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Original poster

Buyers dropping offer close to exchange- WWYD

33 replies

CaughtInTheCovid · 27/01/2021 15:13

Hello,

For background we are in a short chain (our buyers, us, our vendors, empty house). Everything seems to be going ok and hoping to move before end of SDLT holiday at end of march.

Our buyers put in a much higher offer than our house was on for (they offered 395K it was on for 380K.) We did have 4 offers total but theirs was 6K more than the other highest but as they were proceedable we chose them.

Since then we have been in touch regularly they seem keen to do lots of work to the house. They are currently renting and rent ends late feb.

Ours is an old house (130 year) so the survey showed all the usual (maybe issues with roof, maybe damp, some windows failed) but nothing major. They had a damp person round (who told us £800 to fix one damp patch and damp proof the whole house) and a roofer (who told is there was a bit of mortar loss but otherwise roof was absolutely fine).

Since then they've decided they also want someone round to quote for all new windows and they've told the EA its provisionally come back at 10K for this. The survey just mentioned some failed panes not needing to replace windows entirely!

They have since said to the EA they are going to revise their offer. Its near the end, we need the SDLT holiday and we cant afford to take an offer much lower as we need the sale money to buy our new place. They've had a mortgage approved at their high offer price.

WWYD? Would you give them anything off? A small gesture to cover the damp and replace a couple of broken panes? They haven't told us how much they want off but I imagine it may be a fair bit.

Sorry its long!

OP posts:

MrsPerfect12 · 27/01/2021 15:20

I wouldn't change the price be firm and say you have other interested parties if they want to pull out. Call their bluff. I doubt they'll pull out. They just want you to cover costs that they would have been anticipating for a 130 yo house.

QuentinWinters · 27/01/2021 15:22

I'd walk away. The SD holiday will affect them too. Nothing in the survey was unexpected, the offer was as seen on the property. They are being cheeky.

BornIn78 · 27/01/2021 15:23

I would wait and see what their revised offer is, but make it clear if they are revising their offer they need to do it formally/officially by the end of this week, otherwise you will proceed to offer your house to one of the other interested parties.

Chicchicchicchiclana · 27/01/2021 15:26

Not sure anyone can advise you until they've said how much they want to reduce by?

You can completely discount the quote for all new windows for a start, that's something they may want to do but wasn't part of the negotiations from the off.

Bloodybridget · 27/01/2021 15:31

This happened to my DB and SIL a few months ago, they got a very good offer from a woman who was allegedly renting, she got a structural survey, didn't get back to them for several weeks, then just at the point when they were expecting to exchange, started bringing up lots more quibbles. Next thing, she told the EA she was reducing her offer by 100k! (about 9%). Was told to get lost, sharpish. I reckon she was gambling on them having set their hearts on another house and being desperate not to lose a buyer, but they hadn't and weren't.

Freddiefox · 27/01/2021 15:33

When was the survey was it very recent or a while ago.

Tbh of it was me, I’d say no, not up for discussion. Put a date on exchange or house is back in the market by the weekend.

Imiss2019 · 27/01/2021 15:36

Call their bluff and see what they do.

SmellyPooHead · 27/01/2021 15:42

I would hold firm, you could have easily gone with the lower offer, had less hassle and ended up in a better position
Sounds like they had this planned, I expect they knew how much you were depending on the sale going through
Don't march to their tune

TheRealHousewife · 27/01/2021 15:51

Definitely hold your nerve. Chancers!

netstaller · 27/01/2021 15:54

I'd say they're pushing it with replacing all the windows as they could see that. You need to be firm and act quickly or they may try and drop you/pressure you at the last moment. For all you know they may have agreed a rent extension to keep pressure on. I'd say make a decision and make it quickly - better to be firm now than pressurised later.

spidermomma · 27/01/2021 15:56

I think their just trying it, they wanted the house, did the high offer then played a game to try get it lower now they've got it pretty much

Be firm and say no you can't do it, their renovations don't effect what you're selling it for. They've bought it as seen ...
Been their and done that. Their just trying it op
Hope all goes well x

spidermomma · 27/01/2021 15:57

And like others have said you want to see the revised offer by weekend or house is back on the market Saturday xx

Polyxena · 27/01/2021 15:57

This reply has been deleted

Message withdrawn at poster's request.

