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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:
dramoy · 14/08/2023 19:43

60k is a massive amount and very cheeky!

It depends on the asking price surely.

When was the sale agreed?

VariantHela · 14/08/2023 19:45

Pisstakers!!

dramoy · 14/08/2023 19:45

I would tell them to do one on principle, but tbh I think this is going to become more common as the housing market continues to drop and interest rates continue to rise.Not that I agree with it fwiw, just that I think it will happen.

Agree, it happened to me a few times the other way around or seller send they had just had an higher offer they couldn't refuse

Plankingplanks · 14/08/2023 19:49

This happened to me but only by £5k...as it wasn't my house and I needed it gone (I was a proxy vendor for my Dad), I agreed it.... It pissed me right off, however, come completion day they found out that to pay less they had to get another mortgage offer and in the 9(!!!!!) months they had strung out the sale, interest rates had risen massively and it would have cost them more to pay less! So they ended up paying the extra £5k.

And I hoped that really stuck in their throat!! 🤣

Plankingplanks · 14/08/2023 19:50

Posted too soon! I also ended up being so pissed off that I didn't clean the home properly, which I hope pissed them off even more. I'm petty like that.

OP do not back down.

shiningstar2 · 14/08/2023 19:53

I would not entertain a substantially reduced offer at the very last minute. That is deliberate manipulation. If I had to reduce the price . and certainly not by £60k I would ofer it at maybe£10k less to someone else if there had been interest shown by other people. Preferably I wouldn't offer it for any less at all of course but if the market is showing houses going down I would consider above strategy and maybe try to get a reduction of £5k on ongoing property. I would not sell to people who do what your buyers are doing at the last minute unless they come up with agreed price.

blondieminx · 14/08/2023 19:55

What CF’s.

tell the solicitors and EA that either they proceed at the agreed full price and exchange in 24 hours, or you will no longer be willing to sell to them under any circumstances given the bad faith displayed.

BlastedIce · 14/08/2023 19:56

Plankingplanks · 14/08/2023 19:49

This happened to me but only by £5k...as it wasn't my house and I needed it gone (I was a proxy vendor for my Dad), I agreed it.... It pissed me right off, however, come completion day they found out that to pay less they had to get another mortgage offer and in the 9(!!!!!) months they had strung out the sale, interest rates had risen massively and it would have cost them more to pay less! So they ended up paying the extra £5k.

And I hoped that really stuck in their throat!! 🤣

Absolutely brilliant!!!

Love it!

dramoy · 14/08/2023 19:57

I guess it depends on how much you want the dream house, if you are happy to walk away then hold firm.

pilates · 14/08/2023 20:02

I would put the property back on the market and see if you can get another buyer.

Howdoyouknowwhitney · 14/08/2023 20:08

This reply has been deleted

This has been deleted by MNHQ for breaking our Talk Guidelines.

Original poster
Loobydoobies · 14/08/2023 20:10

dramoy · 14/08/2023 19:43

60k is a massive amount and very cheeky!

It depends on the asking price surely.

When was the sale agreed?

Start of May. 700k (similar houses still selling 700-750k)

OP posts:
lovewoola · 14/08/2023 20:16

Then you shouldn't have a problem re selling. Good luck

Original poster
Loobydoobies · 14/08/2023 20:17

shiningstar2 · 14/08/2023 19:53

I would not entertain a substantially reduced offer at the very last minute. That is deliberate manipulation. If I had to reduce the price . and certainly not by £60k I would ofer it at maybe£10k less to someone else if there had been interest shown by other people. Preferably I wouldn't offer it for any less at all of course but if the market is showing houses going down I would consider above strategy and maybe try to get a reduction of £5k on ongoing property. I would not sell to people who do what your buyers are doing at the last minute unless they come up with agreed price.

This is not an area with a downturn- in fact, houses seem to be selling higher, and there is a shortage of them right now. We had a lot of interest (and accepted their offer to secure our onward purchase).

OP posts:
Original poster
Loobydoobies · 14/08/2023 20:18

lovewoola · 14/08/2023 20:16

Then you shouldn't have a problem re selling. Good luck

Thanks! Fingers crossed.

Now it's just whether our sellers will wait for us....

OP posts:
Original poster
Loobydoobies · 14/08/2023 20:19

@BlastedIce Thanks :) DH and I both had the same reaction, so...yeah

OP posts:
lovewoola · 14/08/2023 20:20

yes that's the difficult bit.

lovewoola · 14/08/2023 20:20

but even if you lose it something else may come up.

Loobydoobies · 14/08/2023 20:24

This reply has been withdrawn

This message has been withdrawn at the poster's request

Original poster
Loobydoobies · 14/08/2023 20:30

@lovewoola very true :) Just hope we can move before having to decide on schools for our preschooler!

OP posts:
shiningstar2 · 14/08/2023 20:33

If prices are holding firm and going up in your area op I would definitely hold firm and give them a final last available completion date. In fact I would almost be tempted to put the house price up in response to their horrible tactic. I really hate these last minute shenanigans. If they were 💬 Ng of a reduction they know that long before the last minute. I really hope you end up selling it quickly to someone else for the original asking price. Do tell us the eventual outcome. It helps others decide on how to deal with manipulative cheeky f...I mean people. 😁💐

Swansandcustard · 14/08/2023 20:33

‘I’m sorry the current economic climate makes our house unaffordable for you. Good luck for the future’

Original poster
Loobydoobies · 14/08/2023 20:34

@shiningstar2 Thanks. Fingers crossed, eh?

All of these posts are making me think we are handling this ok.

OP posts:
Original poster
Loobydoobies · 14/08/2023 20:36

@Swansandcustard 🤣 I may well use that.

I did ask the agent why they were supposedly buying a house when they clearly didn't understand any part of the process. I may have dropped a few f bombs and a c bomb...

OP posts:
Honeyroar · 14/08/2023 20:42

We have just had our house valued with a view to selling, and the estate agent actually suggested auctioning the house because this sort of thing is happening a lot. Our house is a 300 year old cottage with a bit of work
that needs doing (but it will be a gorgeous, character house with stunning views) and he said people would try using the work as an excuse later down the line.