Buyer dropping asking price on day meant to exchange - any experience?

[Duckstar]

I had a thread end of August. Buyer, who was an "investor", was messing us around, refusing to agree date to aim to exchange/complete. We had accepted lower offer as they were cash buyers and wanted to move quickly, but just delayed and delayed (6 weeks to instruct sols). Got great advice here and gave ultimatum (agree a date or deal off). Buyers ignored us so we put house back on market. Fortunately, our vendors gave us a couple of weeks to find new buyer (in SE, shortage of property in area). We are ready to exchange on property we want to buy.

Found new buyer in 6 days. Same lower offer, but thought worth taking hit rather then lose property we were purchasing. They are selling 2 bed house to an investor (who has several other properties in street). We made it very clear to EA we wanted to move quickly (DC3 due Jan 2015 want to get a move on). Everyone was happy to proceed quickly.

Plan was to exchange today, complete in one further week. I have been getting a bad feeling last few weeks, little things, but for example, I was contacting removal companies and realising that we would pay a massive cancellation charge if we booked and changed date within 7 days, so was really pressing was everyone ready to go. I also asked if our buyers had booked movers because surely they were facing similar charges?

This morning EA contacts and says the buyers won't agree date to complete as problems with spelling of names in contract (which they have had for over a week). I tell EA they need to stop messing around. This evening we get told they are dropping their offer by 20K because surveyor has classified as our property as end of terrace rather then semi-detached (its a house attached to some apartments), apparently they have sufficient funds, but feel this "devalues property". Survey was done 3 weeks ago.

We've told them to take a hike. We can't afford a 20K drop. We can't afford 10K. They have till 3pm to confirm purchase at original asking price or deal is off.

Anyone any experience of something similar? Have we done the right thing? Are we doomed to never be able to sell our house. We are looking at losing 6 K on fees etc and have nothing to show for this.

I'd ask for the boiler guy's gas safe registration number so you can check him out.

Either they want the house or they don't. I wonder if there is something they have decided they want to do with the house, but they don't have the funds unless they pay less.

Whatever - they sound vile or stupid. Or both.

Wowfudge - good point. I will ask for those details.

I think they might not have sufficient funds. EA says they do, but I bet they aren't thinking about stamp duty, movers, solicitors fees etc.

I think they are vile, rather then stupid. I think are EA has pressed we want to move asap and they are thinking "brilliant we can get some money off". I've told my EA I won't give them a penny. I reckon if we resell we could get more in any event, and cover any losses. We would just lose the house we love, but I am just reminding myself there will be others.

I'd insist that the estate agent accompanies them on Monday. And that you brief him/her that if you give an agreed signal he will get them out of he house and the deal will be off.

I would tell your ea to put it back on the market. Tell them you are still accepting their offer if they want the house but will not take it off again until they place a deposit with your solicitor.

We did this after being fucked over repeatedly by buyers. I feel for u op.

You have my sympathy. Moving is such a royal pain in the arse. When we finally managed it I swore that even if I won the lottery I would never do it again! It took nearly two years.

We had this (and everything else you could imagine). I was furious. The EA called me a few days before exchange to tell me. I wasn't as cool as you. I just said to tell her that the deal was off. I was so angry. She'd been messing us around the whole way.

We put it back on the market at it had resold within the week. One good thing about living in the South East .

Luckily the people we were buying from weren't in any rush, so they were happy to wait for us. We had lost FOUR properties before this one though. FOUR!

Oh and try to speak to the sellers, you would be surprised how long someone will wait for a serious buyer. Especially if you have a long chain, ours waited 6 months.

What cockbollocks said on both counts. Back on market. Speak to the sellers of the house you want to do and explain.

Sellers have been really reasonable. This is the second sale of ours. We offered on their property in May. First sale fell through in August and they stuck with us (as we are ready to exchange on theirs). I am not sure they will be as accommodating second time around. The only way I can see them holding on is if we agreed to some sort of deposit now, which is non-refundable if we don't complete within 6 months.

We are also in SE and so they could probably re-sell really quickly (as we probably could). Although they have had a fairly horrendous time as their first 2 sales fell through (although much earlier on).

Our buyers tried this, dropped her offer from 590 (cash supposedly) to 560 the week of exchange. She claimed the survey had thrown up issues she was worried about, and that she'd only just found out what we'd bought it for 3 years previously, and that we'd had it on the market 6 months before for a lower price (London market for you).

