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.

I love that you stood firm.

Hold firm, OP! My mum’s buyer has just told us he wants £10K off, despite his not being the best offer. He’s under the mistaken impression he was promised a 2 month completion which was actually her deal with her new property. Duh! We’ve told him to shove it and will re-market if he doesn’t play ball. We’re lucky she’s in a good position.

Good on you OP. Worst to comes to worst and you can accept less I’d re advertise for less and not entertain him if he comes back. It’s an awful unbusinesslike, unethical way to behave. And that is even with me agreeing with a PP that this is a transaction. I’d still not be taken for a fool.

Buyers are taking the absolute piss. Don't drop price & be prepared to walk away.
They may decide to continue with purchase if you stand firm.

Fair assumption to be fair

No, the negotiation happened when the price was agreed, just before exchange is not the time for negotiation.

The law seems to think otherwise

It's a dick move to do this on exchange day.

That's not negotiation.

Me too, that’s shitty and you’re very likely to lose the house.

@Dustyourselfoff of course it’s not against the law, but is it morally correct?how would you feel if it happened to you in the future?

What, his assumption that it was a 2 month completion? Not at all. He was never told this, it refers to mum's new place, under auction rules. He has some dodgy link with the estate agent who must have mistakenly told him or mentioned it. He's buying for his sister who said she was in no rush and mum could take her time leaving (40 years of crap to get through)

Regardless, a company that does house clearance is coming next week to give her a quote, she isn't taking much.

Annoyed, frustrated
but that’s often business and he has the pound sign at the forefront of his mind, as do I

so if I thought I’d be able to sell easily, I’d decline his offer
if I thought that the further interest rate rise yesterday and dire market predictions may impact what I achieve and how quickly, I sure as heck wouldn’t discount me because I didn’t think he’d behaved morally”

Il she's selling a probate property

It depends prices are dropping really and if something comes on the market that's better and cheaper. It's what happens in a falling market. It's the biggest purchase of their life and people are just expected to pay it no questions asked. Slightly deluded.

I fully expect not to get what my house would have sold for last year oh well.

The law is an ass.

What a shitty thing to be wilfully plotting. I hope your seller calls your bluff and holds firm.

So question mumsnet if a house came on the market priced 20-30k cheaper than you had already agreed to buy. It was similar spec and size would you carry on with your purchase out of moral obligation or decide fuck that I'm not paying extra mortgage for the same house?

It’s a pity you didn’t give a deadline.

... and then fuck off some more!

It isn't similar size. It is smaller, unfurnished and in a worse location.

However, if the situation did arise, I might consider pulling out of the purchase and going for the cheaper house. I would not wait until exchange and try to force the price down on the house I had agreed to buy.

Fair question.

I was upset with our gazunderer but the market had really dropped (thanks Brexit) and it wasn’t looking like a good price by exchange.

We met the gazunderer half way, through gritted teeth. In the end that sale fell through for other reasons but we ended up selling for LESS than the gazunderer offer. £65k below asking.

I wouldn’t continue with a purchase if it looked like bad value. That’s very different from the pp who is plotting to gazunder close to exchange from the outset - urgh.

I wouldn't drop the price at all.

Cf good on you

I would rather relist and sell to someone else at the reduced rate. Are they planning to do the same thing when they get to exchange on the other house. Who's to say their offer will be accepted? They may well get stuck in a cycle of being told to go fuck themselves.

Sorry I misread your question. No, once I'm happy with what I'd offered I stop looking at rightmove. I would never over stretch myself anyway and who's to say my offer would be accepted on the next house?