Boopeedoop · 27/01/2021 15:58

Hold firm! They are chancing their luck!

2me2u2u2me · 27/01/2021 16:13

This happened to me a couple of weeks ago. My buyer upped his offer to secure my house, then down the line said he wanted £2,500 off for felt replacing on a flat roof, I got it done as it came up on the survey, £450! Then he came back with another job for £2,500 which hadn't come up on the survey, I told estate agent tell him no, I've got others interested, he then did a turnaround and said he'd leave it and continue with the purchase, just trying it on.

I'd get your own quotes if it's work that has come up on a survey, and hold your nerve and not drop the price!

C152 · 27/01/2021 16:17

It seems fair for them to ask for a reduction based on the cost of fixing the mortar on the roof and the damp proofing, plus the cost of replacing whichever window panes need it (I wouldn't underestimate the cost of this but, if you can, I would ask 3 companies to quote, so you know what's fair and look like you're being helpful).

I wouldn't offer a greater reduction (certainly not replacing all the windows).

Affor · 27/01/2021 16:19

the survey showed all the usual (maybe issues with roof, maybe damp, some windows failed) but nothing major.

I'm not sure I'd agree that these are normal or minor things to come up in a survey - windows yes.

So I would agree to reduce by the cost of the roof issues and maybe damp if neither of those things were obvious on viewing?

Stompythedinosaur · 27/01/2021 16:21

I'd hold firm on the original offer and say you have other interested people! They are being cheeky.

Devlesko · 27/01/2021 16:27

I've noticed this a lot recently, not so much offering over the asking price as I'm in the NW, but certainly a personal relationship between buyer and seller.
When did it get like this? you visit once, have offer accepted then transfer to solicitors, hardly hearing anythin until exchange/completion.
Yes, have a survey, obviously but the work is for the new buyer, not the seller.
I think some buyers expect to be in touch with the owners, and EA accepting or at times encouraging this, are highly unprofessional.
Never give buyers your contact details.

Dogonahottinroof · 27/01/2021 16:31

@C152

I wouldn't offer a greater reduction (certainly not replacing all the windows).

If you want a new house then buy a new house

You absolutely expect minor issues (and requiring damp proofing is a common con on a survey)

We were one told the stairs may be unsound. They were 350 years old- we took the risk.

Direct them to the nearest Taylor Wimpey estate.

BarbaraofSeville · 27/01/2021 16:37

^If you want a new house then buy a new house

You absolutely expect minor issues (and requiring damp proofing is a common con on a survey)

We were one told the stairs may be unsound. They were 350 years old- we took the risk.

Direct them to the nearest Taylor Wimpey estate^

^^ This. If they have eyes, they would have known that the windows were past their best. The time for niggling about major issues was when they were making their offer, not months down the line.

Fuss · 27/01/2021 17:11

Call their bluff.
Call your EA and ask them to prepare to relist the property. If they want to play games bring it on.

Carysmatthews · 27/01/2021 17:14

I suppose your house is only worth what someone is willing to pay for it. I don’t blame them for wanting money off if there’s work to be done, but of course that doesn’t help you at all. Hopefully you’ll be able to come to some agreement.

SeasonFinale · 27/01/2021 17:24

Absolutely do not ask for the revised offer by a certain date. That implies you are willing to renegotiate.

Simply tell the agent that you will not be lowering the price from that agreed.

The agent may try to press you because frankly 1-2% of £5000 is neither here nor there for them they just want the sale to go through.

If you agree a lower price they would need to go back to their mortgage company for a revised offer anyway so that would hold things up. Definitely stand firm. It is a well known tactic to try to do this close to exchange.

Freddiefox · 27/01/2021 17:36

@Carysmatthews

There’s always work to be done though, new kitchen, rubbish carpets, popped windows. It the house would have been priced with these in mind, it was for them to negotiate at the time of offering.

The damp is a slightly different case, although depends how long they have had the survey for.

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