Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Buyers trying to reduce price 1 week before exchange.

103 replies

J6765 · 06/07/2022 07:03

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?

OP posts:
Pemba · 06/07/2022 13:49

Whilst it is annoying that your buyers have been so slow and are asking for a reduction at almost the last minute, £2,500 is not much in the scheme of things and I would just suck it up if I were you, otherwise you are back to square one and you might lose your onward purchase.

There are a few minor issues with your house after all, so it's not an unreasonable request. Why did you refuse them sending someone to check the gas and electrics? That would ring alarm bells for many buyers.

Also you do realise that prices are starting to reduce in many areas? I have been looking on Rightmove for a few months and have seen quite a few price drops and houses staying a lot longer on the market than they probably would have done last year. Although some are still selling quite fast. While there might not be an actual crash in house prices, I don't think you are safe to presume prices will continue to climb, what with the economy and interest rates rising etc.

TheMortalWombat · 06/07/2022 13:59

Exchange and completion can be done on the same day so it's possible that is what is happening. That's how ours was done recently.

Tessasanderson · 06/07/2022 14:27

EllaBella41 · 06/07/2022 07:18

This!

Show quote history

This again. Exchange by ........ or property will be relisted at a higher amount. Instruct the EA that this is the situation so they know that if they dont get their fingers out, they are going to lose the sale.

For gods sake, this is paramount to stealing from you and you have to sit there and listen to this bullshit.

I would honestly risk and onward purchase if someone was this CF

myusernamewastakenbyme · 06/07/2022 14:53

I wouldn't pay it either...it is literally blackmail...i'd rather lose them as buyers and start from scratch again then give in to blackmail.

Pemba · 06/07/2022 15:03

Sorry but I find the attitudes of the 2 pps ridiculous and I wouldn't go by what they said.

Your buyers are about to make probably the biggest purchase of their lives. The economic outlook is very uncertain, a few problems have come up in the survey, and they are probably feeling very nervous. It is not like they are asking for £25,000 off, after all. It is quite minor. I would just go with it to keep things moving. If they then make further demands, THEN you might think they are trying it on, at the moment, no.

Some people are so precious about their houses, you need to be a bit more pragmatic about it. Everything is a negotiation. 'Stealing from you', lol.

MisguidedSheep · 06/07/2022 15:05

I'd ask the estate agent for a valuation at todays market value and say you are considering relisting.

When you have the revised offer, tell your buyers the new price is £x but that you'll meet them half way and offer x% off as a gesture of goodwill. Hopefully you'll still be up on the deal.

Whether you actually resist (or just stick it out with the current buyer) depends on why you are moving....are you happy to stay put a bit longer, will you lose your new house (is it a 'forever home'), will you lose money and can you afford to?

Gettingonabitnow · 06/07/2022 15:24

if you can afford to take the hit on the reduction - do it. Yeah standing your ground and telling them to shove it will feel great for a while, but will wear off fast if your purchase falls through. And you could end up spending that again if it does fall through. Tel then ok the reduction but you exchange within two weeks.

Whatshisface · 06/07/2022 15:42

notanicepersonapparently · 06/07/2022 07:08

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

This is really bad advice.

Stand your ground, no reduction, or you re-list. They're trying it on! I find this has only happened with FTB's. They're idiots to risk losing it over £2.5k.

girlmom21 · 06/07/2022 15:47

I find this has only happened with FTB's. They're idiots to risk losing it over £2.5k.

They're not really idiots though are they because anyone would pick a first time buyer on a house so if they're not desperate to buy and can't get the house for the price they want they'll find another one easy enough.

Tessasanderson · 06/07/2022 15:57

Pemba · 06/07/2022 15:03

Sorry but I find the attitudes of the 2 pps ridiculous and I wouldn't go by what they said.

Your buyers are about to make probably the biggest purchase of their lives. The economic outlook is very uncertain, a few problems have come up in the survey, and they are probably feeling very nervous. It is not like they are asking for £25,000 off, after all. It is quite minor. I would just go with it to keep things moving. If they then make further demands, THEN you might think they are trying it on, at the moment, no.

Some people are so precious about their houses, you need to be a bit more pragmatic about it. Everything is a negotiation. 'Stealing from you', lol.

Of course its a big purchase. Thats why you act professionally, you do things promptly and you communicate clearly.

