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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:
Viviennemary · 26/08/2021 22:13

They should have made a lower offer immediately after the survey. The fact they didn't proves they are chancers. But under the circumstances I might reduce by say 5k but only to secure the sale and if it benefitted me.

donquixotedelamancha · 26/08/2021 22:14

There are no problems in the homebuyers survey or they would have brought them up at the time.

I would not even bother with negotiation- straight back onto Rightmove with it (at a higher price) and tell your EA to just ignore them.

The vast likelyhood is that they will proceed through the solicitors. If they don't (by next weekend) then they never intended to pay that price and at least you know you will have to drop to complete.

Whatever you do just don't reply- its far more effective than anything else you can do now.

SofiaMichelle · 26/08/2021 22:20

I would refuse point blank and tell them they either exchange and complete on time or the deal is off.

Don't get into any negotiations or appease them in any way.

A former colleague absolutely point blank refused to go ahead with the sale to her buyer after they tried to pull a similar trick, even though they later retracted their demand for a price reduction. Good for her!

Pastnowfuture · 26/08/2021 22:20

This is awful behaviour. Hope it all works out for you.

LucasLodge · 26/08/2021 22:22

Put it back on the market in time for the weekend.

In fact, post it in here and push the RightMove views up.

I was selling a house at the same time as another house on our street. W head an offer and then the buyer started arsing around, going on about loft ladders and curtain tie backs and reducing their offer. 🙄 We put it back on the market as we really felt like they were going to mess us around and they offered on the other house and did the same to them. Demanding skirting boards were painted and TV ariels installed.

They hindered every step of the sale and ours went through with a new buyer weeks before theirs did. Wankers.

Cattenberg · 26/08/2021 22:22

This happened to me in July, although in my case the buyers hadn’t even requested a survey.

My estate agent thought I shouldn’t give the buyers any discount and offered to handle it all for me. She ended up telling the buyers that if the property went back on the market, the asking price would be £5k higher than last time.

The buyers then said they “assumed the white goods would be included in the sale”, despite the property form stating that they weren’t. I explained they weren’t included, but said I’d consider selling them. Funnily enough, they weren’t interested.

The sale completed at the agreed price. My situation was a bit different though, as I’d only just had an offer accepted on a property, so calling their bluff didn’t feel like much of a risk. I knew if I put my property back on the market, it would probably sell within a week (again).

RosiePosieDozy · 26/08/2021 22:24

No way should you agree to that with no justification for the lower offer.

I would just say no and that you're ready to exchange for the agreed price.

I doubt they'll pull out after spending money on fees. If they do, just put the house back on the market. Maybe at a slightly higher price than before. Don't worry about being in a new house with the baby. I know how difficult the situation is but you shouldn't allow yourselves to be taken advantage of.

subsy1 · 26/08/2021 22:25

Should you mentione to the EA that you have an interest free bridging loan available as part of your move and ask them to put the house back on the market (perhaps at a higher price given the rising market?)?
The EA can then advise CFs who may well decide that they are getting a bargain after all. It doesn't matter at all that you don't have a free bridging loan.
This tactic worked for us on both sides in our last move when our seller suddenly "needed" a few thousand more and our buyer suddenly "needed" to drop a few thousand from his offer.

WaddesdonWanderer · 26/08/2021 22:25

Sometimes I hate people. My mum's buyers tried to do this to her, I said I wanted a copy of the survey before we even consider it, they sent it and yes it had a few things that needed doing but it said it was good value at the price! (I think they sent this last bit by mistake!) So we went back and said no, and they backed down. They were really sheepish the next time we saw them, I think someone else had put them up to it tbh.

Your buyers are chancing their arm. Just say no. I bet they’ll back down. It’s a sellers’ market.

BeenThruMoreThanALilBit · 26/08/2021 22:28

You will be feeling stressed because you’ve mentally sold this place and moved into the new one. That’s an emotional decision. Once you’re in your new home you’ll remember losing £££ on this sale and THAT’S when it hurts.

