Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

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:
TatianaBis · 26/08/2021 22:40

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.

I would say that exchange cannot go ahead for either of you if they change the price now as you will both have to refer the price change back to your mortgage companies.

They obviously haven’t thought that through.

saleorbouy · 26/08/2021 22:40

Tell your estate agent ( who works on your behalf) to call them and tell them he has another full price cash buyer waiting and they need to make a decision now if they want to secure the property exchange tomorrow. Basically do one with your late tactics and the survey you've been sitting on for weeks.
Its a sellers market so hold your nerve, would you really feel happy selling to them for 15k less.

Gazelda · 26/08/2021 22:41

@BenjiCat

They're a first time buyer. So no chain beneath them.
I had a funny feeling they'd be first time buyers. Naive about the process, probably being egged on by family/friends, trying to show themselves as hard nosed negotiators, nothing to lose.

Stand firm, but give a deadline after which time you'll be re-marketing. Don't let them go silent over the weekend with you wondering what the situation is. Keep control of the situation.

Blossomtoes · 26/08/2021 22:42

@BenjiCat

They're a first time buyer. So no chain beneath them.
These bastards usually are. Mine was too.
ACloseMatch · 26/08/2021 22:42

Scumbags. Good Luck OP.

perfectasalways · 26/08/2021 22:43

BenjiCat first time buyers who would presumably almost definitely need a mortgage. The mortgage company would have needed to see the surveys before producing the mortgage offer. They are totally at it and I would tell them to stick it. The house will almost definitely have increased in value since March, although the same could probably said for the house you are buying.

CornishTiger · 26/08/2021 22:43

Also estate agents needs to tell them word gets around of stunts like this and they will struggle with making offers in future as their credibility will be in doubt.

TatianaBis · 26/08/2021 22:44

@saleorbouy

Tell your estate agent ( who works on your behalf) to call them and tell them he has another full price cash buyer waiting and they need to make a decision now if they want to secure the property exchange tomorrow. Basically do one with your late tactics and the survey you've been sitting on for weeks. Its a sellers market so hold your nerve, would you really feel happy selling to them for 15k less.
They’re not likely to fall for that.
Medievalist · 26/08/2021 22:44

I know you feel like you're over a barrel but please don't give in. They won't want to risk losing the house when they've spent money on fees, surveys etc. And as previous posters have said, changing the price will delay exchange.

I second making it clear to the estate agent that you're not budging on price (unless it's in your favour!) so they in turn make it clear to your prospective buyers that they're not going to win this one.

TatianaBis · 26/08/2021 22:44

Or at least their solicitor won’t.

perfectasalways · 26/08/2021 22:45

Gazelda I think you're right, I've had this before - usually a family member who knows better egging them on and telling them to chance it. As I said I do conveyancing in Scotland so I can tell them it's up to them but we can't act for them any more because it is against Law Society Regulations. You would be in major trouble up here playing that game.

TerribleCustomerCervix · 26/08/2021 22:46

@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.
Please listen to this OP- it’s really not the end of the world to have to move after the baby is born. Moving is a pain regardless of being pregnant or having a new baby, and £15k is A LOT to spend to ensure a pre-birth move.

Don’t let someone use your pregnancy as leverage against you!

perfectasalways · 26/08/2021 22:46

CornishTiger especially if you are looking in a smallish area. Estate Agents totally get wind of the chancers - you can see them a mile off.

TakeYourFinalPosition · 26/08/2021 22:47

@perfectasalways The mortgage company would have needed to see the surveys before producing the mortgage offer.

When do they usually ask for the survey? We’ve got our full mortgage offer, and paid for a RICS building survey, but the mortgage offer was through before the survey was done and nobody has asked to see it.

Should we be expecting them to ask for it?

I know they did a desktop valuation, so they haven’t visited the place we’re (hopefully) buying.

Thank you!

CornishTiger · 26/08/2021 22:47

@perfectasalways

CornishTiger especially if you are looking in a smallish area. Estate Agents totally get wind of the chancers - you can see them a mile off.
Exactly. They’d get short shrif around here.
perfectasalways · 26/08/2021 22:48

I don't know English Law but I would have thought the searches would be Land Register Searches etc., not surveys. They need to be done fairly pronto to get your mortgage offer. I smell a rat here.

MemoryGame · 26/08/2021 22:48

Definitely trying it on, they have probably spent ££££s if they've got mortgage agreed and had an extra survey on top of mortgage valuation.

They're not going to want to throw that money away for nothing when they're going to have to spend it again on another place which might cost them more. Particularly if they look at anywhere else marketed by the same agent, they're not going to be the preferred buyers. They have a lot to lose here, not just you.

PegasusReturns · 26/08/2021 22:49

I knew they’d be first time buyers. Probably watched too much daytime TV and fancy themselves as wheeler dealers 🙄

saleorbouy · 26/08/2021 22:49

We had friends living opposite who ended up with their buyer being 10k short on the asking price. Everyone in the chain was waiting for the sales to complete with removal vans outside properties. It was stalemate for a few hours as our friends held firm until the man at the top of the chain buying a million pound property sent 10k to get the chain moving and completed.
Our new neighbour ( Mr. 10k short) was a smarmy creature who was not well liked. Again we think it was a deliberate ploy.

Azilliondegrees · 26/08/2021 22:51

The agent works for you and not them, so don’t take any crap from the agent at all.

We had this scenario (well, similar) and in the end I informed the agent that our buyer had 24 hours to stop messing around and to exchange contracts or the house was going back on the market and would never be for sale to them. They exchanged an hour later.

Problem with that tactic is you have to be prepared for everything to fall through because it might.

perfectasalways · 26/08/2021 22:51

TakeYourFinalPosition don't know about England but I would doubt a mortgage lender would lend on a property they haven't seen the survey for. They maybe got it directly from the surveyor - that's what happens up here. They need to know the value for starters but it's usually up to the solicitor to tell them if there is anything major in a survey.

SchadenfreudePersonified · 26/08/2021 22:53

@CloseYourEyesAndSee

Tell them to fuck off.
This is the only acceptable response.
SweetPetrichor · 26/08/2021 22:55

Hold firm. You have the power here, not them. They’re chancing it. I don’t know how people have the balls to do stuff like this. I’m completing my purchase tomorrow and I just want it to be over! The last thing on my mind is trying to screw things at the last minute…also, I’m immensely glad to be in Scotland, where the process is so much better.

SchadenfreudePersonified · 26/08/2021 22:57

@PegasusReturns

Having been through this you need to be crystal clear with your estate agent that you are absolutely prepared to walk away from this.

Although the estate agent works for you it makes virtually no difference to them if you sell for asking price or £15k below and they’ll be counting on your sale and associated commission.

You need to make sure that they are trying to persuade the buyers that risking the sale would be a mistake because you’re prepared to re- market/ the market is hit etc etc.

Tell the estate agent to put your property back on the market. Increase the price.
NumberTheory · 26/08/2021 22:57

@saleorbouy

Tell your estate agent ( who works on your behalf) to call them and tell them he has another full price cash buyer waiting and they need to make a decision now if they want to secure the property exchange tomorrow. Basically do one with your late tactics and the survey you've been sitting on for weeks. Its a sellers market so hold your nerve, would you really feel happy selling to them for 15k less.
Unless you actually have a full price cash buyer waiting this would be criminal fraud and against the estate agent's code of conduct. You shouldn't ask your estate agent to do it and you shouldn't work with one who would.