Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To tell gazunderer to do one?

973 replies

Mustnotbeleftblank · 12/05/2023 08:19

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.

OP posts:
Frenchfancy · 12/05/2023 12:22

I disagree with almost everyone here.

You have the guarantee of a sale today all be it at 20k less than you agreed, or you have the alternative of remarketing it and hoping you might find another buyer at the right price.

Given the current market and the fact you have no mortgage to pay off then I would always go with the former.

Original poster
Mustnotbeleftblank · 12/05/2023 12:26

So, update is that buyer has upped offer by £2k.
Despite me clearly saying no more negotiations would be entertained. Have said no. Again. The wait continues, as do my anxiety levels. But he clearly wants our apartment, SO PAY UP BUTTERCUP.

To clarify a few points, yes it is retirement property and yes I know they are a tricky sell. I don't fully understand why, this particular complex is lovely and service charges as cheap as if not cheaper than a normal flat. But we came along and bought it, and didn't fuck anyone about in the process. There are buyer like us out there.

I've also contacted the EA of the other apartment advising them he's a CF and to not let their sellers to accept a penny below asking if he appoaches them.

OP posts:
PrettyMaybug · 12/05/2023 12:27

Donotgogentle · 12/05/2023 10:53

Good advice. I think the op needs to be a bit more hard headed than some of the angry posters on this thread suggest and make sure she gets the best outcome for her situation.

Show quote history

YAWWWWN... 😴 The ONLY solution at this point is to tell the cheeky fucker potential buyer to fuck off. Plenty more people will be interested. Why the hell should she take a hit of £20,000 just because it's supposedly 'just business?' FFS. Hmm

PrettyMaybug · 12/05/2023 12:29

Mustnotbeleftblank · 12/05/2023 12:26

So, update is that buyer has upped offer by £2k.
Despite me clearly saying no more negotiations would be entertained. Have said no. Again. The wait continues, as do my anxiety levels. But he clearly wants our apartment, SO PAY UP BUTTERCUP.

To clarify a few points, yes it is retirement property and yes I know they are a tricky sell. I don't fully understand why, this particular complex is lovely and service charges as cheap as if not cheaper than a normal flat. But we came along and bought it, and didn't fuck anyone about in the process. There are buyer like us out there.

I've also contacted the EA of the other apartment advising them he's a CF and to not let their sellers to accept a penny below asking if he appoaches them.

YAYYYYYYYY! Nice one @Mustnotbeleftblank I KNEW the cheeky bastard was trying it on. What a fucking arsehole. Good for you for not giving in (like a few posters suggested you should!)

notapizzaeater · 12/05/2023 12:29

Good for you, I had a dick years ago trying this. I can't believe we've not moved forward and changed the rules !

Madopause · 12/05/2023 12:29

Nice one op, let them scrabble around. Yes, it is business - and that’s why you are doing right to stand firm. Buyers are not doing business, they’re taking the piss.

Thebigblueballoon · 12/05/2023 12:30

Mustnotbeleftblank · 12/05/2023 12:26

So, update is that buyer has upped offer by £2k.
Despite me clearly saying no more negotiations would be entertained. Have said no. Again. The wait continues, as do my anxiety levels. But he clearly wants our apartment, SO PAY UP BUTTERCUP.

To clarify a few points, yes it is retirement property and yes I know they are a tricky sell. I don't fully understand why, this particular complex is lovely and service charges as cheap as if not cheaper than a normal flat. But we came along and bought it, and didn't fuck anyone about in the process. There are buyer like us out there.

I've also contacted the EA of the other apartment advising them he's a CF and to not let their sellers to accept a penny below asking if he appoaches them.

What, so he’s reduced his offer by a whopping 20k, but how now generously only reduced it by 18?! Get. To. Fuck. 😂

Seriously OP, get back on to your EA giving him a one-hour deadline to accept your terms. Why should you wait it out all day? And don’t take any shit from your EA if he won’t go ahead. Get the property back on the market TODAY.

Blort · 12/05/2023 12:32

He will have viewed other property and already prefers yours. Glad you cancelled the 10k - he is in no position to barter here - he needs it to live in (or his mum does) you dont.

If EA rings with another crappy offer advise you dont want to hear anything else other than agreement to original terms and you need to know by end of day or it needs to go back on the market tomorrow morning - all estate agents work Saturdays.

Cyclistmumgrandma · 12/05/2023 12:34

Similar hassles with buyer when I sold a flat. In the end I asked solicitor to inform him that he either completed by date set or I was withdrawing from sale, re marketing flat and would not consider him as a buyer... He completed. DS had similar. Held fast and also completed. Seems to be a hazard with flats!

Donotgogentle · 12/05/2023 12:34

PrettyMaybug · 12/05/2023 12:27

YAWWWWN... 😴 The ONLY solution at this point is to tell the cheeky fucker potential buyer to fuck off. Plenty more people will be interested. Why the hell should she take a hit of £20,000 just because it's supposedly 'just business?' FFS. Hmm

Show quote history

Because she might end up better off accepting the reduced price, however annoying that is.

