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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:
Original poster
MrsBaublesDylan · 12/01/2022 16:29

@HollowTalk

That's a really horrible situation to be in. Some people are really awful. Is there any negotiation you could do which would mean you didn't lose your house?
My sister's dh said we can tell the bank we can't pay the mortgage until the house is sold.

But we can't get another mortgage because of a debt management plan which is why this cheap little flat was a lifeline.

And I do know our buyers circs - they are ftb living with parents. Surely if one of them had lost their job they would have told us?

15 minutes to go until EA rings them. It's very obvious to me that they are weaselling their way out and expected this outcome.

OP posts:
BrotherHelp · 12/01/2022 16:29

Everything crossed for you OP that you get the answer you need later or ask the estate agent to put it back on this evening/go back to any other viewers. And then tomorrow see if there is anyway you can do anything else about still getting the flat you need

SockFluffInTheBath · 12/01/2022 16:32

Fingers crossed for you OP that your buyers decide to pay the agreed price Flowers

Original poster
MrsBaublesDylan · 12/01/2022 16:32

Thanks @friendlycat and @Leftbutcameback - I am usually an irrepressible optimist but I feel all hope is gone.

I am just sitting on my sofa with leaky eyes and a strong sense of impending doom.

We have let our kids down. I wish I had parents who loved me and wanted to help. But it is just dh and I and a whole bag of shit.

OP posts:
LizzieSiddal · 12/01/2022 16:33

I’m so sorry these horrible people have done this to you, they must have no morals. Fingers crossed that you find another buyer quickly. Flowers

prettyteapotsplease · 12/01/2022 16:33

Buyers can behave so badly can't they? They've got you over a barrel and are making the most of it. I've been through this too - one thing I've learned is don't give in on the very first request (which will seem reasonable at the time) - they take this as the green light to push, push, push until the very last minute. Flowers for you OP.

EveryFlightBeginsWithAFall · 12/01/2022 16:33

What arseholes. I hope they come back op

Benjispruce5 · 12/01/2022 16:33

I can’t believe the EA put that to you. Surely you accepted their offer, they either pull out or go ahead.

Skeumorph · 12/01/2022 16:36

@MrsBaublesDylan

Thanks *@friendlycat and @Leftbutcameback* - I am usually an irrepressible optimist but I feel all hope is gone.

I am just sitting on my sofa with leaky eyes and a strong sense of impending doom.

We have let our kids down. I wish I had parents who loved me and wanted to help. But it is just dh and I and a whole bag of shit.

Hugs. Big hugs and I am sitting here not working and thinking of you instead. Everything crossed xxx
Original poster
MrsBaublesDylan · 12/01/2022 16:37

@BrotherHelp

Everything crossed for you OP that you get the answer you need later or ask the estate agent to put it back on this evening/go back to any other viewers. And then tomorrow see if there is anyway you can do anything else about still getting the flat you need
I have been trying to look at personal loans or bridging loans. All suggestions welcome, I could really do with advice.

The DMP was in my name only and dh credit score is excellent. But I'm not sure he earns enough for a loan or being married to me would affect him.

The EA suggested we wait two days before telling the onward purchase people, in which time we may have got new buyers.

I am trying to not give up.

OP posts:
Skeumorph · 12/01/2022 16:37

You HAVEN'T let your kids down, not at all.

Remember the buyers have invested time and money too. And maybe are going on the 'advice' of one of their Dads or something and will immediately back off now - who knows.

SortMyHouse · 12/01/2022 16:39

Never, ever tell people if you are desperate to sell.
Always make out that you don't mind waiting.
Don't accept a low offer either next time, not if you've got higher offers on the table.

girafferafferaffe · 12/01/2022 16:42

It isn't over yet op. Some people play games when they think they've got you caught. Fingers crossed they carry on with it.

DoTheyKnowItsLemonJuice · 12/01/2022 16:42

I’m so sorry, OP, how utterly shit Sad

PurpleCarpets · 12/01/2022 16:46

@MrsBaublesDylan - Sounds very stressful, sorry to hear that.

It is ultimately an arms-length financial transaction in which each side is out to secure the best deal they can. And you have to work on the basis that nothing is actually agreed until the contract exchanged. Those are the rules and both sides operate within them.

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

Sorry this may have been pointed out earlier on the thread, but it was probably not a great idea to let them know this. It's better if both sides know as little personal information about each other as possible, and certainly do not divulge anything that will give buyers a negotiating advantage.

HTH1 · 12/01/2022 16:49

@Ohsugarhoneyicetea

I wouldn't respond at all. Straight back on the market today. Id rather take £25k less from someone else!
This.
Mosaic123 · 12/01/2022 16:49

There's s big shortage of homes on the market at the moment. Ask your agent to start looking for a new and cash buyer for yours immediately.

lanthanum · 12/01/2022 16:52

Good to know that the EA thinks you may find new buyers quickly. Can they start lining up viewings (and tell the original buyers that they're doing that - which might make them realise that you're not going to give in to them)?

Aphantasia · 12/01/2022 16:53

Op don’t loose hope, when I bought my first house as a very immature ftb I took my fathers advice to pull the exact same stunt as your buyers. Not proud of it but I genuinely was just a bit of a duck and didn’t think about what it would do to them, my dad was very much in the camp of ‘it’s better of in your pocket than theirs’. Seller was outraged, EA was pissed off too and it went straight back on the market that same day. I called them the next morning apologised profusely and begged them to let the sale continue at the agreed price. I was lucky they didn’t tell me to fuck off, sale progressed and all was good in the end. I never took my dads advice on further house purchases. So hopefully they’ve just had really bad advice and will see sense when you stick to your guns.

blacklilypad · 12/01/2022 16:53

There's a horrible website for FTB. It gives them 'advice' to save money. The main way is to wait until near exchange, preferably day of exchange, and then reduce your offer. Due to people not wanting to lose their onward purchase, most people will accept the reduction. The whole site is just full of horrible unethical advice and many FTB read it and think it's normal as the site reads like it's normal behaviour.

It also shows it is written by an idiot as it says wait until your seller has exchanged on their purchase then reduce your offer before you exchange so they have to accept as they are liable for their onward purchase. But that's not how exchange works, it happens simultaneously and bottom up, so no one one exchanges unless the whole chain does.

I really hope it all works out for you. Some people just don't think about other people at all

caringcarer · 12/01/2022 16:54

I would not want to sell to them now. I'd put house back on the market and they will lose out as will have paid for surveys. The time to negotiate is immediately after they get the survey back highlighting issues. I am buying a house and my survey came back yesterday highlighting rising damp and suggesting a specialist damp survey and a lower valuation because of this. When I viewed I could not see any damp as it had been newly painted and new carpets. I rang estate agent today and told them I was going to get specialist damp survey. EA suggested vender reduces price to match BS valuation. I am still having damp survey though and now wonder if they had it painted deliberately to cover damp up.

NotVictorianHonestly · 12/01/2022 16:57

I'm sorry OP Flowers you sound like amazing parents to me doing their best in very difficult circumstances.

Have you spoken to your bank? Normally they won't repossess if you're taking active steps to sell the property and have a realistic prospect of doing so as it is cheaper for them and more likely to get them all their money back. Have you taken advice from a debt management charity on this point?

2022IamHavingYa · 12/01/2022 16:58

What an absolute shitty situation OP. I really feel for you and I hope it gets resolved for you x

sittingonacornflake · 12/01/2022 16:58

OP I am so so sorry this is happening to you Thanks

kookievee · 12/01/2022 16:58

My heart goes out to you OP. I just understand why people think it's okay. To act like this. Fingers crossed they'll go ahead.