To tell gazunderer to do one?

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Selling a probate property, due to exchange and complete today. Agreed price was £20k less than asking/previous purchase price and included all furniture. Ours was the show home apartment, and another was put on the market which is empty, much smaller and in a less favourable, dark and dingy aspect at £20k lower than our agreed price 🙄 this flat is with an EA who persistently undervalues these properties which is why I did not use them.

Received a call from our Estate Agents yesterday. Buyer still wants our apartment but now wants to pay the same as the cheaper, crappier one or he'll withdraw and buy the other apartment. I am properly pissed, but offer £10k off to get it past the line.

Buyer is firm, £20k less or he'll walk.

I think the buyer is trying their luck, the other property was marketed in March. I've seen the buyer at the building whilst clearing out the property, I know they've been to look at the other flat long before this week and I suspected that he would try something like this at the last minute. I am also confident it's our flat he wants, just at the crap flat's price.

I've made them wait for my response, and having slept on it I am of the mind to hold firm on the £10k drop, requiring immediate exchange to stop him dicking about, or deal's off. If he walks, I will still have the property to remarket as well as all the furniture the buyer wanted included in the sale which will cover fees to date, and he'll have taken the competing property off the market.

AIBU to not reduce further and wish them luck with the other property if they withdraw, or do I suck up losing £20k?

Selling a property in England sucks.

Another vote for holding firm. Some buyers thrive on this horrible tactic. We had similar CF buyers who wanted 40K off the selling price - we refused but found new buyers very quickly. 5 years later I found out the CF buyers never moved! I do wonder if they made a habit of it which is why they lost properties.

Fingers crossed, OP. I would have done the same as you. If it falls through I'd consider changing your estate agent too.

Good for you OP. Think of it like this: if someone offered you £10-20K to put up with a bit of inconvenience in relisting would you accept? Yeah you would. 😄

I wouldn't even drop 10k.
Get back to them and say that you have thought about it and have decided that you will stick to the price originally agreed and will need to exchange as planned and if he wants to walk away so be it

I’d definitely withdraw generous 10k offer and stick to guns.
If need be re list and remarked. Make it clear yours is ex Showhome. People know they have better fittings, upgrades etc.

this. everyone likes to save/make money.

I can't tell you the joy we feel when one of our clients who is in the process of getting fucked stands up and says "nah, piss off" leading to the inevitable climbdown from the CF on the other side. It genuinely makes its way around our office and we clap with respect (solicitors).

I am literally unable to crack on and go into town to get something I urgently need until I know what's happened here.

Right decision to take the 10K off the table. Good luck!

Same. 😂

Come back, OP!

Since this man is supposedly a cash buyer, yesterday's interest rate rises aren't going to affect him. Remarketing might, but it depends on how strong the local market is. Round my way (South East) an interest rate rise might nudge the prices of some properties down, but there would still by buyers for them.

Definitely not being unreasonable. Awful behaviour from buyer.

Tell them to walk, the 10k is off the table. They’ll cave, arseholes

Glad you rescinded the £10k offer.

These shitty tactics might work on people in chains, desperate not to lose their new house, but this is a probate sale, so you can (presumably) cope with having to go back on the market if necessary.

Wanker. Let us know what happens.

I have bought and sold properties for many years ( I’m old 😄)
I can’t tell you how many times I’ve dealt with this situation.
Hold Firm

I think you did the right thing by meeting him in the middle. The process is nearly complete and the market is falling. If you have to start again you may find it hasn't shifted anyway in 3 months and reduce the price anyway

I had one of those who wanted a reduction the day before exchange. I told him to fuck off. He exchanged at the agreed price. They really are cheeky bastards. Mine reckoned his solicitor had put him up to it.

No way would his dear old mum not have her own furniture and then some. He's going to market it as fully furnished

Well spotted, LadyMacbeth. I was the poster who originally said "bet he's a BTL landlord" but I hadn't thought of that bit

Says logic. If the smaller flat is on for 20k less then this obviously will not be same price. Hence it's not market drop driving the diacount but "well there is something for less so I want this for less" even though the something is smaller

This happened to my sister. She flatly refused to reduce the price. After a few days the buyers agreed to the original price. However, my sister was so angry at the attempt she told them that they were not buying her house for any amount of money.

She had a new buyer, for the full price, within a week.

20K is so much money I would tell them to sod off if it's possible to do so. You met in the middle, and that should be enough. Last house I sold, the buyer wanted some kind of insurance policy for a shared passageway and for me to pay for it, only brought up on exchange day. I said No. He had already delayed everything 6 months despite being told we wanted a quick sale, and I was so fed up, I just thought what's the difference. I'll just start again. We had multiple offers so I was sure it would sell. He relented.
I do think some buyers just suddenly get this idea that they are being ripped off and want more. You didn't force him to offer, you just accepted his offer. No one is forcing him to buy your property. Call his bluff.

The vast majority of estate agents I’ve known through legal work are chasing their commission, want a sale or a buy and have no idea of a conveyancing transaction only that exchange means exchange and completion means they get their commission payment. They’re mostly young, thick as shit and rude. I’ve had clients crying because an estate agent has been rude pressurising them to sell or buy when they’re unsure or not willing to do so.

The very rare nice estate I’ve known I’ve valued. Sometimes if they listened to the conveyancing process I’d tell them the stages and eg get them to chase the other side for me which they were happy to do as it meant the process was faster for everyone.

I’d re list the property and threaten to get decent EAs.

Nobody can't possibly tell anything about the market in that area from the descriptions given.

And nobody can tell anything about the relative pricing of two properties they have only a vague description of. There is a lot more to the cost of a place than size. Location. Fittings and decor. Ground rent/service charges. Length of lease. proximity to schools/the tube. Age of building. It goes on. And on and on.

Ha! Not a solicitor but we’ve felt very similar in the past (worked for solicitors). Legal work certainly makes you strong in dealing with clients etc difficult, nice and the downright cheeky (as in the case of this buyer).

my sister was so angry at the attempt she told them that they were not buying her house for any amount of money

I did the same when selling my late father's place, Bagwyllydiart, only that involved a "developer mate" of the EA and they both tried to persuade me the entire back wall was falling down (it wasn't, as my own building inspector showed)

Amusingly the EA later tried to insist the potential buyer had no links to them at all, despite the valuer having dropped them in it by saying they worked closely with this guy who he was sure "would be interested". Apparently I was getting confused with another chap, a "Mr Smith" no less!! Oh dear ...

Glad you're holding firm. I hate it when people do that. Awful.
He's being a greedy bastard frankly. Let him stew.