Buyer screwed us over today

[MrsBaublesDylan]

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.

Or there should be a central registry for guzunderers so vendors can look people up and see if they have form for screwing people over.

@Aaaa1167336

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.

Good luck.

@ TokyoDreaming I know people who have done it, a genuine buyer should have no objection so it weeds out the time wasters. There is nothing at all economically efficient about the current system and it needs to be urgently reformed.

gazumpers should be on that list too

@dafey

gazumpers should be on that list too

Agreed

I hope you find another buyer op and you are able to keep your new flat sale. Good luck

@Aaaa1167336

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.

I think both buyer and seller should have to pay a deposit, say £10k, into an escrow account as evidence of good faith when an offer is accepted. If either party backs out before exchange, the other should get both deposits. That would stop time wasters. If you're not sure, then don't make a firm offer, keep it all tentative / in principle etc.

@Whatayear81

*The buyers know our personal circs because they asked why we were moving and we were honest.*

You did a bit more than give them the basics

You actually told them you were having financial difficulties and clearly desperate to move with a disabled child

Bloody hell op
Wise up

Why kick someone when they're down! No need for your comment!

@ GloriaSicTransitMundi good idea

God some posters are so bloody nasty sticking the boot in! I agree with the suggestion to name change and put a new post up with the link to the house asking for "advice" on your listing. You'll get a lot of traffic.

@MrsBaublesDylan Totally off topic but do you get any support via Family Fund OP? If not, once you get settled in your new flat, contact them! They're amazing at what they do for families with disabled children. I have one and they've been a lifeline for us

@Aaaa1167336

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.

This is essentially how it works where I live. There are also usually stipulations on what they can request reductions for and what they can't.

You are not losing (only one o in losing) your home yet. There is still time to find other buyers.

This time, do not tell any prospective buyers about your financial situation. Do not tell them you are desperate.

House buying really does bring out the worst in people but it does always work out in the end, hang on in there! We sold my grandma’s house in the summer (to fund her care home) and the buyer screwed us over so it went back on the market and two new buyers came forward within a week, it went to best and final offers and resulted in a sale for much much more than the previous buyer was going to pay. Fingers crossed it’ll all come together very quickly.

@Aaaa1167336

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.

That is what they do overseas and it makes much more sense. You get your survey etc prior to the offer being made (because how can you know the house is worth what it is worth without one?!) then the contract is binding except for a few very small exceptions.

I'm so sorry, OP. Their behavior is absolutely appalling and I'd be as distraught as you. I'll keep you in my prayers that you get another buyer quickly and can proceed with your flat purchase.

I think both buyer and seller should have to pay a deposit, say £10k, into an escrow account as evidence of good faith when an offer is accepted. If either party backs out before exchange, the other should get both deposits. That would stop time wasters. If you're not sure, then don't make a firm offer, keep it all tentative / in principle etc.

Right, so you're saying an offer should be tentative until you're sure, for example until you carry out a survey and negotiate about what's included, then you firm up your offer with some kind of exchange of contracts with a deposit?

I was in a similar position with a pain in the arse buyer five years ago, ( there’s a thread in yonder fields somewhere) trying to escape DA. I feel for you. Really hope it works out the way you need it to. 💐

@MrsBaublesDylan , I can't even begin to imagine how stressful it must be. Hope it all works out, I'll keep my fingers crossed for you 💐 Take care.

@TrashyPanda

Huge sympathies and best wishes for finding a decent buyer

However, I’ve never understood why people affected by this system don’t campaign for a change in the law. It’s really shite.

I spent over 30 years working in conveyancing in Scotland and never encountered this or gazumping. The system doesn’t seem to be fit for purpose.

We bought and sold in Scotland first. When we bought this house it was for family reasons we were needed here and it was so stressful. The seller demanded we were able to wrap it up within six weeks or he would sell to someone else. I sorted and painted our house and put it on the market when DH was away and sold it within two weeks. It took longer in England but nothing to do with us. Saw the house in February and had bought it and moved by May still here 30 years later. I have bought another house with one of my sons and the vendor went back on accepting my offer which I had raised by £2000. Six weeks later she was back but I put a new lower offer ( original) of take it or leave it as we had another house in the offing. She took it spent the £2000 on rectify the faults and paint😃

It surprises me that England wasn’t brought into line with Scotland.

OP I hope it sorts out. I would put it back on the market. I think at that late stage they are trying it on.

If it's lose 25k or lose your home surely you lose the 25k?

If the op loses the 25k she may not be able to purchase the new home so will be fucked either way

I'm so sorry op. I know what it's like to have a child with a disability and how much pressure that can put on you financially

I'm lucky that I've been in council accommodation for a few years now. If I was still privately renting or had a mortgage I'd be fucked.

And people acting like 25k is nothing, wow lucky them

@HyggeTygge

I think both buyer and seller should have to pay a deposit, say £10k, into an escrow account as evidence of good faith when an offer is accepted. If either party backs out before exchange, the other should get both deposits. That would stop time wasters. If you're not sure, then don't make a firm offer, keep it all tentative / in principle etc.

Right, so you're saying an offer should be tentative until you're sure, for example until you carry out a survey and negotiate about what's included, then you firm up your offer with some kind of exchange of contracts with a deposit?

Why not? The survey shouldn't throw up any nasty surprises unless the seller is hiding something, or if there is a big unknown such as dry rot or woodworm or something like that, it can be negotiated as a price reduction or remedial works to be carried out by seller.

Considering that house-buying is probably the biggest purchase you'll ever make, I think a completed survey should be part of the sales pack, just like the EPG and gas / elec safety certificates. The English system is well overdue being reformed.

They've had the survey for 2 months, you don't sit on it that long and then decide to try for a reduction.

That's 8 weeks the house could have been back on the market for