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Original poster

Buyer screwed us over today

362 replies

MrsBaublesDylan · 12/01/2022 13:55

Our FTB emailed the EA today to demand a £25k price reduction based on the work highlighted in the homebuyers report which they received 2 months ago.

All non-essential work, obvious to anyone viewing the house.

When they offered, it was at the very bottom of our range and we accepted without negotiation.

We were due to exchange in a couple of weeks.

They know we are moving for financial reasons, that we have a disabled child who I am a ft carer for and two other children.

They know that we either loose our home, or sell up, move area so we can buy out right and live mortgage free.

We said a flat no and unless they let the EA know today if they want to proceed at the agreed price, then we will put the house back on the market.

The money and our circs aside, how can some people feel it's ok to put people under this type of pressure?

We had some good news recently, but both dh and I agree that without it, the possibility of loosing the flat we want to buy and not being able to afford the mortgage on our current house, would have made us feel suicidal.

We'll be ok but it is depressing to know there are people with no integrity, who choose to live in a way which causes catastrophic harm to their fellow human beings.

OP posts:
Battytwatty · 12/01/2022 20:44

@Nailsbythesea. Did you read the OPs post properly. The EA secured a buyer. The survey was done. It’s the buyers who have sat on it and now 2 months down the line have decided they want a reduction on a flimsy basis. This is the last thing any estate agent wants. They now have to spend money on remarketing the property to try an secure a buyer ASAP to push a sale through and get their commission.

SarahBellam · 12/01/2022 20:49

@Broads93

It's a business transaction. House buying is a dog eat dog World, you're trying to make money and they're trying to save.

They have no loyalty to you, nor do you to them. Why do people take things so personally these days?

I'm really sorry about your situation but it's not personal, money is emotionless.

They’re reneging on a deal, exploiting the owners circumstances, and engaging in sharp practice. Nobody is disputing the right for buyers/sellers to reach a fair agreement that maximises their own benefit, but what the OP describes is unethical and risky, and a really shitty thing to do.
HermioneKipper · 12/01/2022 20:50

I’m so sorry OP what an absolutely horrible situation ☹️

Your buyers are complete arseholes and I hope karma gets them. The system in this country is broken that it allows people to do this.

I’m sure you’ll get another buyer ASAP, your house sounds great. Good luck, we’re all rooting for you x

SmallPrawnEnergy · 12/01/2022 20:51

it's not personal, money is emotionless
You just be incredibly fortunate to think like this. Perhaps you don’t live in mansion but you’ve got obviously never had any real financial hardship as if you had been you would understand how incredibly wrong you are. Housebuing / selling is one of the most stressful things you can do, so obviously that means emotions are tied into the process, you’d be dense to think otherwise.

Like I said, moneys cold.
Just like you. Empathy is a wonderful thing perhaps try it next time.

MoFro · 12/01/2022 20:52

@MrsBaublesDylan so sorry this has happened! Deffo the FTBs trying to force you into a corner

I know some people looking to buy cash for investment so if you are happy to share the details or link by message, I can share and see if we can help find a buyer.

Maybe ask agents to send it to their investor list if it’s already in a bedsit area then may appeal more to them than just families or couples?

Wish you all the best!

Terminallysleepdeprived · 12/01/2022 21:06

@mrsbaublesdylan what exactly are they claiming the reduction is for? And is it worth looking at the list and seeing what is a potential major issue and maybe negotiate on this... for example Boiler...4k ish depending on size of house (and is fair enough to ask imo) where as say 10k for a kitchen that is in good condition but not to taste is not ok. Might potentially save some heartbreak and hassle?

From my experience as a single parent and ftb on house I am in the survey was done but it took over 7 weeks to get the report so it could honestly be an admin delay. I did request a reduction in price or I would walk away but that was because there was significant damp that was a structural issue and not clear from viewing (although am adamant the scumbag vendor knew). The quotes came back at between 10-15k. I wasn't prepared to invest additional money because she was too cheap to maintain her home in a good structural condition. The fact I hated her black wallpaper however did not factor into my renegotiation.

Londoncallingme · 12/01/2022 21:07

Thus happened to us recently - we refused as well and it resold within 3weeks. I made it clear to the EA that we were NOT desperate to sell and would say an unequivocal NO if the next buyers tried it.
One of the reasons was ‘the drains might be blocked’ no indication or evidence that they were! They are not! But they hadn’t been tested so they ‘might be’ a few more reasons like that - asking for 20k discount!

Rubyupbeat · 12/01/2022 21:12

Really bad of them to put you under pressure like this, but please don't use the word suicidal so flippant.

CayrolBaaaskin · 12/01/2022 21:17

It’s such a sellers market at the moment that if they have pulled out they must either not be able to afford it or genuinely think it’s not worth it. Sorry op, it’s hard but it’s not personal. Things are tough for you but you don’t know your buyers circumstances and £325,000 is a huge amount for first time buyers.

Pluvia · 12/01/2022 21:19

Back in August my neighbours heard I was putting my flat up for sale. They've lived next door for 30 years and wanted to buy the flat for a family member. They offered a quick cash purchase and showed me paperwork that indicated they had the money in hand. They knew that the flat needed some work. The EAs said they'd market the flat at £435k and expect to get £425k. For a quick, uncomplicated cash deal and no EA fees I agreed £415k. Then they decided to get a mortgage, to allow them them the money to make a couple of adaptations for their family member. First time round they were turned down. Second time round they got the mortgage. Each time I've seen them (which is fairly regularly) they've apologised for the delay and said that they are fully committed to the purchase and that they know how lucky they are to have the opportunity to buy such a convenient property at such a good price.

