AIBU to tell our buyer to fuck off?

[AppleWin]

We put our house on the market in March. On the first day of viewings we had multiple offers. We went with a particular couple (even though their offer wasn’t the highest) because the agent stressed that they were very proceedable and had a high deposit so wouldn’t have any hiccoughs with their mortgage - and also because they weren’t a landlord.

In July, they still hadn’t booked their survey or had their mortgage approved. It’s a character property and you’d be bloody stupid not to have a survey (even though we know the property is fine). This was very concerning because, when we had the survey on the house we’re buying, there was a six week lead time. After a few weeks of the agent chasing them and them dicking about, they said that they didn’t want a survey and their mortgage was approved. We thought they were stupid as hell not to have a survey but it’s their choice.

They’ve been pushing for a very quick move and this has mostly been held up by searches and the solicitors. We were due to exchange tomorrow and complete on Friday. As such, we spent the bank holiday moving all our possessions into a storage unit (we have a toddler and a newborn and are now living off a few items we can fit into just our car). We’ve got DS booked into a new nursery from Monday and DH has a new job near the new house (this is two hours from our current house). Obviously our risk but it’s not physically possible for us to have moved out on time with a short turnaround between exchange and completion - especially with DH and I both working full time.

Our agent phoned this morning to say that they’ve changed their mind and want a survey. We’ve told the agent that they had their chance and there’s no way. Even if it’s quicker to let them have their survey than find a new buyer, I no longer trust them not to fuck us around at every stage. We’re not reducing the price so the survey won’t help them anyway.

AIBU to say no to the survey (and curse them to hell for good measure)?

The property's gone up in value...

no it hasn’t, you won’t know the value until the deal has been done.

probably around April now

What wankers.

I’d tell them exchange within two working days or house is back on market at a higher price and will only be sold to a different buyer.

Oh, do you know where the OP lives?

Property has rocketed up in price over the last 6 months where I live, and that’s a fact. 🤷🏻‍♀️

Why April?

That is over six months away, most mortgage offers are valid for six months, so that is the longest they anticipate the process to take.

OP is ready to go on her purchase, so potentially another purchaser without a chain will offer and it could very easily be done by Christmas.

Exactly, some areas (Cardiff being one) are so buoyant and prices soaring!

When we sold, three years ago, our buyers’ mortgage lenders did an online survey and the finance was agreed with no problem. The buyer didn’t want a survey because the house was fairly newly built and they were happy that if the mortgage provider was prepared to lend on it, then there were no issues.

It’s a fair bet that the reason your buyers want a survey now is to negotiate a lower price. I would get in touch with the EA or your conveyancing solicitor and explain the situation, because this won’t just affect you - with only three in the chain and you at the top, this will affect your buyers’ buyer too and the whole thing could collapse.

Explain to either the EA or your solicitor that you accepted a lower offer from them on the understanding that they were willing and able to proceed quickly and that you have no intention of reducing the price further, no matter what the survey says - pointing out that after the sale taking five months, the property has risen in value, so you’re confident you’ll be able to sell at the asking price or higher. All parties will have agreed* *exchange and completion dates and given that the dates were close together, you have taken them at their word and have already put plans in place to facilitate the move. Two choices - either exchange and complete as agreed or you’ll pull out and relist. Your legal bill will be higher as a result, but then so will theirs.

A few friends of ours have sold in the last couple of years and this kind of CF behaviour is getting more and more common. A couple of friends have had buyers come back and make a lower offer as exchange is about to take place and I wouldn’t put it past your buyers to do the same even if they agree not to have a survey. You need to make it crystal clear that the house is now worth more than the original asking price and that there is no way on earth you’ll reduce. If they’re committed they’ll back down.

They are trying it on! One of my buyers came in at the last minute wanting money off, a friend of mine's buyers came in wanting tens of thousands off. They think you are more invested than they are.

They either complete as agreed or you relist.

But I think house prices are reducing and will continue to do so.

Property in our area has skyrocketed in the last six months. House across the road from us - exactly the same build, but dilapidated, sold in less than a week when the owner went into full time care. The sale price was £45,000 more than we paid for ours - full renovated - three years ago.

OP says it has (as it has round my area too). What do you know that she doesn't?

You get a decent 'grace period', fortunately.

No, they’re not atm, but I think the OP’s buyers may possibly be worried that they are/will and they’ll be left in negative equity.

Well then they should pull out!

But if that was the concern they shouldn’t have waited until the sale was so near completion - not least because it pushes up legal fees for everyone.

With the caveat - Unless proven chain free cash buyer

We’re in Bedford if it’s of any use to you? Sorry you’re having a rough time too

Do you have a mortgage on the house you are selling? Can you have 2 mortgages if you lose this buyer ( if so, I would decline their offer and never deal with them again)

Ooh you're in the same town as us! Hi! 🖐

I sold down the road in Luton a couple of years back. I'd signed and we were supposed to exchange the week before. Mid-week they demanded £10k off or they would walk.

I told the estate agent I would take £1500 off - down to their original offer I would have taken, but we negotiated a little higher towards the asking price. This offer was this day only. If they did not want that, then - and I asked for this to be written down and delivered verbatim - they were 'To get to fuck'. I wanted the property back on the market as soon as they were told that, they were not to be allowed to renegotiate or discuss this further.

Apparently they were quite put out by my language.

Eventually I sold to a BTL landlord, six months later, for less money than the 10k (no regrets), crippled by having to pay 2 mortgages with no income from the Luton property.

I knew they'd only push and push if I agreed to the first 10k, wondering just how low I'd drop the price.

Sorry that they are messing you around, but think of them like petulant toddlers. They need to be given a firm, but fair, boundary first time out to save on tantrums later.

I'm about 6 miles outside of Bedford, prices have definitely increased over the last 6 months.

Id tell them exchange tomorrow or its back on the market tomorrow. You might be able to get a bridging loan to stop the gap between now and when the house sells.

Agree with previous posters.

Exchange tomorrow or it will be back on the market.

Complete CFs

Tyrekickers.
Bin 'em.

As Chandler Bing said: "the messers will become the messees".

I lived next to a neighbour who experienced a very similar situation, although they hadn't quite exchanged contracts. He was desperate to sell, and therefore consented to a delay in completion subject to a survey. The survey revealed the usual predictable problems of old housing, but the man had kept the place in reasonable order. Anyway, the buyer came back wanting £10k off. He told them to bog off, held onto the property and sold it for around £20k more six months later. I would personally abandon these people as you should find a new buyer quickly for a nice property.

No… tell them to bugger off

@AppleWin What did you decide to do, OP?