Buyers trying to reduce price 1 week before exchange.

[J6765]

Hi,

I am just after some advice please? We're selling our home and 1 week before completion our buyer have asked us to lower the price of the house by 2,500k. What would you do? We've currently told them no because we feel like they have had ample time to bring this up. They offered on our house late February and we had our offer accepted on new property at beginning of April.

Their communication has been poor throughout and will leave it weeks to come back with anything each time which has meant the process has gone on far longer than needed. We went with them because they are first time buyers so thought it would be fast.

They had a survey completed 5 weeks ago, still late in the day tbh. I asked the surveyor if there was anything that I needed to be worried about and he pointed out a problem with woodworm but said all other things were small. We have since paid to have this problem sorted.

A week after the surgery was completed buyers asked if they could send a family friend around to check gas and electrics which we told them no and said would have an independent person to look at them if needed. This went no further.

We are due to complete next week and yesterday I received an email with a list of demands and the proposed reduction. They stated survey had thrown up problems with chimney needing repointed, flat roof which needed refelted. They also asked about a peice of wood in the loft which has been cut. The wood in loft was cut long before we moved in and has been that way for at least 15 years. Neither of our roofs are leaking or in bad condition so we do not see this as urgent work.

Estate agents is trying to get us to compromise. I'm going to say no and send timeline if sale and explain that they need to give us a definite answer by tomorrow or we will relist.

I'm just a bit nervous they will walk away and we will lose our onward sale. Any help, advice would be greatly appreciated.

Are they just trying it on?

Sound to be like trying it on.
have you exchanged?

Tell them prices have gone up since February so actually the price of the house is xyz now. That may focus their attention a bit more (only if prices have risen in your area obviously!) Look at rightmove and see what the equivalent house would cost them now.

Is go with your estate agents advice. They probably know what they are talking about to be honest.

Stand your ground. Point out that you’ve had no leaks, there’s no movement in the property that you might expect with the roof, and that no house comes in box fresh condition - even new builds!
they will then have 2 options. Continue with the sale at the agreed price, or pull out. I doubt they’d do that as they’ll lose a heck of a lot more than you.
oh, and I’d also point out that in the time it’s taken to sell the house, it’s actually increased in value as house prices have now gone through the roof, but you’re not going to increase the asking price as a favour to them.

The estate agent is just there to get a sale - they often know bugger all!

For £2.5k right now I'd be tempted to agree although they're arseholes for trying it on at the last moment. If you lose your sale you could be there for another 12 months as the market has slowed in many places. You kay end up seeking for much less than the amount they're asking to knock off now.

However if they're in a situation where they have to move and you're confident they won't pull put I'd tell them to do one.

It happens and it's shit.

*selling

Do they really want your house? If so, they are trying it on. They have already spent a lot of money on solicitor & survey. I would stick to my guns and say it’s not possible for you to reduce the price due to onward purchase etc. Just say no.

We moved last year, our buyers tried this on with us, we said no, the EA we’re trying to pressure us into reducing, even wanted to send the survey over to us. DH was very firm, refused to be sent the survey, told the EA in no uncertain terms we were selling, not buying etc. The sale went ahead at the agreed price. Hold your nerve OP, it’s stress you don’t need I know.

They are definitely trying it on. It’s up to you whether you suck it up to get it over the line quickly, or try calling their bluff, and risk the delay in relisting. What’s best depends on your personal situation. Are houses like yours selling quickly? Are prices still rising in your area? Are you madly set on the house you are buying and would losing it be a big upset? Is moving an urgent priority for you or can you wait? All things only you can decide.

It's a hard one. Would you be willing to loose you onward purchase over the amount they are asking knocked off ?

It's a shitty move from your buyers

Just to add… Put a time limit on them deciding, by tea time tomorrow and ask EA to be prepared to re-market the property, that should sort out the situation very quickly for you OP. I bloody hate piss takers and EA that forget who is the client/paying them.

This!

Go back and tell them the price has gone up by 5k due to market conditions, do not give in to the bullying.

Does the survey actually state the work needs doing, or that it "might" need doing?

They're trying it on though.

As it’s only £2500 agree to that on condition they exchange immediately, if the dont then remarket the house.
The housing market has been strong, the current problems are going to see lower prices, don’t loose your buyer over a small sum.

Friends of mine were selling their house, buyers wanted price decrease of £7,000 due to mortgage company wanting house rewired within 2 years. The electrician, also a friend charged £2,000. Friends agreed to the £7,000 buyers were £5,000 better off. Can’t imagine that work costing £2,500. Prices have risen since February, so doubt your buyers would find anything similar.

They sound like they are fundamentally hesitating about the purchase.

i reckon if you don’t accept the £2500, they will walk.

your call. Depends how desperate you are to sell but this buyer will walk if you don’t accept the reduction. And may do anyway even if you do

Are you desperate to move? Will your sellers wait for you to find a new buyer?

Go halves? £1250 is not a huge amount and will save a lot of disruption

Have they shown you the report? Frankly no house is going to have a clean survey and they should expect some minor issues (and £2500 sounds pretty minor).
My inclination is to say no but if this affects ongoing purchase go halves.

There are people out there that do this all the time, there’s maybe a chain of 5 and everyone is desperate to complete so they take the piss and throw in the grenade of an amount they now can’t afford expecting the chain to absorb it. Total CFers!

£2.5k off the sale price will make no impact on the estate agent’s fee, so they won’t care and will push you to complete as they just want to get paid. I agree with PP about looking at property prices locally, if similar properties have risen since you accepted the offer I would go back with thé datât and give them 24 hours. It’s a bit risky of course, but they will just continue to take the piss otherwise.

Exactly this! The agent is solely thinking about their commission and getting the property off their books.

Did you have any other people interested in buying when you went on the market? If so, I would be tempted to remind them they were not the only interested party.

Id simply say that the house is actually worth more now than it was in february So your sticking to your price or you will relist at a higher price to go with the new house prices