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Original poster

WWYD? Buyer asking for price reduction or threatens to pull out.

56 replies

MoHunter · 03/08/2022 18:56

Sorry this is long, I'm just so angry. We accepted an offer of 4k over asking price on our house back in March. Our buyer had already sold theirs to a FTB.

We found a house and agreed our purchase within a week, but our vendors couldn't find an onwards purchase. We gave them a couple of months, then we started looking again. Throughout this time we regularly kept in touch with our buyers via Estate agent and asked if they were OK to wait - they assured us there was no particular rush and that their buyer was fine.

End of June, our buyers contact EA saying their buyer is now impatient and they need things to move. A week after this call we had found another house. Our new vendors found a house within 3 days - chain was completed at this point. This was beginning of July. We all go ahead with our conveyancing processes. But as everyone knows this generally takes a few months!

So today EA calls me and drops the bomb shell. Our buyer has agreed to a reduction in their sale price and is moving in with a relative due to their FTB threatening to pull out if they didn't reduce the price and break the chain. So our buyer wants us to also drop our price accordingly. First they asked for a 10k reduction (which is what they reduced by, allegedly), I said absolutely not! We did not make a counter offer as we wanted what was agreed.

A few further phone calls and our buyer tells estate agent, if we don't drop by £4k (so down to original listed guide price) they can no longer afford our property and would pull out.

So WWYD? I'm furious they spring this on us at this stage and also baffled why they'd accept both a 10k drop in price (without checking with us first), AND also agreed to break the chain just so they don't lose their FTB. Seems madness to me!? Also thinking whether they really even want our house?

I'd really like to tell them to stick it! We're already going to have a much more expensive mortgage than originally thought due to the interest rate rises since March.
On the other hand, the market has slowed down and the thought of preparing the house for viewings again is giving me major anxiety, plus if we lose our buyer we may well lose our onward purchase which we love!

Would you accept the 4k price reduction? Go in with another counter offer (which still may not be enough to keep them)? Find a new buyer?

P.s. While a £4k loss will hurt us, we could manage it.

OP posts:
AppleBottomRats · 03/08/2022 18:59

Hm, since it’s only to your asking price I’d probably do it but not below asking. Interest rates are only going to continue going up too. Did you get much interest in it before/any other offers?

Quitelikeit · 03/08/2022 18:59

I would ask for proof

if true I would be offering 3k

bilbodog · 03/08/2022 19:00

I know its frustrating but sounds like your buyers have panicked a bit and didn't want to loose their buyer. £4k isnt much in the scheme of things so i would want them to know there is no further room for manoeuvre and see if this can keep the chain together and push for everyone to get to exchange asap.

Ilikewinter · 03/08/2022 19:00

I can understand why your peeved but if you can afford £4k then for the sake of keeping the chain going I think I'd agree... albeit through gritted teeth

titchy · 03/08/2022 19:03

Well it's annoying yes, but you have kept them hanging round for what, 3 months, while you wait for your vendor, so I'd be a bit pissed off with you if I were them.

Why don't you sell to them at the agreed price and go into rented?

royly · 03/08/2022 19:04

they probably don't want to lose their buyer, the price they got & their mortgage deal.

Original poster
MoHunter · 03/08/2022 19:15

Tahnsk for the input so far

@AppleBottomRats we had plenty of interest and sold a day after we did viewings. There were 2 bidders at the time - our house is in a popular area of town and not many in this price range come up.

@Quitelikeit interesting, I may ask the EA for proof if the buyer can produce it.

@titchy Yes I do understand tha... but that said, throughout the process we asked if they had a specific timescale of when they wanted to complete because we were very conscious of it - but they never said anything or complained until end of June, and then we did happen to find something very quickly (we did offer on another house before that last one, which we did not get sadly).
Going into rented is a) not really an option for us and b) would not solve the problem, as they say they cannot afford our house at the agreed price.

I have a feeling we will end up accepting it through gritted teeth, but it's bloody annoying.

OP posts:
PrinceOfPegging · 03/08/2022 19:16

Are first time buyers really canny enough to hardball to a £10k discount? Most are too nervous in my experience.

Play hardball. Tell them no.

