Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

1 2 3 4 5 6 7

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:

friendlycat · 20/07/2020 22:45

I would get it back on the market tbh. They may well still go through with it but if not you are well placed for other people with good interest which will generate another better offer. The housing market is surprisingly good at the moment both in London and commutable locations.

GreenTulips · 20/07/2020 22:51

Put it this way, how long would it take you to earn £X they want as a reduction?

Think of it in terms of your labor!!

Say no and save yourself years of actual work

VillanellesOrangeCoat · 20/07/2020 22:55

Cheeky fuckers! Wish you’d turned voting on for this one, OP - would’ve been a rare 100%

Puzzledandpissedoff · 20/07/2020 23:03

Be bullish - don't just say 'no', say 'no' and that you are happy to remarket it

Actually, since contracts haven't been exchanged yet, OP doesn't need to say anything at all ... she could just re-market it (or approach the others bidders again) and leave the CFers to sweat, wondering what's happening

Were I in her position, the idea would have a certain appeal ...

Original poster

MelbourneWay · 20/07/2020 23:42

Thanks GreenTulips, that's a very good thought. The proposed reduction is six years of my current salary.

OP posts:

LockdownLemon · 20/07/2020 23:49

Tell the agent to respond with a 10% increase in price. 2 can play at that game.

tensmum1964 · 20/07/2020 23:55

I love the idea of countering them with a 10% increase. Imagine their faces. Would love to be a fly on the wall.

namechange30000 · 20/07/2020 23:56

Put the house back on the market and say nothing to them.

BaronessBomburst · 21/07/2020 00:04

I agree with posters saying to put it back on the market. You might get another year's salary.

caringcarer · 21/07/2020 00:10

Tell them no and if they won't complete on agreed terms you will go back to other offers you had. They are clearly CF who are trying it on.

I am stubborn and would refuse to sell to them after this little stunt. They have paid for survey do will lose money, not you.

LockdownLemon · 21/07/2020 00:10

Just say that you are pleased to hear that the price is no longer fixed - you had planned to stick to the agreed price even though you knew it has increased in value due to the stamp duty change. Now you know they are happy to reopen negotiations, you're going to hike the price by 10%.

This is a really old tactic that of lots of people try as they think people are committed to the sale/chain and would rather drop the price than lose the deal.

caringcarer · 21/07/2020 00:11

Also would your parents have wanted CF living in their home?

LannieDuck · 21/07/2020 00:17

The proposed reduction is six years of my current salary.

Blimey. That's a really good way to think about it.

mellowgreenspring · 21/07/2020 00:26

Nope dont accept that, we maybe similar location to you and have a stupid amount of interest in our place with land, outside development but long term future potential.. we have it in the market for over 400k more than 3 years ago and are dumbfounded by the level of interest, we have 2 acres, honestly I'm don't think you'll struggle at all.

They are playing a game, I bet if you say no they with buy anyway.

agonyauntie2020 · 21/07/2020 00:53

+1 for telling them no. I think a PP has a really good idea to say you were going to stick to the agreed upon price despite (a) the stamp duty advantage, and (b) the rise in prices for property with land. Now, they've opened the door, your new price is 5% more and if they don't like it then thanks very much but you'll go back on the market tomorrow.

I feel sure you will sell OP, the market is hot. Ask any agent. If 10%was is 6 years of your salary, try and get 3 years more by raising them 5%. And if they walk, you didn't want to deal with CFs or have your parents' house and land in their hands anyway. Someone nicer is sure to come along.

Honeyroar · 21/07/2020 09:36

@MelbourneWay please would you let us know how you go on. Dying to hear how the CFs reacted. I’d ask the agent to contact the other people who offered at the slightest hint of further awkwardness from the CF buyers.

Boohoohoohooho · 21/07/2020 10:00

Tell the agent to respond with a 10% increase in price. 2 can play at that game.

I'd love it if you did that 😅

PicsInRed · 21/07/2020 10:54

The market has risen. Relisting slightly higher than originally listed wouldn't be unreasonable at all.

Also much more effective than just saying "fuck off".

Jojo19834 · 21/07/2020 12:41

OP please let us know how you get on, want to hear the outcome!

peony68 · 21/07/2020 12:53

We had this with my parents house , can the covenant be lifted ? if so how much would it cost ? their solicitor should have looked into this and advised them accordingly . No way would we have accepted 10% less at this stage , it's up to them and their solicitor to have looked into this before .

Cheeseandwin5 · 21/07/2020 13:20

Just say No- you have had offers despite it being on the market for a short time ( and during a lockdown). So you have littler worries about selling.
On the one hand I suppose if they can get away with it and it means the money stays in their pocket and not yours, I cant blame them for tying, on the other they have left you in a predicament and if you had been in a chain etc, it could have meant all sorts of problems.
I sort of feel you should tell them to stuff it and go for look for other buyers, but that maybe cutting of your nose to spite your face

justanotherneighinparadise · 21/07/2020 13:22

Oh yes please fuck them off. You’d be doing it for all of us who will need to sell our houses at some point soon. These people that try to reduce at the last knockings really are the lowest of the low.

lljkk · 21/07/2020 18:13

Pls update & let us know what happened.

Cbatothinkofausername · 21/07/2020 19:33

I agree with everyone else here. Cheeky fuckers!

Relist and you might even get more. I’ve heard a lot of central London offices are considering downsizing to save money and let more people work from home.

If I owned a small flat in the city, I would totally consider selling up to get a bigger place in the country with land, if I could WFH.

Original poster

MelbourneWay · 21/07/2020 22:49

Well we did not exchange today. I am one sibling, another sibling did want to accept but fortunately the executors agreed with me that the proposed reduction in price was out of all proportion to the issue involved.

Furthermore, our solicitor stated that the covenant was "not a defect in title" and would not prevent what the purchaser proposed to do.

Accordingly the house is back on the market and a viewing has already been arranged for Friday.

Thanks to everyone for their comments, Mumsnet certainly is a useful place for helping you take decisions.

OP posts:

Flip

1 2 3 4 5 6 7

Swipe left for the next trending thread