These CFs are playing in your emotions to the tune of £15,000. That’s post tax money, which you might think is small in the grand scheme of your lifetime’s earnings, but it’s a heck of a lot for someone just trying to pull a fast one. Within 24hrs, this could be history.

Gooseysgirl · 26/08/2021 22:30

Wow!! Absolute CF-ery at its finest. Call their bluff

Gonewiththegin · 26/08/2021 22:31

How awful, shame on them. Honestly OP I would tell them under no circumstances will you accept a penny less!

It’s ridiculous this is even allowed to happen at this stage of the process!

Hope it all works out in your favour

SpiderinaWingMirror · 26/08/2021 22:31

Certainly if you can move before the baby is born, fab. But it won't be the end of the world if you don't. Is there a chain above you? As others said, put the house back on the market.

Cattenberg · 26/08/2021 22:31

Anyway, FWIW, I wouldn’t suggest upping the price, or putting the property back on the market. It’s tempting, but you could end up cutting off your nose to spite your face. Assuming you’re prepared to take the risk, I would just refuse to lower the price. Your estate agent should be negotiating hard on your behalf, and situations like this are when they really earn their fee!

Original poster
BenjiCat · 26/08/2021 22:32

Thanks everyone. You've confirmed our thinking that they are being a CF.

We're going to check in with our solicitors first thing in the morning to see if they've produced a copy of the report to substantiate. If not, I think we will be saying were unable to renegotiate anything without this and we're happy to proceed with exchange today as planned at the original offer and we will wait to hear from them.

OP posts:
MrsRLynde · 26/08/2021 22:32

@InaccurateDream

You wouldn’t be able to exchange tomorrow if you lowered anyway as you’d both have to get your mortgage deals amended
Very important point.
Blossomtoes · 26/08/2021 22:34

@DeeplyMovingExperience

Our CF buyers did that and I told them (via the estate agent) to do one. Calling their bluff worked, and they reverted to the originally agreed price.
Same thing happened to me. I told them to jog on and they backed down.
2bazookas · 26/08/2021 22:36

It's a try-on. If the searches had really found a problem they'd have no reason to conceal it from you. Just hold your nerve , and don't communicate direct.

I would instruct agent to tell the buyers if they fail to complete on time at previously agreed price , he's been instructed to put the house straight back on the market .

Tell your lawyer to pass the same message to their lawyer.

perfectasalways · 26/08/2021 22:36

You're not telling me that they have been buying the property since March and have only now received a survey? I do conveyancing in Scotland where this is not permitted, however, a survey is done at the beginning not the day before settling. They are trying to pin you against the wall in the hope that you will fold because you are desperate. Personally I would call their bluff - is there anyone further down the chain than them? Did they need a mortgage because if they did there is no way they are just getting surveys - the mortgage would have to have been granted a while ago.

User135792468 · 26/08/2021 22:37

What absolute fuckers. I hope they burn in hell!

Original poster
BenjiCat · 26/08/2021 22:38

@SpiderinaWingMirror

Certainly if you can move before the baby is born, fab. But it won't be the end of the world if you don't. Is there a chain above you? As others said, put the house back on the market.
Yes there are a couple people in the chain above us who are equally desperate to move on (including an elderly gentleman). Hence why we think they're capitalising on circumstances Sad
OP posts:
perfectasalways · 26/08/2021 22:38

InaccurateDream well they would have to get their mortgage deal amended if the are getting a mortgage. The OP wouldn't have to unless she was going to trying and negotiate £15k off from her own sellers.

Original poster
BenjiCat · 26/08/2021 22:39

They're a first time buyer. So no chain beneath them.

OP posts:
CornishTiger · 26/08/2021 22:39

Has your house risen in value since March? I bet it has!

justasking111 · 26/08/2021 22:40

Someone we know had this stunt pulled on them. EA smiled put it back on the market at a higher price it sold full asking price 😂

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