Rina66 · 03/08/2022 19:21

Our vendor asked for an extra £20k years ago, 6 weeks after the sale was agreed, it had taken us over a year to find the house, we still said no! We thought he'd try it again pre exchange, so where would it end? He came back all apologetic and said we could have the house at the original agreed price, which we did, but it really soured our relationship with him - henceforth he became known a Greedy Ken 😂

godmum56 · 03/08/2022 19:21

oh i would SO want to tell them to jog on.....but nosey facey.....

royly · 03/08/2022 19:24

we had plenty of interest and sold a day after we did viewings. There were 2 bidders at the time - our house is in a popular area of town and not many in this price range come up.

did you only get 4k over?

Original poster
MoHunter · 03/08/2022 19:30

@royly yes 4k over... but for the type of property it is and the area it was more than we originally thought we'd get, so we were happy with it. The other bidder offered around the same amount.

Of course, we have since had to pay a lot more on our purchase than we thought we would.

I'm really torn on what to do. I have kind of lost confidence in our buyer, but I'm also so desperate to move!

OP posts:
Original poster
MoHunter · 03/08/2022 19:32

@Rina66 £20k that is really taking the piss!

OP posts:
PasswordProtection · 03/08/2022 19:35

You have dicked them around though.
You should have completed 4-6 weeks ago and gone into rented if needed or found a different house to buy. From March to August is ridiculous

Branleuse · 03/08/2022 19:35

youve dawdled a fair bit tbh. You put your house on the market and accepted an offer without even having a plan in place. Ive been on the other side of this and it took nearly a year. It was a nightmare.
Saying that, if theyre threatening all this and are thinking of pulling out then they cant love the house that much. 10k off is a huge amount

WhatTheWhoTheWhatThe · 03/08/2022 19:40

I think if you can sit tight they won’t pull out. They’ve lost money on their sale, will be under pressure to find something new if living with a relative and not likely to want to start the process again and they’ll lose money on the conveyancing fees already spent and need to spend that again if they look for an alternative property. I’d say you have the upper hand here.

Original poster
MoHunter · 03/08/2022 19:40

@PasswordProtection but it was the top of the chain that dicked us around? We found a house in days, but the vendor couldn't find a property and were not willing to rent. Our buyer never asked us to go into rented either or put any pressure on us for 3 months. They never even called, it was we who made our EA check in with them weekly.
I know many who have taken much longer to complete when there is a chain, so March to August is not at all ridiculous when there is a chain to complete IMO. We never sold ours as a "no chain" property. 😐I wish we had been able to move weeks ago!

OP posts:
Original poster
MoHunter · 03/08/2022 19:42

@Branleuse again, we absolutely did have a plan but we couldn't view or offer on houses till we sold. This is normal surely?
It was our first vendors that messed the rest of us around.

OP posts:
WhatTheWhoTheWhatThe · 03/08/2022 19:43

Our buyers waited nearly 3 months for us to find our new property i appreciate their patience but won’t be giving any reductions if they try that before we exchange and complete!

Original poster
MoHunter · 03/08/2022 19:45

@WhatTheWhoTheWhatThe You may be right - the whole process is just so tiresome and I am worried of starting over.

OP posts:
WhatTheWhoTheWhatThe · 03/08/2022 19:49

Yup agree it is a tiresome process. I thought not being able to sell would be the most stressful aspect of selling a house turns out getting offers on the first day and then the pressure to find something to buy is much worse! We were honest with our buyers from the off that we needed to find a place so they new the score. Fortunately our onward property is probate so no messing from our vendors

Spanielsarepainless · 03/08/2022 19:51

I would sit on my hands. Our EA said people need to be patient. It could take six months to find a property!

FAQs · 03/08/2022 19:53

How much will new legal fees and surveyor a new chain if you refuse and it collapses and you have to start again.

Becky6758 · 03/08/2022 19:59

For the sake of 4K I’d let them reduce personally.

Diverseopinions · 03/08/2022 20:00

You should move out yourself and rent, or stay with family. It's the only way to keep things secure and you in control. Everything is uncertain, otherwise. Everything is uncertain for everyone, and you need to make things as predictable as you can.

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