AIBU to refuse this offer?

[MelbourneWay]

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?

Fabulous news OP 💕 I bet they are kicking themselves... good luck Friday ... 🌺

Well done for holding your nerve OP, and good luck with the viewing on Friday

Excellent news, OP - has this been conveyed to the time wasters or are you leaving them to work it out?

Well done OP
Exxellent update hope you fimd a new buyer soon!

Brilliant. Hope it sells quickly to someone nicer for more money!

Good luck and I hope that you have more sensible and decent buyers next time round who don't try to shaft you at the 11th hour. I think you definitely did the right thing.

I suspect you might see a fair bit more interest in your house now as many previously location-tied workers will have a different view on where they can live as permanent home working or going into the office once a week or less could be the future for many. It's certainly opening up new possibilities for me when thinking about my next move.

Having a bit of land will also be on many wishlists too since the pandemic kicked in with the increased appreciation for outside space and many now wanting to grow veg, keep chickens etc.

Maybe your cheeky buyers with their cheap tactics could have inadvertently done you a favour. Good luck!

By the power of mumsnet...

Are YOU the CF who tried to get the reduction hours before exchange? Would love to hear your point of view. Happy house hunting!!

@Cbatothinkofausername

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.

We were only talking about this in the office yesterday. I heard a radio interview with a property manager in Canary Wharf who said the usual footfall of 100,000 people per day had reduced to 10,000 per day.

We were saying it will have a massive effect if the City businesses change to a WFH approach. If you don't need to be in the City, why would you live there? There are many parts of London which are designed as live/work areas that don't have enough to keep draw people in to just live there. There are going to be lots of empty offices and flats if there is a big switch.

My (London suburb) office is possibly being sold for conversion to flats so we'll have to find a new office. We're seriously considering reducing the square footage we will need as a result of WFH actually working.

Back to the matter at hand though - well done for standing firm OP. If the buyers realise the errors of their ways, would you accept proceeding?

Excellent update OP. Glad the CFs have been shown that behaviour won't wash.

Did you relist it for a higher price?

Pleeeeeease update us when it does sell!

Yes please update us!

Still can’t believe they tried to BULLY you into accepting many thousands less at the last minute like this. Arseholes.

This evening's news is that they have increased their offer by 2%, so they are now 14% below the asking price. I am the only one objecting.

Stand firm OP!

Why is nobody else objecting? Have their been no other viewings?

Keep refusing. They want the house, they can pay full price or fuck off. Their choice.

But they’re saving stamp duty surely? I’d say no!

Remind them about the stamp duty holiday.

And that you already have people booked to see it.

They are taking the proverbial.

Just say no - FIRMLY.
Ignore agent as they want commission.

I agree - full asking or fuck off.

At this stage I am definitely being bullied by my other siblings and the executors to accept. But you only get one chance to sell the family home and you have to do it right.

Could you not ask your siblings to hold fire for a week or ten days, see if they increase the offer or get more interest from others? Or counter offer that they increase it to a 5% rise, at least?

Did your Friday viewers turn up? Any other viewers planned?
Personally I'd hold out for more, market has improved and my friend who has a house needing improvement with land in a desirable place and not far (easy cyle/half hour walk/5 min drive) from Crossrail/Paddington line to London has had two people knocking on the door this week asking if they know who owns the land and is it for sale so I hope you stick it out for more.

I'd hold out tbh, I live rurally and houses that have been on the market for ages have all sold in the last couple of weeks as people value space/ countryside more.

It might be worth getting an estate agent in to value it at current market prices. If your sale price was based on a valuation in 2018 it may have risen more than you think (defending on location - prices around here have gone up hugely since then). That way you will all be making a decision based on what it could be worth. Either way get it back on the market ASAP. You might find someone looking for a quick sale.