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Original poster

Buyers asking for £60k off just before exchange

415 replies

Loobydoobies · 14/08/2023 17:56

Just as the header says. Suddenly wrote us a long letter ranting about interest rates etc, and asking for a huge discount.

We live in an area where property is scarce and holding its value ATM due to that. Told agent to tell them where to go. I am furious as we will lose our dream home.

OP posts:
Dancesaideveryone · 23/08/2023 17:14

Loobydoobies · 23/08/2023 11:07

Without wanting to leave you all on suspense, something is afoot. Will update when it's (hopefully) in place. (Sorry to be vague, but have reasons!)

Oooh Smile

Permanentlyfrazzled · 23/08/2023 18:57

I'm so sorry. Please do not trust these buyers again and get your house back on the market!

We had this. Our cash buyers (bloke and his girlfriend) dropped their offer just before exchange by £150K! Same as you, multiple ranting and raving letters, emails and phone calls. We said jog on and out the house back on the market.

But then the probate of our onward sale came through and they threatened to pull out if we didn't go back to our original buyers and exchange (wouldn't even give us a few days on the market).

Husband managed to negotiate the cash buyers up to £55K off as we were desperate not to lose onward purchase although I didn't trust them.

They rang us at 2200 the night before exchange to pull out.

My son is disabled, they know this, we had all of his stuff in boxes, it was fucking awful. It left us putting the house back on a cold market at the worst time.

Please do not trust them. Best of luck, I hope you re-sell quickly 💙

Twiglets1 · 23/08/2023 19:26

Loobydoobies · 23/08/2023 11:07

Without wanting to leave you all on suspense, something is afoot. Will update when it's (hopefully) in place. (Sorry to be vague, but have reasons!)

Hope it’s good news when you can share it

GerbilTrainerExtraordinaire2 · 23/08/2023 20:05

What a nightmare!

VariantHela · 23/08/2023 20:20

That's bloody terrible, I'm so sorry! x

calmcoco · 23/08/2023 20:27

The suspense is killing me, hopefully will hear more tomorrow!

harriethoyle · 24/08/2023 09:30

I really hope it's robust karma for CF buyers..

BG2015 · 24/08/2023 12:12

Hopefully it will be positive news

KievLoverTwo · 24/08/2023 12:13

@harriethoyle what does CF mean, please?

harriethoyle · 24/08/2023 12:14

@KievLoverTwo Cheeky Fuckers 😂

KievLoverTwo · 24/08/2023 12:16

harriethoyle · 24/08/2023 12:14

@KievLoverTwo Cheeky Fuckers 😂

I am surprised a potty mouth like me didn't figure that out, thanks!

Ameanstreakamilewide · 24/08/2023 13:13

gotmychristmasmiracle · 14/08/2023 18:03

Yeah even if they offered the £60k again I would tell them where to go, sorry this should be illegal x

I completely agree. I think the way that properties are bought/sold in England is scandalous.

Is there any other country who process it as badly as we do??

I actually think legal reforms in that area would be a vote winner.

KathrynWheel · 24/08/2023 21:17

Oh please do prove me right OP.

Permanentlyfrazzled · 25/08/2023 11:42

@Loobydoobies any update?

ihadamarveloustime · 25/08/2023 11:47

Hope things are looking up at your end, OP!

JimnJoyce · 25/08/2023 12:03

also here for an update

Grrrpredictivetex · 25/08/2023 19:42

I think she's packing as we speak. Boxes being loaded onto a van. 😉

Original poster
Loobydoobies · 25/08/2023 20:18

Grrrpredictivetex · 25/08/2023 19:42

I think she's packing as we speak. Boxes being loaded onto a van. 😉

Sadly not! There is stuff going on in the background, but am aware this is a public forum...

OP posts:
Zonder · 25/08/2023 20:41

That doesn't sound too good @Loobydoobies

Reeniebeanie78 · 28/08/2023 21:29

Hope it's going ok @Loobydoobies. Keeping my fingers and toes crossed for you!

CrashyTime · 29/08/2023 18:20

Ameanstreakamilewide · 24/08/2023 13:13

I completely agree. I think the way that properties are bought/sold in England is scandalous.

Is there any other country who process it as badly as we do??

I actually think legal reforms in that area would be a vote winner.

Show quote history

"I actually think legal reforms in that area would be a vote winner."

Yes, after a proper house price correction, you can`t blame buyers for seeing a daily changing and volatile market and re-assessing how much a property is worth to them, why should a buyer lose money on a property purchase when interest rates etc. change?

Honeyroar · 30/08/2023 21:16

It’s the slow pace that solicitors seem to go at when dealing with house sales that causes half the issues. If things went through quicker prices and interest rates wouldn’t have changed much. I’m considering selling our house by auction because it’s quick and a deposit has to be given by the buyer before they bid. And it had to complete in four weeks.

Crucible · 31/08/2023 11:46

@Loobydoobies I hope all is well. If it's not possible to give an outcome I totally understand -perhaps this thread is identifying. Good luck and post if you can.

CrashyTime · 31/08/2023 13:14

Honeyroar · 30/08/2023 21:16

It’s the slow pace that solicitors seem to go at when dealing with house sales that causes half the issues. If things went through quicker prices and interest rates wouldn’t have changed much. I’m considering selling our house by auction because it’s quick and a deposit has to be given by the buyer before they bid. And it had to complete in four weeks.

To be fair, no one, even older people have seen rates rise this fast and you would have needed to be born before 1990 to have seen higher more normal interest rates in your working lifetime? TBH smart buyers are just staying away from the market just now.

Netaporter · 31/08/2023 15:21

@Honeyroar for a traditional auction the deposit is payable immediately after the bid has been accepted. I’ve seen buyers pull out at this point. Infuriating as they’ve generally run everyone else up. Sadly the understanding that buyers ‘have to complete’ is not quite correct - they don’t. You may keep their deposit (assuming it clears), but you still have to pay the auction fees etc and unless you are prepared to take out a costly civil lawsuit, it is nigh on impossible to compel a buyer to complete. I’ve had this done to me. If you sell the second time for less money than the first time, then you can pursue the failed purchaser for the difference in price achieved, but again tricky getting that money too.

Selling at auction generally assumes that there is an issue. And auction houses aren’t interested in trying to sell a property at full retail value. If there isn’t an issue with it, you might get better results reducing the price significantly to attract a new cohort of buyers which could trigger a best and final bid.