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Original poster

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

51 replies

RumiGibran · 13/12/2022 11:19

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.

OP posts:
JackyinaTracky · 13/12/2022 12:32

Are they asking you to give them 15k or reduce price by 15k?
Reducing the price by a further 15k won’t solve their deposit problem so if that is what they are asking for it’s a scam.
Assuming 10% deposit:
580 = deposit of 58k
565 = deposit of 56.5k
knocking £1500 off their deposit
Even if they are aiming for a 50% deposit:
580 = deposit of 290k
565= deposit of 282.5k
knocking £7.5k off their deposit

if they think it’s over priced, fair enough, but that deposit story is fishy and dishonest.

Dogsgottabone · 13/12/2022 12:35

Good luck OP. We were there one, buyer wanted a reduction of 10% after survey, but we were time pressured on the sale. We said no and pulled the sale. I spent the day in floods of tears, DH is much more resolute.

They came back 3 days later and apologised and agreed to original price.

Ch3wylemon · 13/12/2022 12:36

I think you need to establish your absolute bottom line. If house prices drop say 10% what would you realistically achieve if you re market the house?

You need to keep this in mind and not focus on this set of buyers behaviour. What is the action that will get you the best price?

StripeyDeckchair · 13/12/2022 13:05

They're trying it on.
Tell them it's exchange & complete as agreed, no discount.
Tell the estate agent to get the property back on the market now - the buyers will see it & know that you are serious. Only take it off when contracts are exchanged.

squigglesquirrel · 13/12/2022 14:52

Did the EA not get proof of funds when they offered?

We’re using a gifted deposit and the property was not marked SSTC or the memo of sale sent out until we had shown proof that we actually had the deposit funds. If this deposit story is really the truth then either your EA has dropped the ball here or they’ve faked their proof of funds.

maincrop · 13/12/2022 15:03

They're trying it on. But...

The the mortgage valuation capped it at £580k in August. If this falls through and you have to start again, what would a mortgage vaulation say today... or in the spring...?

Original poster
RumiGibran · 13/12/2022 15:51

squigglesquirrel · 13/12/2022 14:52

Did the EA not get proof of funds when they offered?

We’re using a gifted deposit and the property was not marked SSTC or the memo of sale sent out until we had shown proof that we actually had the deposit funds. If this deposit story is really the truth then either your EA has dropped the ball here or they’ve faked their proof of funds.

Good point - i've asked my lawyer to check with their lawyer regarding proof of funds. Will ask the EA the same question....

OP posts:
Original poster
RumiGibran · 13/12/2022 15:53

maincrop · 13/12/2022 15:03

They're trying it on. But...

The the mortgage valuation capped it at £580k in August. If this falls through and you have to start again, what would a mortgage vaulation say today... or in the spring...?

You are probably pointing out what we know... we will prob get a lower price - maybe around £570k as many purchasers in that area being cash buyers with very low supply at the moment. That said - not sure if the uncertainty of it all is worth it. I would also guess the mortgage they have secured will be more expensive if it falls through for them. Its a bit of a waiting game now...

OP posts:
DeadHouseBounce · 14/12/2022 02:27

maincrop · 13/12/2022 15:03

They're trying it on. But...

The the mortgage valuation capped it at £580k in August. If this falls through and you have to start again, what would a mortgage vaulation say today... or in the spring...?

Yep, if you let these buyers go it is going to be even more hefty price reductions in future to shift the house, how much did your parents buy it for BTW?

Disco123456 · 14/12/2022 05:30

They are definitely lying about the reason. We completed on Friday and our buyer did this on day of exchange, lying about his mortgage rate being changed.

He got 30 off in the end, I would have given more I was so desperate to move. I have satisfaction in knowing that the house he bought is in a really shit location and he will only know that once he has lived there a couple of weeks. It should have been virtually unsellable or significant less than be payed in the end 🤣🤣🤣

Pikapi · 14/12/2022 09:02

JackyinaTracky · 13/12/2022 12:32

Are they asking you to give them 15k or reduce price by 15k?
Reducing the price by a further 15k won’t solve their deposit problem so if that is what they are asking for it’s a scam.
Assuming 10% deposit:
580 = deposit of 58k
565 = deposit of 56.5k
knocking £1500 off their deposit
Even if they are aiming for a 50% deposit:
580 = deposit of 290k
565= deposit of 282.5k
knocking £7.5k off their deposit

if they think it’s over priced, fair enough, but that deposit story is fishy and dishonest.

Exactly what I thought, what a ridiculous lie.

