality it's everyone's problem at this stage in the game. Personally if all the others are willing to pass it up, I'd take some of that to progress it. But I suppose you could make a lower counter offer to pass back down.

Pomegranatecarnage · 28/08/2024 19:32

There is no way I’d agree to that! It’s not your problem.

Original poster
Northerngirl1969 · 28/08/2024 19:32

5128gap · 28/08/2024 19:28

Depends how important it is to you that the chain doesn't break at this point. It's certainly not usual to pass a cost up the chain to enable things to proceed.

Just to confirm, it it NOT usual?

OP posts:
Original poster
Northerngirl1969 · 28/08/2024 19:30

Of course, we’ve invested quite a bit emotionally and financially to date the house we’re hoping to buy ticks a lot of boxes.

OP posts:
5128gap · 28/08/2024 19:28

Depends how important it is to you that the chain doesn't break at this point. It's certainly not usual to pass a cost up the chain to enable things to proceed.

Spomb · 28/08/2024 19:27

Several thousands seems a huge amount to have already spent on solicitors.

How much do you want to move? I personally would say no and I would not dream of asking the people I was buying from as I would imagine they would tell me where to go, as I would if someone did that to me. But, if you desperately want the new house and don’t need the £10k to move, then you might want to consider it.

Trickabrick · 28/08/2024 19:27

That’d be a no from me, sounds like the FTB could be inflating the amount needed - why should you subsidize people you don’t know! I’d only consider it if was imperative the chain didn’t collapse.

BellesAndGraces · 28/08/2024 19:26

Absolutely no need for you to take the hit here. I would respond and say no.

PandorasBoxers · 28/08/2024 19:25

The estate agent just wants their cut so don’t care that you’d be worse off. I wouldn’t take the hit personally.

mushpush · 28/08/2024 19:25

Honestly I wouldn't get involved - the issue is between them and their buyers, there's no need to get the entire chain to mess around with prices now.