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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:
drumandthebass · 20/07/2020 21:46

I absolutely would not accept their offer. You are selling a house with land, not a house with land and planning permission. The fact that there is a covenant and they now realise they can't build on the land is not your problem. Someone else will want the house and land for what it is, not with a view to develop the land

LimitIsUp · 20/07/2020 21:51

Be bullish - don't just say 'no', say 'no' and that you are happy to remarket it (and that you've had plenty of interest), rather than accept such an outlandish reduced offer.

They may come back to you and agree to pay the previous price after all - or they may back out.

Serin · 20/07/2020 21:52

No way would I cave into this.
They are very cheeky and almost bordering blackmail.

MirandaGoshawk · 20/07/2020 21:53

Re your question about the market, apparently a lot of people decided during lockdown to get out of London and move to the countryside. Also, if people are going to be working from home more and just going into the office once or twice a week, they are happy to travel a bit further. I'd turn them down. Cheeky!

IdblowJonSnow · 20/07/2020 21:54

Call their bluff and say no.
Cheeky fuckers. Property where I live, in the north, has shot up significantly.
They probably know you're not desperate for cash if it's your parents and are chancing it.
They're horrible people to do this to you. So stressful.
I'd hold out because I'm stubborn. Often works though!
Good luck OP.

MzHz · 20/07/2020 21:58

We had this. The Fuckers tried to reduce price by over £100k.

We told them that the ex said she’d never sell to them if they were the last people on earth. He went v quiet for a day and then proceeded on as if nothing happened. Total wanker.

Do not fall for this BS. They have buggered you about enough already

Honeyroar · 20/07/2020 21:59

Tell them no. If they don’t want to honour their offer you will speak to the other two couples that offered on the house or relist it for sale.

LemonTT · 20/07/2020 22:00

Second the just say no and that there are other interested parties. Advise them it will go back to market.

ShandlersWig · 20/07/2020 22:00

Just because they've tried this on at the 11th hour would make me refuse and not accept. It's a horrible way to behave in an already stressful process.

ItsNotAGameOfSubbuteoMatthew · 20/07/2020 22:01

No they are taking the piss. They are trying to get developable land for cheap so were prepared to pay a slight premium then rake in the rise in value once they got permission. They obviously still want the house but can't capitalize on the land.

Definitely tell them no.

redastherose · 20/07/2020 22:02

In the current market I would say no and state that if they done complete tomorrow you will put the property back on the market. Prices have risen in most areas of the uk since lockdown.

Eddielzzard · 20/07/2020 22:05

Absolutely not. They're trying it on. I bet it's increased in value since the probate valuation. Worth getting it revalued?

PanamaPattie · 20/07/2020 22:07

Nope. Total CF. I would pull out of the sale anyway after this stunt.

GabsAlot · 20/07/2020 22:08

10 percent no way you'll easily get your asking price

my df day before sale got a phonecall they wanted 5k off he said no-cheeky fuckers

feliciabirthgiver · 20/07/2020 22:08

You can re-sell this OP, don't give in to their demands

Littlepond · 20/07/2020 22:11

This happened to us, buyers wanted to take 10% off at the last minute (which was 30k!) and I said no - because I was not prepared to go to the owners of the house we were buying and ask the same. It’s rude and cheeky and greedy. Our buyers went ahead with their original offer - just fucking chancers! According to my old neighbour they are horrible people too Sad

Mooballs · 20/07/2020 22:12

Covenants can be lifted and are a legal issue rather than a planning one. You need a decent explanation about this before dropping the price.

Catforaheadrest · 20/07/2020 22:14

How much land?

Doesn’t matter it it’s not loads, I suspect just larger than average plots must be attractive at the moment.

I’m on some groups for smallholding enthusiasts (is that a thing? Have I just made up that description?) and have scanned by some chat about expectations of strong values for houses with a bit of land as Covid has made people appreciate their space and ability to enjoy their own garden/grow their own veg/keep some chickens etc etc.

amiw · 20/07/2020 22:18

There is no day of exchange in advance of it happening. Exchange is all terms agreed everything satisfied both agreed to complete on the basis agreed. Up to that point negotiation or withdrawal without penalty for either party

Chig · 20/07/2020 22:22

I would instruct your estate agent to put the property back on the market.

Same thing happened to my Nanna.

She sold within days.

They are taking advantage in case you are desperate to sell.

saraclara · 20/07/2020 22:23

No. A ten percent reduction is ridiculous. The market is surprisingly buoyant at the moment. An estate agent acquaintance says their phone's been ringing off the hook
Your buyers are hoping for covid jitters from you, but unless your area is very different from most, it's not happening right now.

Wallywobbles · 20/07/2020 22:24

I'd definitely say that what you've got is an increasingly attractive proposition. People definitely want a house with a bit of land. If it's between 2-50 acres you'd be mad to sell for less.

Chloemol · 20/07/2020 22:24

I wouldn’t accept and would be prepared to re market.

Shizzlestix · 20/07/2020 22:29

Wow, no, that’s ridiculous, cfs!

There was quite a bit of interest, property went on the market in April, we had three viewings, three second viewings, three offers.

Remind them of this and say it’ll go straight back on the market.

Bemorechicken · 20/07/2020 22:35

So prices are rising and they want 25% tell them it's going back on the market in 24 hours unless they pay what they have agreed and exchange. I had this ONCE....on the day they wanted a 10% reduction. I said no. House sale has been buggering about for 6 months -instructed agent to tell them if they didn't exhange within 12 hours it was going back on the market at a higher price and to tell the buyers I would NOT be selling to them. They exchanged within 30 minutes and I got an apology. Very common. My friend had this recently and she said them you want 10% less I want 20% more so if you give me 10% more before exchange it is yours,or it is going back on the market and watched them jump.............which they did and they coughed up anothe not 10% but another 5K. They played with fire and got burnt.