Another one on last minute request to reduce price...

RumiGibran · 2022-12-13T11:19:26+00:00

Another thread on last minute price reduction. Parents selling their house in London suburb to move closer to me (early 70s so want to do it before it becomes more difficult). Accepted offer on their home in June (FTB) and they found a property in Sept (moving country) so we are the only ones in the chain. In August their buyer said mortgage valuation is lower than offer so asked for 10k off offer price- we agreed. Now due for exchange this week and EA comes back saying they are 15k short of their deposit as they have fallen out with a family member who was providing that money to them. So stressed - the property my parents would have been moving into is very close to perfect so nervous to lose out on that. At the same time - really angry with our buyer to spring this on us now considering they have had since June. Are they playing us? WWYD.

Ilikewinter · 13/12/2022 11:22

Oh wow so they are asking for £25k off is that right?.
I guess theres no way of knowing if they are trying to pull a fast one, but surely they knew before today that they would be short in the deposit.
Are your parents in a position to negotiate a drop, or is it a definite no?

Original poster

RumiGibran · 13/12/2022 11:30

There is some room to negotiate - but the full 15k looks difficult. All feels so cheeky - we are oscillating between wanting to just get the process over with and 'we will stay in our home longer and sell to anyone but him - even if it is at a lower price'. The EA has also gone to our seller to see if they can absorb some of the hit - although I feel terrible about that. They are lovely, honest & decent people. Not sure what I am looking for with this thread - just so nervous & upset yet trying to keep my cool.

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Original poster

RumiGibran · 13/12/2022 11:30

Ilikewinter · 13/12/2022 11:22

Oh wow so they are asking for £25k off is that right?.
I guess theres no way of knowing if they are trying to pull a fast one, but surely they knew before today that they would be short in the deposit.
Are your parents in a position to negotiate a drop, or is it a definite no?

Yes - that's correct.

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HoisttheMainSail · 13/12/2022 11:34

They are playing you. Basically you have to decide if the new property is worth
you giving £25k to some random person.

Mercurian · 13/12/2022 11:37

Cheeky fuckers! If they want the house that much they will find the money.

Mercurian · 13/12/2022 11:40

I don't believe you can fall out with someone who is so close that they offered you 15k it means the bond is so strong or the agreement between them is so beneficial to give 15k to someone is not something light I doubt there was a disagreement because the timing is so suspiciously convenient for them and.. you would think you'd be on best behaviour until you get the 15k and wouldn't let anything get between you. If they were the 15k offerers were the flaky type they wouldn't have had this agreement with your buyers and your buyers would not have based their offer on assistance from a flake.

MrsDanversGlidesAgain · 13/12/2022 11:56

I'm with the 'they are playing you' poster. That they've fallen out with the person providing their deposit seems suspiciously convenient and a flaky way to buy a house anyway because there's always the chance this will happen.

WednesdayFridayAddams · 13/12/2022 12:01

I think I would call their bluff and say if they don’t exchange as planned the EA is to put it back on the market.

You don’t just suddenly lose the ability to pay 15 grand.

AreOttersJustWetCats · 13/12/2022 12:02

They are obviously not giving you the real reason for their reduced offer, which is almost certainly due to the fact that the market has changed hugely since June. I've been there when I sold a house in 2009, it was really shit.

I guess it's a choice - do you stick with this buyer and accept the loss (which is a known amount) or chance going back on the market and finding a new buyer, potentially at an (unknown) lower price. It's not great, but those are the options.

OnlyFoolsnMothers · 13/12/2022 12:03

Personally I’d call their bluff, doesn’t sound as such an urgent move for your parents- they also probably don’t want to lose their mortgage offer. It’s a piss off from me

AreOttersJustWetCats · 13/12/2022 12:04

Also, £25k obviously sounds a lot, but what percentage of the price is it? £25k off £1.5m is very different to £25k off £300k.

winniepigdog · 13/12/2022 12:04

I would not agree to another £15k off. Was there a lot of interest when the property was first marketed? Does the EA think the property would sell for the original asking price if put back on the open market? Have prices dropped since June?
Can your parents afford to re-market the property in the new year? These are just a few things I would consider before giving away £25k.

Toomanysleepycats · 13/12/2022 12:05

I would be inclined to call his bluff. It’s not my house, but I’m about to put mine on the market, and think this is what I’d do.

Theres a lot of houses out there, and you could argue that if they found a nearly perfect house once, they could do so again.

Have you tried asking your parents sellers if they can wait for your parents to find another buyer?

Just because you call his bluff doesn’t mean it ends there. He may miraculously find the cash or ask for less discount.

Years ago we lost out on a house we wanted to buy through no fault of our own. I was gutted, but we ended buying an even better house because of it.

MrsSkylerWhite · 13/12/2022 12:05

Yes, they’re playing your parents. The market is still healthy and on that basis I’d call their bluff.

hope it works out for your family . Can’t stand CFs like this. Going for a property that they can’t actually afford and expecting vendor to cover their shortfall. Happens so often. .

AreOttersJustWetCats · 13/12/2022 12:07

Have prices dropped since June?

Affordability and therefore prices have certainly dropped in most areas since June, and are forecast to drop further. There will be lots of buyers pulling this kind of thing in the current climate.

WoolyMammoth55 · 13/12/2022 12:07

We were in your shoes in 2019 OP when selling on behalf of my downsizing MIL. They left until the day of exchange to announce the reduction they wanted - elderly MIL was so stressed her blood pressure was spiking and her GP rushed her into hospital for monitoring! People are shits.

In the end we told them the small discount we were prepared to offer, then gave them 24 hours to decide or we would put the property back on the market. They accepted the compromise offer and the house sold.

That's my best advice - don't let it become personal, it's not about "how dare they?" it's just about getting it over the line and moving on.

AreOttersJustWetCats · 13/12/2022 12:08

WoolyMammoth55 · 13/12/2022 12:07

We were in your shoes in 2019 OP when selling on behalf of my downsizing MIL. They left until the day of exchange to announce the reduction they wanted - elderly MIL was so stressed her blood pressure was spiking and her GP rushed her into hospital for monitoring! People are shits.

In the end we told them the small discount we were prepared to offer, then gave them 24 hours to decide or we would put the property back on the market. They accepted the compromise offer and the house sold.

That's my best advice - don't let it become personal, it's not about "how dare they?" it's just about getting it over the line and moving on.

Agree with this. This needs to be about practicalities, not emotions.

woodhill · 13/12/2022 12:09

Call their bluff

Awful dishonest behaviour and I've heard it so many times before

Original poster

RumiGibran · 13/12/2022 12:11

Thanks all - you are saying out loud what we have been thinking too. Including the swearing. Have gone back to EA and said no...holding our breaths....

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Original poster

RumiGibran · 13/12/2022 12:13

AreOttersJustWetCats · 13/12/2022 12:04

Also, £25k obviously sounds a lot, but what percentage of the price is it? £25k off £1.5m is very different to £25k off £300k.

Orignal agreed price was £590k, then brought down to £580k. Now they are saying £565k

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AreOttersJustWetCats · 13/12/2022 12:15

So that's 4%, not an immaterial amount

Good luck! As I say, I've been there. We ended up sucking it up so as not to lose the house we were buying, but it was shit. I didn't go out of my way to leave the house spotless for them, that's for sure!

Original poster

RumiGibran · 13/12/2022 12:20

winniepigdog · 13/12/2022 12:04

I would not agree to another £15k off. Was there a lot of interest when the property was first marketed? Does the EA think the property would sell for the original asking price if put back on the open market? Have prices dropped since June?
Can your parents afford to re-market the property in the new year? These are just a few things I would consider before giving away £25k.

They had 5 offers within the span of a week. Market is weaker but going back on Zoopla it looks like supply is very very low at this point in time. I agree with you all- we have said no but personally will convince my parents to agree to £5-8k off if it comes to that. Will pay the difference for them in order to avoid the stress of going through all this again. Also, feel bad for our sellers too - they are straight up honest people and may suspect we are also playing them 😕

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Original poster

RumiGibran · 13/12/2022 12:23

AreOttersJustWetCats · 13/12/2022 12:08

Agree with this. This needs to be about practicalities, not emotions.

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Hoping to steer this last leg in this direction. If this goes through - might leave some gifts for them in the shed :) Although my poor parents probably would be too embarrassed to even do that.

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Original poster

RumiGibran · 13/12/2022 12:29

woodhill · 13/12/2022 12:09

Call their bluff

Awful dishonest behaviour and I've heard it so many times before

Overheard some senior colleagues in the cafeteria discussing how the 'house purchase was coming along'. He commented the market disruption doesn't effect him so much as they have a sizeable deposit and managed to lock in a good mortgage rate- and are still due to exchange. He ended up stating 'might go and negotiate a reduction though not because he needed it but thought he could take advantage of the fear in the market'. Honestly - this attitude to trying to get away with anything because your own integrity is worthless tires me out.

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woodhill · 13/12/2022 12:32

I'm sure it's a ruse to rip your dps off and take advantage of them as they are elderly?