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AIBU?

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Original poster

AIBU to refuse this offer?

166 replies

MelbourneWay · 20/07/2020 20:17

Selling my parents house and surrounding land. We were due to exchange at the end of June, and complete this week. Prospective purchasers failed to exchange on time, citing mortgage issues. They also cited a planning issue relating to a covenant not to build on the surrounding land of low value. We set a deadline of exchanging by tomorrow. Mortgage valuation finally took place last week.

This evening they have contacted us asking for a price reduction of more than 10% because of the planning issues which prevent them from building on the land. They say they can exchange tomorrow and complete next week.

Obviously it is disappointing that they do this the day before exchange, my instinct is to say "no", but can anyone tell me what the market for selling houses is like at the moment so that I can take a more considered opinion?

OP posts:
Campervan69 · 20/07/2020 20:43

There is a bit of a housing boom at the moment with the stamp duty going down so I would get it on the market again straight away

gardenbridge · 20/07/2020 20:44

Walk away. Remarket

Rainbowshine · 20/07/2020 20:44

Also, I think the planning is a false reason, basically they can’t get the mortgage - you said there were issues before so I suspect they are trying it on.

ScribblingMilly · 20/07/2020 20:45

I would say no. Something similar happened to me, I caved in and am still fuming about my decision 25 years later!

LoafingLiz · 20/07/2020 20:45

The current offer is 16% less than the original asking price

And the want to knock another 10% off, cheeky fuckers. I wouldn't sell to them for a big clock.

back2good · 20/07/2020 20:46

I would say no.

Market is doing well at the moment.

Quarantimespringclean · 20/07/2020 20:48

Say no. You’ve had plenty of interest so you don’t need them.

Remarket if you have to but I bet they’ll change their minds if you decline the offer.

ChicCroissant · 20/07/2020 20:48

No, I'd be telling them to jog on as well! If they didn't look into things closely enough before making their offer that's their fault, it's not a reason for you to drop the price.

Contact the other viewers and see if they are still interested instead. Good luck OP [flowers}

Justanotherwrinkle · 20/07/2020 20:48

No
Not a hope
They are being hugely rude
They should have explored the planning issue sooner.

Decline. And get it back on the market first thing in the morning

DistinguishedCarrot · 20/07/2020 20:50

I had this with a property. It had taken ages to get it to that stage and then the buyers did this. If I could have afforded it I might have been tempted as I was desperate to sell at that point but I couldn't as I'd have lost my purchase to keep the sale.

I told them that they had until 4pm to exchange contracts or I'd instruct my EA to remarket it and lose my own purchase anyway.

This was at about midday. By 1pm I had a call from my solicitor saying contracts had been exchanged. I asked what had happened about the reduced offer and she knew nothing about it. Stupid idiots hadn't told their solicitor anyway and they exchanged contracts on the basis of the original offer!

Don't back down OP. They're arseholes pulling a fast one.

If you have time you might want to consider the revenge plans I had but chickened out of. You know. Prawns in the curtain pole type thing...

Madcats · 20/07/2020 20:51

It probably depends on where you are.

A few weeks ago I think people were negotiating 5% discounts if the chain was ready to move. After the big cut in stamp duty (up to £15k for bigger properties), I think the family homes prices have jumped a bit. Particularly if people can get mortgages/have cash.

I recommend that you stand your ground (but I'd be hoping to get an offer before the Autumn budget in case Inheritance Tax gets hiked).

iknowimcoming · 20/07/2020 20:51

If you were desperate to sell and had no other interest then maybe but in your case absolutely not! Be strong!

iknowimcoming · 20/07/2020 20:51

If you were desperate to sell and had no other interest then maybe but in your case absolutely not! Be strong!

Singlebutmarried · 20/07/2020 20:51

That’s a no from me too.

Realist and/or get the agents to contact the other interested parties.

If the property is over the £500k mark then they’ve save £15 already by not completing in June.

MzHz · 20/07/2020 20:57

This is classic shyster

Put it back on the market immediately- and tell them you’re not selling to them at all

Seriously

BumbleBeee69 · 20/07/2020 20:58

Say NO OP... they're chancing gits Flowers

RedOasis · 20/07/2020 20:58

Nope

PamDenick · 20/07/2020 20:59

Just no.

Especially if there's not chain involved.

They'll either come back with their tail between their legs or you can remarked at the original (or higher) price.

Good luck.

lljkk · 20/07/2020 21:01

Does that mean they want to buy for 75% of the advertised price?
I know things are tough & chancy right now, but I suspect you won't do worse than 75% if you remarket. They have lost more to solicitors so far than you have so have more sunk cost they want to recoup. Rather doubt I'd agree to their offer.

carly2803 · 20/07/2020 21:03

absolutely not. tellthem to jog on

they are trying it on!

get it back on the market - house prices are going up, not down!

carly2803 · 20/07/2020 21:03

absolutely not. tellthem to jog on

they are trying it on!

get it back on the market - house prices are going up, not down!

carly2803 · 20/07/2020 21:03

absolutely not. tellthem to jog on

they are trying it on!

get it back on the market - house prices are going up, not down!

longtimecomin · 20/07/2020 21:03

I trained as a land buyer, it's called chipping when you take the price down at the eleventh hour. Sellers often just cave because the end is in sight. I think they're trying it on, just say no, you're holding firm on the figure and you have someone else who is expressing an interest if they are thinking of backing out. The strongest negotiating position is to be willing to walk from the deal.

Notnownotneverever · 20/07/2020 21:04

Givem that you presumably aren’t living in this house so it won’t be a big inconvenience to wait a bit longer to sell, I would put it back on the market.

Original poster
MelbourneWay · 20/07/2020 21:06

To clarify, their latest offer is 83% of the original asking price, which was based on a probate valuation in 2018. And no, we don't need the money for another 3 months.

OP posts: