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.

So we have some more ££ on the table, but still not what we'd asked or agreed and we couldn't have exchanged and completed yesterday because the buyer wasn't ready.

That sounds like a bit of a big read flag to me. There are people who are prepared to dick around with probate sales because they think the sellers are vulnerable enough to be open to abuse.

We had one who made no effort to progress the sale at all after chasing the other buyers off with a high offer. The measures put in place to make sure that buyers are serious seem to not work too well.

I suspect fact she did accept just a substantial reduction in asking price - gives us the answer ie - a long time

Not necessarily.

Sometimes with probate properties beneficiaries may be eager to settle quickly even thought the property is worth more. However as far as I am aware no-one is happy to give the place away.

It took me about 2 minutes to transfer funds to solicitor when I was buying a couple of years ago.

The op knew in March that he’d seen the neighbouring property and she thought that he would try something like this.

So… if the op had had other options aside from this buyer with a £20K reduction… then she would have likely terminated the sale going forward

but even armed with this knowledge, she crossed her fingers and hoped it would work out. Why? Because I suspect very limited interest In the property

@Mustnotbeleftblank Tell the EA to inform the "buyer" that the current asking price is the minimum you would accept and due to the delays caused by this "buyer"and the EA, you have decided to reject the offer and wish to relist.
If the EA dicks you about as well, move agents.

Because the 5% was held by the solicitor, not us. We got the lot eventually.

No I meant why would you allow 50% less than the usual 10% when she was flakey?

“Ours too messed around on exchange day, "not realising" that she would have to pay a deposit. “

the flakiness only came out on exchange day.

Ah ok. What was her reasoning for only being able to do 5%? Personally.. that would set off big alarm bells for me, no matter the reasoning

Put it back on the market now. Tell the EA you do not want to hear any more from the previous buyer. He made an offer that you accepted and now, on completion day, apparently doesn't have the money.

Be clear. He isn't getting the flat now. Not for any price. It's back on the market and you want no more communication from him. He's barred. They need to tell him that.

And if they can't do that, re-list with another EA.

So if you dropped the 20k as well, the new buyer would be getting 40k of immediate profit. The answers got to be no.

The main purpose of a deposit, if the solicitor is satisfied the mortgage is secured etc, is for it to be painful to pull out between exchange and completion. Since there’s usually a week between those two, and moving is expensive, we weren’t too fussed by it (though we weren’t actually trying to sell and buy at the same time, which made things easier)

Absolutely do not drop a penny and the buyer will still buy it. As long as you’re not desperate I would consider increasing the price £1000 and be prepared to pull out if not accepted. Don’t get taken advantage of, it’s been in the news a lot about people doing this on purpose, they would have planned this move from the beginning. Good luck, try not to blink.

Exactly

so any request to limit the “pain” is one that would seriously concern me

On completion isn’t there quite a penalty for failing to go through?

But great worked out in the end!

Nope everyone seems to be paying over the odds these days, which I don't agree with.... but you should have no problem selling your property at the original price. Tell him to do one. Do t drop it £10k!

Thanks!

I guess if someone has a 95% mortgage, or even a 90% mortgage but stamp duty etc to pay, then they might struggle to find 10% as a deposit, and more of an issue with expensive housing and stamp duty.

What an absolute scum bag. If it were my property I would withdraw that counter offer you made and stick with the price he initally agreed to. I wouldn't care what extra work was involved. People like this need to be taught a life lesson. I actually wouldn't even sell it to him which is quite within your right. You know that he does not want to buy the flat with a grotty aspect after seeing yours. To hell with him.

You're not in a chain, you can hold out if you want.

House prices are about to drop. You might end up having to accept an even lower price. This happened when I inherited a house in 1992. We held out for our asking price, sold a year later for considerably less.

Wouldn't it be nice if you could just look up the value of a property and automatically get it! Not so, I'm afraid.

Raise the price by 10K I mean 10K over and above what was agreed. Refuse to budge one penny on that.
Consider it a no sale and go looking for the next buyer.

Don't drop it at all. Tell the guy he's welcome to purchase the other property!!

Sorry I pressed you are being by mistake!! No don’t do it. I wouldn’t drop the £10 grand either

You’re getting emotional about it and the market is dropping.

either take your chances with the market or accept the drop and take the money and move on.

what is the prove of the house so we can gauge what % drop this is?

Tell him to swivel. He’ll probably cave.