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Original poster

Gazundered day before exchange

823 replies

BenjiCat · 26/08/2021 20:48

We were all on track to be exchanging this week with completion on for the end of next week. We were waiting on our buyer's searches etc for some time and they finally came through earlier this week.

Call this morning from the estate agent. Buyer has dropped their offer by £15k due to 'immediate issues flagged in the survey' with no details about what these are, no copy of the report and no estimations on how that figure has been calculated. We've said we'd need to see the report to understand the basis for their drop (and to potentially renegotiate... No promises). But they've been reluctant to do this and says they'd be happy to proceed with exchange tomorrow still should we agree to the £15k Hmm

Fuming does not cover feelings right now Angry!!

OP posts:
tinofbeans · 27/08/2021 10:03

Good luck today OP, I hope you give a clear message to your EA and get the right response from your buyer!

Lemonlemon88 · 27/08/2021 10:04

Oh how awful OP! We are on the market at the moment and this sort of tale makes me very stressed!

Brainwave89 · 27/08/2021 10:07

@ WaddesdonWanderer Yes he did. He did lose some money, but was moving to a smaller property in the nice village community he lived in and did not see any reason to allow such behaviour to triumph- especially not when he would have to walk past his old house frequently.

knittingaddict · 27/08/2021 10:11

@CloseYourEyesAndSee

Tell them to fuck off.
Honestly this is the only thing I would do. They've spent money on this too, which they won't get back. They will back down or walk away and lose their money. Either way I wouldn't cave. We've had to do this in the past and have no regrets at all.
Outbutnotoutout · 27/08/2021 10:15

Good luck today, CF extreme

Once it price has been agreed it should be set in stone, no dropping price or asking more.

The English format needs an overhaul

Theforest · 27/08/2021 10:19

This happened to my neighbour. They wanted to drop it by £6k. He said no way and prepared for them to pull out. But it called their bluff and sale still going through at original price.

People are just chancers.

confuseddotcom1234 · 27/08/2021 10:20

Good luck today how it all gets sorted and they realise how unreasonable they are being

FrippEnos · 27/08/2021 10:23

Hope all goes well today.

As others have said stand your ground.

Bythemillpond · 27/08/2021 10:23

Hasn’t the market gone up since March. We exchanged Wednesday as are completing Tuesday and feel a little aggrieved that the process has taken so long and everything we were looking at has gone up £50k around here.

We just can’t stand the thought of going through all this again and having the same outcome in another 6 months time.

I would be indicating that you were actually thinking that the price should be raised to reflect the rising market but if they want to go ahead with the purchase the the contracts are there.

F**king hate FTBs who think they can play with peoples lives.

WhatAWasteOfOranges · 27/08/2021 10:25

Try and hold your nerve.
Our buyer did similar… even pulled out hoping that we’d go back to her with a reduced price (I think).
She then came back tail between her legs still wanting to purchase when we instantly put it back on the market and started booking viewings.
She then had saved something from an electrical report to mention the day before exchange in another attempt to knock down the price but again we said it was the agreed price or deal off. We did finally exchange for the originally agreed price but it was fraught.

newnortherner111 · 27/08/2021 10:26

There should be a register of such people so that when they come to sell, future buyers are aware of their behaviour.

What I would consider a reasonable response to their behaviour is not permitted by law.

Listener2021 · 27/08/2021 10:29

1st time buyers did this to us. They also had parents involved. We said no way, took down SOLD sign and said we couldn't afford to miss the coming Bank Holiday potential buyers cruise around.
They were back with original offer within hours.

NeedleWielder · 27/08/2021 10:30

We had that happen to us, we told them in no uncertain terms to fuck the fuckity fuck off and then they backed out and we exchanged at the correct price.

Wineat5isfine · 27/08/2021 10:31

Good luck for today!! Hope you get the result that you want 🤞🏻🤞🏻

SunshineCake · 27/08/2021 10:33

[quote Muma1992]@SunshineCake I said they are hoping you will offer a token amount like 5k off. I didn't say to do it. Read my post again.[/quote]
Apologies. My week in bed has obviously fried my brain !

Bythemillpond · 27/08/2021 10:35

You would think with computers and email things would have sped up over the years.

