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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:
backtolifebacktoreality · 13/01/2022 02:05

I find it really annoying that people want to make incredibly low offers based on work that needs doing or because they want to, for example, make lots of changes.

The sale price reflects any work that needs doing! They can't expect it to be on the market at a low price and then knock you down too!

TheGoldenWolfFleece · 13/01/2022 06:30

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

How privileged must you be that you can just suck up losing £25k. I mean... What sort of person even comes into a thread like this and says this? The mind boggles.

rc22 · 13/01/2022 06:57

We've just had a buyer pull out of our sale at the last minute because of an issue with the property that we've been absolutely open about from day one. Fuming!!

DrSbaitso · 13/01/2022 07:46

The system is absolutely broken. I can see why it came to be created the way it is, and the reasoning for it, but it clearly does far more harm than good. It needs updating, badly.

FWIW, in every case I know where a seller got gazundered and stood their ground, the buyer backed down and went through with it...if the seller allowed it and didn't then pull out themselves. Obviously I know that doesn't always happen but I'd be interested to know the stats.

I've also seen some sites for FTBs that suggest this is normal and expected behaviour. Awful.

Mellowyellow222 · 13/01/2022 07:50

@HyggeTygge a system were independent surveys are done in the property when it goes on the market would solve that. Everyone goes in with their eyes open. You view the property, read the survey and make a bid with all the ifnromarion. No excuse to back out later

Terminallysleepdeprived · 13/01/2022 07:53

[quote Mellowyellow222]@HyggeTygge a system were independent surveys are done in the property when it goes on the market would solve that. Everyone goes in with their eyes open. You view the property, read the survey and make a bid with all the ifnromarion. No excuse to back out later[/quote]
This would be ab incredibly good step forward!

Palavah · 13/01/2022 08:09

[quote GrannytoaUnicorn]@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 Thanks[/quote]
Bumping for Op in case it gets lost in the melée

Palavah · 13/01/2022 08:10

@Unsure33

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.

And this
HyggeTygge · 13/01/2022 08:10

@GloriaSicTransitMundi
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?

Did you not realise that you/I were describing the current system?

Palavah · 13/01/2022 08:25

@HyggeTygge1
@GloriaSicTransitMundi

OP is clearly finding this upsetting, maybe start a new thread on the property system in England?

Palavah · 13/01/2022 08:25

Correction, @HyggeTygge

Original poster
MrsBaublesDylan · 13/01/2022 08:43

We need the 25K.

Our current mortgage company agreed to let us port over £20K of our current mortgage, but the surveyor classed the flat as un-mortgageable.

It doesn't have a kitchen, needs re-wiring, new boiler, two new windows and complete re decoration throughout and with our equity, we need to buy the flat outright, make it habitable and service some debt.

Anyway, today dh is the one flat in the floor with despair and I have woken up with a will to win.

I am going to talk to a very smart friend of mine - she works with stocks and shares and has given me financial advise in the past.

My best friend's parents might also help us out. We've been bf since we were four and her parents gave me the love and care my own didn't.

I am also considering writing a cheque for £2k which our vendor (probate flat) would receive on completion, if they stick with us.

I have just decided that I will make this happen. I can do this.

OP posts:
WeaversDivas · 13/01/2022 08:45

I'm glad you said no, they tried a tactic and it backfired.

It is a brutal business, I once got emotionally involved and never did again. I've bought/sold four times since and didn't meet my buyers or vendors once. It's much smoother that way.

Whatayear81 · 13/01/2022 08:51

I doubt they’ll take the £2k

They don’t want your property
I don’t get the impression they were bluffing by fact that no one has been able to contecact them

QuantumWeatherButterfly · 13/01/2022 08:58

whatayear81 I think the OP means the cheque would be for the current owners of the flat they are buying. If the OP can convince them to wait for her to find a new buyer, everything can still proceed.

Good luck, OP - it's a shitty situation, I really hope it works out for you.

HyggeTygge · 13/01/2022 09:06

Good luck op.
Are you allowed to do that with promising money to the seller? I thought there might be rules about money exchanging hands outside of the purchase (eg to avoid stamp duty) - I'm not an expert though...

grapewine · 13/01/2022 10:15

Good luck!

GloriaSicTransitMundi · 13/01/2022 10:15

@HyggeTygge

Good luck op. Are you allowed to do that with promising money to the seller? I thought there might be rules about money exchanging hands outside of the purchase (eg to avoid stamp duty) - I'm not an expert though...
Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home. In most cases, earnest money acts as a deposit on the property you're looking to buy. You deliver the amount when signing the purchase agreement or the sales contract.

It's legal. If every sale had this built in, people wouldn't be in the situation the poor OP finds herself in.

Good luck @MrsBaublesDylan, I admire your 'I have just decided that I will make this happen. I can do this.' Cheering you on!

TheGoldenWolfFleece · 13/01/2022 10:22

To be honest with the flat youre buying in such a poor state, they might struggle to find another buyer in any case. Hopefully it means they'll stick with you.

Original poster
MrsBaublesDylan · 13/01/2022 10:29

Bless you, thank you so much for the good will and support Grin

We have an appointment with the EA financial advisor tomorrow - there is an outside chance dh may be able to apply for a buy to let mortgage on the flat which we can pay off once our house is sold.

Poor dh. He is due to start a new job which he accepted because it was more money but it is only a one year contract. He is under such a lot of stress as the sole earner.

Fortunately we have a rock solid relationship - we have survived two devastating diagnoses in our eldest children, when they were five and two years old.

We are everything to each other and even after 20 years together, we still make each other laugh, which is awesome.

OP posts:
Original poster
MrsBaublesDylan · 13/01/2022 10:35

@GloriaSicTransitMundi that's really useful to know that it's legal and actually has a name.

I need to speak to the seller's EA today so I may well just stick it on the table.

We had to fight off investors to get the flat - it is probate so the seller will just want to settle the estate and crack on I guess.

But £2k may well make hang on a bit longer.

OP posts:
GloriaSicTransitMundi · 13/01/2022 10:41

Go for it @MrsBaublesDylan - as I said, I'm cheering you on... Best of luck...

BasementIdeas · 13/01/2022 11:15

Good luck. Hopefully it will all end up for the best

We also had some shitty buyers who pulled out. Ended up selling for £10k more!

Skeumorph · 13/01/2022 11:20

OP I am so glad to hear that you are feeling more full of fire today.

You're clearly a strong person!

Yes try the £2k, it's worth it. And probate - of course they want shot BUT they also are maybe not in the position of needing every £ to finance their own situation, so if they already know and have gone down the route this far with you guys they may also be unwilling to chuck it over and start the whole process again with a new buyer, which could end up taking longer. Or they could end up with someone who drops out. It's just as hairy for them don't forget. Certainly - you putting £2k on the table now is a great way of showing that you're serious and also confident that these problems will get sorted quickly.

Good luck!!!!! xxx

deleteasappropriate · 13/01/2022 11:42

I thought earnest money was an American thing? Happy to be told I'm wrong as this could potentially help us out of a problem we have with out own sale!