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.

In that case, I’d instruct the EA to put it back on Rightmove this am. You don’t want to lose any more time and it sounds like this CF might not even be in a position to buy at all.

Sounds like this.

And your stupid EA really served YOU poorly by taking your property off the market for a buyer who doesn't have the money.

I would be furious at your waster EA.

Hope you can do an update OP .
One advantage of living in Scotland no gazanderers

Back on the market today. Aside from the price shenanigans, he’s not even ready to proceed!

What a waste of time.

The longer you leave it the more the buyer will take the piss and think you're just bluffing.
They're clearly not ready to exchange.
Get the property back on the market today.

You do know that probate = someone's dead, and you're suggesting that's a nice problem to have? Weird take. You sound like your projecting some of your own issues in that comment, are you ok?

From this thead there are countless examples of gazundering at the 11th hour, and I think there's almost unanimous agreement that it's a shitty thing to do, or that buyers are even allowed to get away with it under current English law when elsewhere in the UK the price agreed is the price paid.

He was telling you to stop dicking around?

Honestly I wouldn't sell to them now. Remarket.

Put it back on the market today. Honestly even if they buy it now you will always resent them.

You need to put it back on the market. He doesn’t have the money, isn’t a cash buyer.

change estate agents and start again. Write it off as experience.

Not having the money available on the exchange date is a huge red flag. So even it you had agreed the drop the exchange still couldn’t have happened. You need to remarket the flat. This sale may never happen as the buyer may never be in a position to proceed.

I would be putting it back on the market today. You’ve given fair warning that you will not enter into further negotiations, now follow through.

What financial checks has your EA actually done on this buyer to confirm they’re a cash buyer? A well known chain whose name rhymes with boxtons told me I had a cash buyer when all they’d seen were Companies House accounts for a company that buyer was a director of- ie, the company’s money not his. Similarly fell apart when it transpired he couldn’t exchange as no money.

Op how long was it on the market before you accepted £20k below asking

Had you had any other offers?

That's why several of us have been saying to look at the local situation, is the market buoyant in the area, how do retirement flats sell. It will vary but in lots of cases these flats are hard to sell, I heard someone on a radio programme who inherited one, paid the high charges for a long time and basically couldn't give it away. Also some have restrictions that mean you can't rent them out which makes the situation even more difficult.

None of us know about the particular flat or even where it is in the country.

Sounds like the buyers don't have the funds available to me , your EA should have checked this I think .

Depends on whether you just want it all done and dusted or whether you want to hang on for the best price possible . Retirement flats are a buyers market at the best of times really .

So it was just a delaying tactic all along? As he didnt have the money ready anyway!!

What a nasty buyer

Agree.

Has he even got the money he claims to have, or is he trying to arrange a mortgage and keeping things up in the air until he gets one.

Re-list it.

So the buyer doesn't actually have the funds to buy your property at the agreed price! I would give them until 5pm on Monday to transfer the funds at the agreed price then re-market if they don't.

We had a last minute reduction in offer - less than yours, but said ' exchange by x date or we will put it back on the market ' so not telling them to bugger off but opening up to other offers.
I was furious at the time.!

I hope it's back on the market today, OP.

You have been royally dicked about and I think the pps suggesting the buyer hasn't actually got the money may well be right.

@Mummysalwaysright

How unpleasant

Hah, the buyer hasn't got the money in any case and is just trying to string you along while he tries to get funds.

Straight back on market at original price and a FO to the "buyer".

I wouldn't trust him any further than I could throw him.

Even if you had accepted the £20k below, given what his solicitors have said it sounds like they still didn’t have that much money.

Back on the market and tell your EA you specifically don’t want to hear from them about this guy anymore. Unless to tell you that he is ready to sign straight away with proof the full funds are all in the solicitors account

Also warn the EA that they need to market the property properly or you will be removing the property from their books.
I would get someone you know to call to arrange a viewing to see what the EA say and if they are marketing the property properly or trying to put off buyers.

Indeed.

https://www.mumsnet.com/talk/property/4565909-selling-a-retirement-flat