My first place was with a 100% mortgage on a wrecked house and from viewing to getting the keys was 8 weeks which was considered at the time to be quite a standard time frame
The next time I bought 11 weeks, then 3 months and each time more and more time.
Now we are looking at 6 months and I know we are not the only ones who have been waiting this length of time. It is the norm.

Something must be. The mortgage companies down the line have for my buyer and my buyers buyer taken so long to process things that they have both had to submit more up to date information after they had submitted everything initially 3 months before and were both told they would have to go to the back of the queue for their paperwork to be processed. (1 extra piece of paper they said they had to have took them 24 working days to process)

The whole thing is a joke.

FinallyFluid · 27/08/2021 10:41

I hope they spend the rest of eternity pooing pineapple skin. Angry

OhSmellyCatSmellyCat · 27/08/2021 10:43

I hope it gets sorted for you all

Bythemillpond · 27/08/2021 10:44

Just to add the buyer we had before this buyer got to the day of exchange then knocked £25,000 off
No reason, just because he thought he could.
Told him to go do one and put the house up for sale again. Sold to these buyers within hours of it going live on Rightmove.

Original buyer returned the following evening and said they wanted it and would proceed but I had already found another buyer at more money.

We sold without a high street estate agent (£99 online agency where you do everything) for the first time and I know it has taken quite a long time but that was something no estate agent could have done anything about and we were in contact with our buyers so we knew exactly what was going on.

I don’t think I would have an estate agent again.

ChilliChoco · 27/08/2021 10:50

Just saw this thread so haven't read everything . I would get your estate agent to work for you. You are paying them. Tell them to call the buyer and say that more people are interested and start reshowing the place.
I was in this situation and then the buyers suddenly realised they wanted to exchange straight away

Bythemillpond · 27/08/2021 10:56

newnortherner111

There should be a register of such people so that when they come to sell, future buyers are aware of their behaviour

In a previous house during the early 90s (when everything went tits up) we decided to move because of dhs work and the fact he was spending 5.5 hours commuting

We had a viewer who offered us £25,000 on a house that at the time was up for £150,000.

Obviously declined. Later found out they had been viewing country estates and massive houses and bidding £25,000 on them and had been banned from the nearest cities estate agents and then subsequently banned from our towns estate agents.

Their reason was that as house prices were plummeting and interest rates were rising someone would be grateful for their offer as anyone with their house up for sale at the time was going bankrupt
I think they had read it in a newspaper and couldn’t get their minds around that people have their own reasons for selling.

Cattenberg · 27/08/2021 11:01

My estate agents weren’t the cheapest, but they pride themselves on getting the best price for your property and they did a good job for me.

When a sale goes wrong, it’s great to have an experienced negotiator fighting your corner. They’re able to take all the emotion out of it, because ultimately, it’s a business transaction. You don’t need to like your buyer or punish their bad behaviour. You just need to get the best price for your property at the time you need to sell it. That’s all.

I appreciate that not all estate agents are like mine though, and that some only care that the sale completes and they get their fee.

FlowersinJune · 27/08/2021 11:06

Our buyers did this day before exchange. We told them no original price or we pull out.

They exchanged at agreed price.

I wish I told them to f off and pulled out. The house we bought turned into a complete money pit.

Notnowjo · 27/08/2021 11:07

If it’s a hot market just call their bluff and move on.

I had a survey done on a house once that was horrendous i just pulled out, one of the owners was heavily pregnant.

I wasn’t playing games or being difficult the survey said everything needed doing new roof rotten window frames needed replacing etc and valued the house at 50% less than the agreed price. I was a FTB I just didn’t have that kind of money to give away. Their agent let them down really he should not have let them believe it was worth so much with all that work needed. It was devastating for me I certainly didn’t have the spare cash for survey after survey alongside valuations and lawyers etc and the market was racing away from me. I had to go down a bedroom in order to buy anything.

ShingleBeach · 27/08/2021 11:08

Also crossing my fingers for you, OP.

They are talking bollocks - if they wanted to renegotiate on the basis of the survey they would have raised it as soon as the survey was back - because they would want to find somewhere else before their mortgage offer ran out if the survey was off-putting.

I would get the EA to tell them the price is the price because if it went back on the market you could get more. Especially if there is evidence in the way of recently sold similar properties to brandish.

Don't give the a whiff of desperation - they don't need to know how desperate the rest of the chain is.