House sold months ago, buyers now want a

This has just happened to my mom, whole chain collapsed it was her buyers buyer he told them to sling their hook, but he had tried the same thing with my mom, told her to f him off but she wouldn’t listen . The house was on the market for a day. Only had one viewing since new year but the weather has been terrible. She is in a better place to negotiate now.

You sound very sure of yourself but I think you’ve misunderstood my post. It was in 2021 post lockdown as people sought outside space, London townhouse with a garden, it was a sellers market so not comparable to today in any sense. We received many offers over asking price.

If someone chances asking for a reduction the day before exchange and I lose my purchase, I wouldn't sell on principle. Simple. Plenty of buyers.

In England a house is only "sold" when contracts are exchanged and a deposit paid. Up to that point either party can withdraw without penalty or seek reduction.

The Scots have a system of "fixed price" or "offers in excess" by a certain date. The parties are bound.

When we have sold houses I have always set the price at what we really want and made the EA aware that any messing around will end negotiations. The particulars make that clear

I think there is huge satisfaction when you are in a position to put manners on someone who tried to screw you over.
He was stupid enough to think he was the big man formally withdrawing his offer, not thinking for a moment it would be accepted.
Playing chicken with the wrong person.
They lost a great house that was well built with all work done to it by skilled trades.
He was bleating on that his wife was devastated.
Perhaps he shouldn't have tried to mess people around.

I thought the term was Sale Agreed.
I understood the OP, but SOLD is only really applicable after the selling party have received funds into their bank account.

Please update on Wednesday!

Not everyone is part of a chain, some are sensible and organise cheap renting for a year or two and sell separately, or just already don't have to consider it.

If I was one of those, and I was less than 10 years ago, I would have pulled out just to mess your purchase up and moved on laughing if you made that threat, plenty of houses and plenty of time for me. So I wouldnt always be so sure of yourself.

A firm no or you will pull out. If they still buy remove all the light bulbs when you go. CF's of the highest order.

And yet that still doesn't mean they are sold. Given the amount of posts questioning the OP, clearly many people thunk her wording is bizarre

Sound like chancers to me!

Our buyers tried this the week of exchange. By that point our chain was pretty high stress. They were FTB who had received all requested survey reports then sat on various pieces of paperwork for months before requesting follow up surverys so we were almost 6months in and tension was building with our vendor and others.

They asked for a price reduction with days to go to exchange, we were all signing and returning final paperwork at this point so far too late to attempt this in my view.

We said no, and reiterated that if we lost our purchase due to this request, we would pull out if the sale. We had multiple offers (this was 2021) so this was a genuine threat to them.

Our solicitor also pointed out, which I assume the estate agent passed on, that they would need to review their mortgage offer with their lender, they couldn’t just ‘pay us less’ without discussing with the bank which would have taken time they didn’t have.

They saw sense and we all exchanged as planned.

After my last two sales I would consider a slightly lower offer over selling to a higher offer from FTB again. The inexperience, default to cheapest conveyancer/ solicitor and just general lack of understanding of how things work has led to issues both times.

Some people are chancers, OP, perhaps they like to think of themselves as savvy wheeler-dealers, who knows? I think it’s an arsehole, greedy move, especially when they were getting a good deal in the first place!

I had similar recently, selling my DM’s house to fund a nursing home. DM was running low on money so I was selling cheaply via online auction for alleged “speed and ease”. It was neither speedy or easy! First buyers had to pull out due to a family tragedy, totally understandable and horrible for them. Second buyer just seemed to be dreamer with no actual real plan or financial ability - weird. The third buyer seemed okay, then his solicitors were messing around, taking forever to do anything and missed the deadline for completion. Apparently buyer still wanted to proceed, but then DM died. Probate was expected to take a couple of weeks. While I was still in shock and trying to arrange the funeral, the buyer said he was willing to wait for probate but wanted 15k off the price. I declined and decided I longer had any wish to sell my lovely DP’s house to a vulture who was trying to actively profit from DM’s death. Buyer threw his toys out of his pram and wanted to buy it for original price, but as far as I’m concerned he’s scum and wouldn’t sell it to him at any price.

Play stupid games and win stupid prizes, I suppose. No I’m no longer worried about covering £7.5k per month in nursing home fees, I’m going to re-market it in spring via the traditional method. It’s emotionally difficult selling a loved one’s home in any event, we don’t need arseholes
making it worse!

Happened to my friend on the day of exchange. Their removal van was there, they were relocating to another part of the country to start new jobs and had a baby of a few months. They complied due to the stress. Not sure if there would have been another option; I've luckily never had to sell due a relocation.

Tell your estate agent to start arranging new viewings. Don’t let the potential buyers back over the threshold until after exchange.

You are being taken for a ride on your own side, if you think all those fees are that extreme.

It's not exactly a big risk, and until the transfer is complete they can do and ask what they please and even walk away if they want just like you.

You house has no inherent value, it isn't worth something specific. It's worth what you can get someone to pay, relative to what you need and how fast you need it to move where you want to go (if there is somewhere).

Yes it basically says the roof is unsafe.

This is correct as far as I understand it - we only know how seller’s name now because we have had preliminary sight of all the documents related to the purchase. Until that point we have simply been speaking the EA and our solicitors about ‘the vendor/seller’.

Is that in England? Am pretty sure that mortgage information/debt outstanding is confidential financial information that noone else is ever allowed to see, other than the solicitors acting on their behalf and arranging transfer of funds.

@Roseyliv78 They will know as part of the conveyancing.

I remember when we bought our house how much the nearly zero balance mortage on it was and the sellers were haggling over some shitty light fittings and dusty curtains we told them to stuff it, so they took everything with them.
Not sure what it was called, but it was around exchange that the buyer finds out how much is outstanding on the sellers mortgage.

Houses that have had an offer accepted always have a big SOLD stc on them. Is it really that confusing that the OP wrote that given she also give the description of where they are in the selling process? Don't take a genius to work out what she means.

Hold your nerve OP. Sounds like they heard where your buying somehow, got a bit jealous, thought you are loaded so don't need the cash so trying it on. Did they give any other reason as to why else they think a 11k reduction is reasonable?

Unfortunately you didn’t sell the house months ago it was just offered on, so sadly they can (technically) do what they want up until date of completion. I would tell them to get lost quite frankly, I actually can’t believe a lawyer would be as frank as to email you telling you their reasons, how on earth they know about where you are moving to I would have got my lawyer to question, breach of privacy perhaps?! Say no, if they back out then so be it. I don’t reckon they will I think they are testing their luck

edited to say sorry, just read your responses! You have handled it well.

It wasn’t a problem before Home Reports though. You simply made your offer “subject to survey” and that was usually done a day or two later. If there was time you would have the survey done before you made your offer. Everything else was sorted out and missives concluded early. The greatest benefit of the HR wasthat buyers didn’t have pay for a survey which was ultimately useless as they were outbid.

Edited to add - the HR has improved the survey and valuation part of the process while the missives aspect has mysteriously deteriorated.

I think we all know what OP was saying. It’s clear it isn’t “sold” yet.