Yesterday their solicitor offered a completion date. Today the neighbours contacted me and said they're only prepared to pay £395k because it looks as if mortgage rates are going up. I've told them to get lost and now, six months later, have to start again in a much more uncertain market. I also have to continue living next door to them possibly for another six months until the place is sold. I hate them.

CayrolBaaaskin · 12/01/2022 21:20

@SarahBellam - in England it’s not agreed till exchange. There’s nothing immoral or illegal about it. There is no deal until exchange.

BrotherHelp · 12/01/2022 21:21

So sorry @MrsBaublesDylan
It’s great that your estate agent is confident and will help tell the flat sellers you will still be in a position to move, and hopefully the mortgage break until you sell will help.
Either through this user name or start another thread for something like “what would you do to improve/sell my house in a week” on MN. Not for the advice, but for the amount of traffic it generates to people looking at your house and you might get someone looking for just that. Or advice with something quick/free/very cheap you can do to make any new buyers snap it up before you have to deal with the flat sellers.

BrotherHelp · 12/01/2022 21:23

@Rubyupbeat

Really bad of them to put you under pressure like this, but please don't use the word suicidal so flippant.
We don’t know what other pressures the OP is under, she said if she hadn’t have got some other good news today this would have ripped her over the edge, who are we to decide she might not have been at the thought of being homeless and whatever other crap she has going on?
RandomMess · 12/01/2022 21:43
Thanks

I hope you resell super quick.

MrsBaublesDylan · 12/01/2022 21:47

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk guidelines.

SarahBellam · 12/01/2022 21:48

[quote CayrolBaaaskin]@SarahBellam - in England it’s not agreed till exchange. There’s nothing immoral or illegal about it. There is no deal until exchange.[/quote]
I never said it was illegal. I’ve sold 5 houses in England and I’m not an idiot. When you’ve agreed a price it is immoral to attempt to screw someone over. It takes a particularly shitty human being to attempt to screw over a family in constrained circumstances because they have a disabled child.

Original poster
MrsBaublesDylan · 12/01/2022 21:49

@Rubyupbeat

Really bad of them to put you under pressure like this, but please don't use the word suicidal so flippant.
What makes you think I was being flippant? Which bit of facing loosing my home don't you understand?
OP posts:
tootyfruitypickle · 12/01/2022 21:52

My buyers disappeared on day of exchange and then offered 25k less. I wish them nothing but bad stuff ! It's a shit way to live a life .

CayrolBaaaskin · 12/01/2022 21:55

@SarahBellam - thanks for that but the point is that nothing is agreed in England until exchange

Unsure33 · 12/01/2022 21:56

Hi

When you said you might lose your house . Please speak to your lender and if possible don’t miss whole mortgage payments
It’s very doubtful a court would give possession it you are paying what you can and trying to sell.

Hope you sell soon.

Rainartist · 12/01/2022 21:57

People are so disgusting Angry really sorry for you op. I hope they realise one day what this does to people. There should be more protection when buying and selling property. Really hope you get a new buyer and new home soon

dafey · 12/01/2022 22:01

I hate the system but what annoys me the most is it's considered far more unacceptable to negotiate the price down like the buyers in this example as opposed to asking for more. We had 2 sellers do this to us when trying to buy

Lucycantdance · 12/01/2022 22:07

@CheesecakeAddict

Just to give another slant on things, when I bought my house a little over a year ago, and it was an obvious doer-upper when I viewed the property and put an offer on it, the bank signed off on the value via desk-top valuation etc. and all progressed well. I got my survey back which said there was significant damage to various aspects of the house, which given the age of the property and viewing I expecting (e.g. roof, chimney, joists, repointing, damp-proofing etc), ultimately the surveyors estimated the value of the property to be just shy of 50k less than what I was paying. This got back to my bank (through the solicitors I am guessing?) who retracted their mortgage offer and said they would only offer me the new estimated price. The homeowners were pissed off but I would have paid what I had offered but it was at a time when it was near impossible to get a mortgage as a FTB and there were so many extra hoops to jump through so I had the choice of asking or pulling out.

They might just be arseholes, but there might also have been another reason behind why it took them so long.

This is more or less what happened to us. It was horrible - the house was one we were already living in and loved but I had always been concerned about the agreed price (which the landlord just gave to us) so asked the surveyor to value which took 50k off due to extent of work that it needed. Then had to go back to the landlord and offer less due to survey. The landlord, who we really got on with, turned really horrible basically accusing us of trying to get one over on him etc. We acted straight away as soon as we got the survey and valuation but we had no choice and couldn't have paid 50k over what it was worth. It was an old cottage so you can imagine the issues. Deal fell through as he would not "accept a penny less" and bank would not budge.

We got a much better house, that house is sat empty still two years on due to extent of work that needed doing. Lucky escape for us.

Stripyhoglets1 · 12/01/2022 22:19

I hope you find another buyer soon. There is very little on the market so hopefully it won't take long.

Aaaa1167336 · 12/01/2022 22:21

People need to force buyers to enter into binding contracts on acceptance on an offer. This system is a joke. I say give buyers a week to do a survey and then put in their offer with a 10K or 20K non refundable deposit. That will flush out out the time wasters are the FTBs who think they can game the system. That’s what I will be doing on my next sale. And no FTBs.