AssumingDirectControl · 14/12/2022 09:08

JackyinaTracky · 13/12/2022 12:32

Are they asking you to give them 15k or reduce price by 15k?
Reducing the price by a further 15k won’t solve their deposit problem so if that is what they are asking for it’s a scam.
Assuming 10% deposit:
580 = deposit of 58k
565 = deposit of 56.5k
knocking £1500 off their deposit
Even if they are aiming for a 50% deposit:
580 = deposit of 290k
565= deposit of 282.5k
knocking £7.5k off their deposit

if they think it’s over priced, fair enough, but that deposit story is fishy and dishonest.

Yes, this. If their “deposit” is short by 15k, reducing the sale price by 15k won’t solve it. They’re lying.

Original poster
RumiGibran · 14/12/2022 09:33

Agree with you all- then lie is blatant. So current development is that the sellers my parents are buying from are willing to share some of the pain (bless them) as they also feel putting it back on the market will be get them a lower price so better to take the pain now. The EA (coincidentally managing both the property sale & purchase) have negotiated a 12k reduction now between the us. So although the eye is on the finish line- looks like they are going to get away with the lie. I just wish they had the decency to be honest but I guess asking for decency can be a ridiculous ask for some. That said- the family we are purchasing from have been a god send.

OP posts:
saleorbouy · 14/12/2022 09:47

Like anything you buy it has a price tag on it, if you can't afford it you can't have it.....!
Stick to your guns there will be another buyer or they will 'find' the money.

Peedoffo · 14/12/2022 10:12

saleorbouy · 14/12/2022 09:47

Like anything you buy it has a price tag on it, if you can't afford it you can't have it.....!
Stick to your guns there will be another buyer or they will 'find' the money.

The market is rapidly cooling, what you could have got in the summer isn't the price you would get now. It's not great behaviour but that's the reality.

MrsSkylerWhite · 14/12/2022 10:14

The market is rapidly cooling, what you could have got in the summer isn't the price you would get now. It's not great behaviour but that's the reality“

Not here, Fylde Coast. Properties snapped up within days at eye watering prices, especially in certain desirable towns.

Peedoffo · 14/12/2022 10:14

Disco123456 · 14/12/2022 05:30

They are definitely lying about the reason. We completed on Friday and our buyer did this on day of exchange, lying about his mortgage rate being changed.

He got 30 off in the end, I would have given more I was so desperate to move. I have satisfaction in knowing that the house he bought is in a really shit location and he will only know that once he has lived there a couple of weeks. It should have been virtually unsellable or significant less than be payed in the end 🤣🤣🤣

Well morally you are just as greedy as the buyer so you can't get on your high horse.

MrsSkylerWhite · 14/12/2022 10:15

(We continue to have letters through the box asking if we would like to sell and giving agents’ numbers).

Peedoffo · 14/12/2022 10:17

MrsSkylerWhite · 14/12/2022 10:14

The market is rapidly cooling, what you could have got in the summer isn't the price you would get now. It's not great behaviour but that's the reality“

Not here, Fylde Coast. Properties snapped up within days at eye watering prices, especially in certain desirable towns.

Well in many areas they are I live in a desirable area semi rural places aren't going for offers over or bidding wars anymore . Houses are just sitting.

AreOttersJustWetCats · 14/12/2022 10:18

Same here. (Desirable semi rural village)

C4tastrophe · 14/12/2022 10:19

MrsSkylerWhite · 14/12/2022 10:14

The market is rapidly cooling, what you could have got in the summer isn't the price you would get now. It's not great behaviour but that's the reality“

Not here, Fylde Coast. Properties snapped up within days at eye watering prices, especially in certain desirable towns.

I watch the Flyde coast with interest.
From what I can see over the last 6 weeks, nothing has moved, maybe 10 to 12 sstc at most. Mostly dross, corner houses and big old piles left now, though maybe my criteria misses the ones flying off the shelves.
I search Lytham, St Annes, Ansdell, Poulten, Knott End.

MrsSkylerWhite · 14/12/2022 10:24

I live there! Houses in our “desirable” town are large, detached, Edwardian’s and Victorian. Not dross! Going quickly, every one 🤷‍♀️

MrsSkylerWhite · 14/12/2022 10:26

(What’s your budget? £500k plus move quickly as do new estate houses. Usually sold as plots before they r gone up)

C4tastrophe · 14/12/2022 10:47

MrsSkylerWhite · 14/12/2022 10:26

(What’s your budget? £500k plus move quickly as do new estate houses. Usually sold as plots before they r gone up)

That ballpark, but I don’t want a new build ( usually cheap construction), well away from amenities with overlooked gardens. I’m looking more in town as the new estates mean driving to get a pint of milk, or worse, to get a pint of beer or takeaway. I’d much prefer to cycle to the shops avoiding 60mph roads.
I’m just not seeing houses selling.

MrsSkylerWhite · 14/12/2022 11:06

I am 🤷‍♀️ usually one each week on our (long) (naice, tree-lined 🤣) road. Ranges from flat conversions in the 200s to million plus detached.

keep looking and good luck.