IF you read what the original poster has stated they we happy to have whatever checks that were needed carried out. The only one they denied was a family friend doing an electrical and gas check BUT they did say an independant check could be carried out. This was done 5 weeks ago. They were told the only real issue was the woodworm which the OP had done straight away. IF it wasnt a case of cheeky fuckery they would also then have discussed any other issues which were needed to be rectified at that time. But no, the buyer waited until the OP was close to exchange to bring up a discount of £2500. Thats CF in anyones eyes except idiots.

Tessasanderson · 06/07/2022 15:59

Everything is a negotiation is what you said. Yes so negotiate with all the information in front of you when the OP can happily withdraw in time to remarket. Dont wait until the last minute and blackmail. That's stealing in my eyes.

Original poster
J6765 · 06/07/2022 16:18

Hi, again thanks everyone who said stick to your guns and don't be bullied. Just had call to say they are going back to original offer and everything in place to complete next week. Yey!

OP posts:
m00rfarm · 06/07/2022 16:41

I’m an agent. Don’t explain. Say no. Tell them the required timescale. Tell tg if this is not met then the price increases for them or you are relisting. Ignore agent. They just want the sale. They can reimburse you the missing 2.5k if they want to.

ItsSnowJokes · 06/07/2022 18:07

J6765 · 06/07/2022 16:18

Hi, again thanks everyone who said stick to your guns and don't be bullied. Just had call to say they are going back to original offer and everything in place to complete next week. Yey!

Thats great news. They were totally trying it on. I bet they went on rightmove and shat themselves that everything else the same size was like 10-20k more and realised that they were being stupid. This strikes me as a member of the family said they won't want to lose you as a buyer get more money off.

BlankTimes · 06/07/2022 18:13

J6765

Excellent news !

I'd have done exactly the same Grin

Roselilly36 · 06/07/2022 18:20

So pleased for you OP, great news. Good luck for your move.

upupstuck · 06/07/2022 18:22

Excellent news, well done! I know there are a lot of posters on here who are desperate to talk us into a buyer's market but we aren't there yet and they would have been mad to jump from Feb to July's prices over 2.5K.

Whatshisface · 06/07/2022 18:26

J6765 · 06/07/2022 16:18

Hi, again thanks everyone who said stick to your guns and don't be bullied. Just had call to say they are going back to original offer and everything in place to complete next week. Yey!

Brilliant. They really were idiots trying it on! Well done, OP.

EL8888 · 06/07/2022 18:44

Great update. What is it with buyers being dicks at the moment? There have been lots of these threads lately. The market is still strong in most places so these moves are silly at best, plus down right obnoxious and CF

LoudingVoice · 06/07/2022 19:20

J6765 · 06/07/2022 16:18

Hi, again thanks everyone who said stick to your guns and don't be bullied. Just had call to say they are going back to original offer and everything in place to complete next week. Yey!

Yes!! Great news, cheeky buggers - it’d really sour my view if them, hope it all goes smoothly from now on.

DespicablyYou · 06/07/2022 22:16

Nice!!! I’m happy for you 😃

Tessasanderson · 06/07/2022 22:16

Great news. I hope you get the chance to look the CF straight in the eye before handing the keys over. Do not trust them an inch

Paulina23 · 06/07/2022 22:46

EL8888 · 06/07/2022 18:44

Great update. What is it with buyers being dicks at the moment? There have been lots of these threads lately. The market is still strong in most places so these moves are silly at best, plus down right obnoxious and CF

Maybe the combination of highest inflation + worst growth of the western world, a rapidly declining pound and a central bank stating 5% interest rate is more than a remote possibility? I expect many more thread like this one in the coming months.

NoToBinders · 07/07/2022 07:08

Paulina23 · 06/07/2022 22:46

Maybe the combination of highest inflation + worst growth of the western world, a rapidly declining pound and a central bank stating 5% interest rate is more than a remote possibility? I expect many more thread like this one in the coming months.

Show quote history

They probably had a lot more to lose than the OP. Proces have risen since February and their mortgage offer was probably not far off expiring so they would have paid a high interest rate. That would cost them a lot more than 2.5k.

Original poster
J6765 · 07/07/2022 08:53

Surely that works both ways?🤔

OP posts: