Gazundered day before exchange

[BenjiCat]

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

Fuming does not cover feelings right now !!

@BenjiCat

An update is that we've called their bluff. Said exchange by the end of the day at the original price, otherwise, we'll assume the sale is off and take it off the market until sometime next year (and we mean that!). Here's hoping they'll see sense eh!

Good stuff 🌸

Good strategy, definitely a strong move. Here's hoping it works out for you. So glad you didn't stand for their cheeky fuckery.

For everyone who gives in it sends a message that it's ok to do this and more and more buyers get to know of someone who it worked for and hence are tempted to pull this stupid trick out themselves. So glad you stood firm.

Good luck!

Good move BenjiCat, looking forward to updates with fingers crossed!

and take it off the market until sometime next year (and we mean that!)

So you're walking out on the offer you've made if they do?

I would (and have in the same circumstance)call the buyers bluff and say not a penny off

@sirfredfredgeorge

and take it off the market until sometime next year (and we mean that!)

So you're walking out on the offer you've made if they do?

I'm not really sure what the alternative option is? Unless the vendors further up want to contribute £15k?

Well done @BenjiCat
I wouldn't be held to ransom either.

Good luck, @BenjiCat!

No please don't - while this is difficult for you they are totally capitalising on your situation - could the estate agents give you any insight into their position? If they are in a chain too they are less likely to pull out.

@Bythemillpond

I think the mortgage companies are the ones adding to the time. Even though my buyers had a mortgage offer before viewing. When they said which house they wanted to buy they had to go through the whole process again, that took so long that their paperwork ran out and they had to start again. Absolutely ridiculous. One mortgage company I went with to buy a place in the last few years asked for paperwork one piece of paper at a time with about a 10 day delay between being asked to send the next bit of paper in.

Till we ran out of time and had to start again.
But this time we knew what we had to hand in.
Why couldn’t they have given us a list in the first place.

That's one of the reasons my SIL and her husband accepted an offer nearly 10% under the best offer they had for their house.

The people who made the lower offer were true cash purchasers who had sold their own place, the others had just had a sale agreed but were in a chain that wasn't quite complete. They wanted the certainty, so went with the lower offer.

Right up to exchange, the other buyers were desperate to get the house, and ended up offering 10% over asking, but SIL & BIL were decent about it and wouldn't drop the first buyers.

Everyone was desperate to get into the ever-shrinking catchment for the local grammer schools.

I'm so pleased you haven't capitulated. Everything happens for a reason!

Good luck op!

It takes for ever for cash, chain free sales too

Yes it does. We were cash purchasers. Our vendors had their offer accepted. This was August. It dragged and dragged until we finally completed at the end of November. I think our vendor needed to pull his finger out. However, all good.

Oh, and well done to the OP telling the CF buyers to do one. So sorry the chain might collapse and you potentially lose the house you have offered on. Or not.

That's really awful of them. I hope they apologise and do the right thing and pay the agreed price.

Let us know the response OP! God some people are awful.

You've done the right thing OP.

Good luck

Well done OP! What utter bastards.

It is definitely possible to complete quickly. It must all depend on circumstances, on the ball solicitors, and everyone involved being keen to get the job done.
We’ve moved 3 times in 6 weeks. All small chains of 2 or 3 though.

Good luck!

Excellent work OP. Hope it all works out for you!

You've done the right thing OP! Good luck 🤞

@CrackerJack2021 - you can report for fraud in cases of school admissions.

See link , example from one council.

www.york.gov.uk/SchoolCatchmentAreas

Good luck OP. Think you have made the right decision.

Good luck