We put it straight back on the market. She desperately back-tracked with a counter-offer, saying that if we could give her a week she could release some funds and pay 575.

We re-sold in 2 days for full asking.

The thing is, if they move on the process begins again and they could get an arse like you or lose the house above that they want.

We lost four buyers who were various types of Aisholt and they stuck with it because they knew we were serious. In the end we actually let them stay in our house for two weeks after we bought it! Long story but we were so grateful that we wanted to help them.

arsehole

Our vendors aren't buying another property. They emigrated. Have been renting house out for 2 years and now are selling. Last tenants left in March so they have been without a rental income for over 6 months. I think they have a large mortgage to service as well.

Your agent should be advising you. You are paying him. Tell him you have little faith that the purchasers will cease messing around even if you agree to what they want. They need to start progressing/meet some clear deadlines, otherwise you start showing the property again. Then if someone else makes you an offer, and lays out some money (eg instruct solicitor and surveyor) they are dropped.

Explain to the people selling to you what is going on. Say you still think your purchasers want to buy but you are ensuring that they don't mess you around any longer, as your aim is to get sold as soon as possible. Say that you think they are taking advantage of the fact you are pregnant and want to move quickly. You are still the fastest purchaser they are likely to get. They need to give you at least a couple of weeks to see how things work out.

Also speak to your solicitor about deadlines and ways of tying they in. If he is still expecting standard queries etc they need to come in next week etc. He will have seen this before and shoud have some ideas.

Then deep breath. Moving is karma. It was either meant to happen or it was not. They either want to buy your house or they don't.

They sound like horrid people.

Thanks for the advice, I will speak to DH when he gets home tonight about speaking to vendor etc.

The issue with our EA is that they are selling our buyers' house as well. They are not acting in our best interests (there is no chinese wall) and just want to get deal done as they risk losing 2 sets of commission if this falls through (we won't go with EA again as I feel they've been too worried about deals and let things drag on with hopeless buyers - our first buyer messed us around). Our buyers are selling to an investor (to rent out) and as such they think their is rental commission there as well.

I suggested we line up some other EAs now, but DH just wants to try and co-operate and get things completed.

Definitely need to work on the deep breathing, am getting very stressed. I just don't like the uncertainty and underhandedness of it all. I wouldn't mind if someone came to me and said, "look we didn't budget correctly, we are short x amount, can we do a deal". I would have a lot more respect for someone like that.

Have emailed sol asking for update on if anything is outstanding from their perspective, i.e. enquiries etc.

I'd be tempted to get another agent round just before this appointment the appointment to look at the boiler so that they cross on the doorstep. It's put up or shut up time.

I want to slap your buyers on your behalf tbh.

Your buyers sound awful. I have no practical advice, but sympathies.

I had a buyer try to drop their offer by several thousand the day before exchange on the basis that property values had gone down. I was livid. They were FTBs and I'd been very patient with them when they were faffing about with their mortgage offer and making unreasonable demands re. fixtures and fittings. They'd been unusually aggressive throughout the whole process and I suspect their parents were telling them to play hardball with me. Because I was buying with DP at the same time, I guess they thought I would give in.

So I told them to do one and rented it out instead which has worked out a lot better. Not an option for you unfortunately, but I was always glad that I didn't cave in, despite the stress of it all.

Talk to DH we are playing hardball. We are telling them they exchange on Tuesday and complete on 30th or deal is off. They aren't looking round the property. The boiler is fine. If it for "decoration" they can do this after exchange. (We do just need confirmation from sol that this is all doable so the email will be going out after spoken to sol in morning).

We are calling them out that if they thing they can drag this on towards the end of the month and think we will throw cash at the problem then they are sadly mistaken.

Agreed - enough is enough. They have taken the piss to the point where they want you to drink the piss in order to have more piss to take. If you see what I mean. Even if the boiler needed to be taken out and replaced (hardly likely) that is a minor expense given the value of the sale.

You have reminded me why I swore when I sell this house it will be to move into rented, OP. (I moved from rented into it). That was stressful enough because we'd given notice on the rental when the chain started to collapse but nothing compared to selling to buy.

Glad you're playing hardball. Who fusses over a four year old boiler which was serviced recently? Pisstakers, that's who

go on!!!

Update - buyers say they will exchange by 23rd, so we will wait and see. They want to complete the week after, but I have asked EA to confirm they actually have booked removal company as I am not searching for a company with a space (not sure I will even find one round here). Waiting to hear back.