No-one on this thread can know whether the market is falling where the op is. Or assure her that plenty more people will be interested.

Puzzledandpissedoff · 12/05/2023 12:36

... buyer has upped offer by £2k. Despite me clearly saying no more negotiations would be entertained

So either you have to mean it (not that I'm doubting you) or accept the game playing will continue and that it'll soon be something else

I do get what's been said about values on a retirement complex, but hopefully the valuation took this into account, as did that of the other, less desirable property?

Anyway it doesn't really matter; unlike being in a chain you don't have to sell right now, so if you're confident of the valuation and of getting another buyer I'd simply bin this one off and change agents to one more in touch with who they're actually working for

Original poster
Mustnotbeleftblank · 12/05/2023 12:37

And to add, retirement properties are weird. Another 1 bed flat in our SE town not in a retirement complex is another £100k+.

In surrounding towns equivalent retirement properties are on for £100-£150k more. The management company have caused these stupid resale prices. He was getting a steal before he started this shenanigans.

OP posts:
CaptainMum · 12/05/2023 12:37

You would be unreasonable to drop your price at all.

NC523 · 12/05/2023 12:38

I agree with pp’s, tell EA not to waste your time below the agreed price, I would also be really clear with them (they are working for you, after all) that you want the property re listed with immediate effect & if it’s not on Rightmove before close today, you consider they have broken their agreement to market the flat effectively (they should never have taken it off without your agreement)
Good luck OP
Honestly, forget this CF buyer and get on with selling the flat to someone who wants to behave like a reasonable person

Cattenberg · 12/05/2023 12:39

Lcb123 · 12/05/2023 10:54

If you need to sell, you’ll have to reduce.
otherwise take the gamble and go back on the market. We are planning to do exactly this to get a reduction, not on exchange day but very close. It’s a very tough market, you have to play hard ball

Playing hardball when making an offer is one thing. Re-negotiating the price if the survey reveals a serious issue is also OK (this is usually quite early in the process).
But gazumping or gazundering close to exchange is just a shitty thing to do. Also, it’s not an auspicious introduction to your new street, is it? Word will probably get around. This could be particularly embarrassing if it reaches your DC’s school. (DD’s primary school seems to know every piece of community gossip.)

A pair of first-time buyers tried to gazunder me close to exchange. I told the estate agent that if they were going to mess me about, I didn’t want them! The estate agent thought the same, and told them that either they completed as agreed, or the property would be going back on the market for £5k more (the market was on the up at the time). They ended up completing as agreed.

90stalgia · 12/05/2023 12:39

Your EA needs to be on your side here, not the side of the CF.

PotKettel · 12/05/2023 12:40

I agree! You don’t need to accept this .

Puzzledandpissedoff · 12/05/2023 12:42

Another 1 bed flat in our SE town not in a retirement complex is another £100k+

Well, if the properties themselves are comparable that certainly answers my question as to whether the valuation took account of it being in a retirement complex ...

Whammyyammy · 12/05/2023 12:42

Good for you OP. I'd be telling my EA to not contact me with any offers below the original agreed price. If not relist.

Twerpsichore · 12/05/2023 12:43

You need to be really clear with your agent. They are worried about the sale collapsing and losing their commission entirely, so will push you to accept (the £20k drop is only 1% of 20k for them whereas for you it’s 99%). Your interests are not aligned.

This guy sounds like a time waster so I’d either ask for confirmation that he’s paying full price (and get your agent to check he has the funds if they haven’t already) or go back on the market today.

Donotgogentle · 12/05/2023 12:43

Mustnotbeleftblank · 12/05/2023 12:37

And to add, retirement properties are weird. Another 1 bed flat in our SE town not in a retirement complex is another £100k+.

In surrounding towns equivalent retirement properties are on for £100-£150k more. The management company have caused these stupid resale prices. He was getting a steal before he started this shenanigans.

I wouldn’t be swayed by what other one bed flats NOT in a retirement complex are selling for, it’s not an equivalent property.

Poor management and excessive service charges have really devalued some retirement flats.

PrettyMaybug · 12/05/2023 12:43

Donotgogentle · 12/05/2023 12:34

Because she might end up better off accepting the reduced price, however annoying that is.

No-one on this thread can know whether the market is falling where the op is. Or assure her that plenty more people will be interested.

Show quote history

LOL, NO-ONE will be 'better off' accepting £20K less. What a daft post!

Hairpinleg · 12/05/2023 12:44

You need to get the flat advertised again online today and let the gazunderer know that it's back on the market. Were there underbidders that the EA can be contacting now?

RedCheese · 12/05/2023 12:44

Add the £10k back on and offer him the chance to purchase it or it’ll be going back on the market on xx/xx/xxxx. Ensure there’s a firm date as it shows you are serious, not just blowing out hot air. Give him a week. Best wishes.

SoupDragon · 12/05/2023 12:45

Lcb123 · 12/05/2023 10:54

If you need to sell, you’ll have to reduce.
otherwise take the gamble and go back on the market. We are planning to do exactly this to get a reduction, not on exchange day but very close. It’s a very tough market, you have to play hard ball

I hope they tell you where to shove your plan.