To tell gazunderer to do one?

[Mustnotbeleftblank]

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.

I think the EA has behaved appallingly. They make their money from the vendor, not the buyer, they have no business de-listing the property on the potential purchaser's say so.

I'm somewhat ashamed to confess that I was an EA for 3 years, in the early '80s. They were a corrupt bunch of shits then, by the sound of it they're even worse now.

This is happening for my dad aswell- third buyer now and each time wanting to drop price before completion.. I think you should hold firm. People are cheeky fuckers and don’t care about being reasonable. It is aggravating that these people just chop off 10/20/30/40k off the price as if it’s 50p!!! argh

I had this sort of thing. Buyer walked away thinking he could but better. He wasted thousands in mortgage arrangement fees, solicitors and surveyors that he wasn’t going to get back. I suspected he would be back which he was.
In the 2 weeks between him walking away and coming back I had raised the price £20k, first viewer a cash buyer had put an offer in at full asking price and has exchanged and was completing the following week.
EA said the original buyer had rang to say he would go ahead with the purchase and when he was told the flat had been sold he couldn’t believe that there were people with that much cash available.

I think he thought he could keep me waiting as “everyone” would have to get a mortgage and he would be in a great position to swoop in and get it for cheaper

Well he got a shock.

Remember if he walks away he will lose the mortgage, solicitors and surveyors fees he has paid out

What a horrible, snidey post. You have no idea of the grief OP might've experienced before inheriting the flat - it could've belonged to one of her parents.

He is a cash buyer and is planning to buy the smaller, less attractive apartment for the price he wants the OP to reduce hers to (until he tries to screw them over I imagine). That doesn't scream "interest rate change" to me.

Nope but from a business perspective ie planning on flipping it…. Would impact

This ^

It's actually not, I have never gazundered but I haven't bought in weird market conditions. The rates seem to rise all the time and sales are taking forever. Is someone really taking the piss if a property on the same street comes on for 30k below for similar spec and size? It's not personal it's like going to different shops and the other one sells an item for much cheaper.

Is it moral for a seller to sell their property for higher than its worth and for a buyer to be stuck in negative equity and high price mortgage? I think the anger from sellers is because they are pricing their property for what they need to move up the ladder. That's fine but you might not always get it that's where renegotiating for your own purchase comes in. It's not boom anymore so move on with the outrage

I've never viewed as someone negotiating on my house as an insult.

Interest rates affect affordability and through that achievable prices in the entire marketplace.

No one wants to buy a place and have it lose x% in value from time zero, even if they are paying in cash.

When was this? The market is dead near me for desirable houses let alone retirement flats. Stop getting ops hopes up that she's going to have a bidding war for a retirement flat it's not going to happen.

To be fair - not that he deserves it - a huge amount of people who claim to be cash buyers are not cash buyers at all.

I don't know if these people are bare-faced lying, to try to dishonestly get one over on other would-be buyers, or whether they just think that 'cash buyer' means you're going to be paying for the house with (borrowed) money - as opposed to trying to buy it with potatoes, rock salt or my little ponies.

Another one for don't even drop the 10k. I would tell the agent to tell him the offer of 10k down is now off the table, and either he completes at agreed upon price today or the property is remarketed at 5k more.

You know he's a chancer.

That's because the market is dropping. It can't be a coincidence that 3 buyers are CFers who have asked to drop the price. More likely the valuation has come back too low.

If you are in a position to hold on to the flat for that long, then you are in a better position to wait until a buyer offers full asking price.

However, in many cases, inheritance tax is payable and must be paid within six months of the death. If this six month deadline isn't met, there could be additional interest or financial penalties.

You're not used to the UK housing market are you ?

If the market doesn't deliver someone up willing to pay the price you want you're allowed to declare the entire nation CFers, insist that you're not selling it for less than it's worth and have 2.5 months of moral outrage.

Personally I wouldn’t even be dropping the 10K tbh, I’d be wishing him luck and hoping he fucks off

Tell him to get fucked and buy the other apartment if he wants

• 1

The market is changing rapidly, overpaying on property has gone right out of fashion. At least for the foreseeable.

Yep I'm wondering how long the mexican stand off is going to last. Everything is sitting and reducing where I am.

We also had this 2 days before exchange. I stood firm and said no - funny enough they found the 15k they needed and I didn't reduce the price. I think people need to be taught it doesn't work so tell them a firm no!

How long ago was that out of interest?

It’s so shitty that he waited until the last minute of exchange and completion. Hold firm and don’t reduce, even the 10k. People like this don’t deserve any reduction.

Was that in the current market? I think it is harder now than it was last year.

I had this - but I dealt with it differently. I told them on Friday at 4 pm that if they didn’t exchange at the agreed price by 5 pm at 9am on Monday morning it went back on at a higher price. I meant it as well. They exchanged pretty quickly.

This happened to me right at the last minute.
Even though I could have lost the house I'd been accepted on and paid for all the searches, etc., I stood firm and said not a chance.
They back tracked and paid the agreed price.
Tell them to pay the agreed price or walk.
Absolutely no way would I budge, it is a very snidey tactic and I wouldn't put up with it.