Buyers asking for £60k off just before exchange

[Loobydoobies]

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.

So they’ve already dropped from 60k to 30k in their demands.They are absolute chancers and you need to stay Firm that you won’t negotiate.

Unlikely they would walk away over 30k.

Good idea to go for a different agent if these haven't been good. Just make sure you're not tied in to them first.

@Loobydoobies where do you live?

I don't blame you for holding firm, and you're well within their rights. But rather than just being CFs I suspect they've got panicked.

Well within YOUR right, I mean

You would hope.

London, z3.

We're going to get a resolution on this and then work out what to do. Getting a few valuations was just to give us contacts and former ground at this point.

You assume wrongly. Have experienced PTSD in the past. Use black humour to cope. Not everyone deals the same.

And buying and selling houses is intensively stressful and can actually cause mental health issues in the process. But thank you for your thoughts.

Z3 is an area that has held its prices relatively well so far. I think latest figure is only about 2% down year on year. It is fair to assume though that it has further to fall which does explain why your buyers might suddenly have panicked. They still want it though, maybe meeting them in the middle at 30k off isn't the worst that could happen. If you have to start again you might not get higher offers.. not sure what I would do in your position. Good luck.

I'd put it back on the market now. I'd not put up with this. They sound like the kind of idiots who don't actually have the money dispite what they say. A friends cash buyer was praying about for three months when at exchange it turned out they could secure a mortgage. A supposed cash buyer. It was all fantasy

How do fake cash buyers get away with titting about in these chains though? I don't understand it because when we bought our place we had to prove we had the money sitting in an account and the rest in mortgage approval. They wanted it written in blood - how do they string vendors along with imaginary funds? The mind boggles!

Another one saying get it relisted now. I wouldn't waste another weekend on these chancers. Get it back on the market first thing tomorrow - if you are out of your contract period with the original agent then you can still swap agents.

I think they're still chancing it. They're smarting from your refusal and want to get (in their mind) the upperhand back - hence coming back after your deadline (assuming your agent didn't delay passing on the info). If you had accepted the £30k off I would have guaranteed they'd pull the stunt again or delay in some way until they thought you were absolutely desperate...

Hoooolllld

Sorry, nothing else to add to the advice given, so just telling to to be brave and HOLD

Don't miss out on the weekend for them. If re listing, you want to be back on by 5pm Friday at the latest. I'd call their bluff and say if exchange not in place by 4pm tomorrow, you're re listing.

I just don't understand why people feel the need to bluff. If a house is sensibly priced for the area, and it's where you want to live and the house appeals then surely it is just CF behaviour to start trying to rewrite the deal.

We had the same OP. Nightmare buyers, absolutely unreasonable about almost everything.

A week before exchange they tried to drop the price by £50k. We told them where to go and held firm. We said we put the house straight back on the market and meant it as a delay would have suited the people we were buying from anyway.

They backed down and paid the agreed price. Stand firm 💪💪💪

I'd relist it tomorrow and have your EA book in a couple of viewings; relay that to the CF buyers.

Hold your nerve. They want your house. They will come back and you will get your original price agreed. I'm convinced.

I think so too.

The fact that they have just dropped their demand down from 60k to 30k shows they are not serious people but idiots who have handled things very badly.

Nightmare! Difficult situation and depends on how much the house was. If it was £1m then £30k is only 3% and with the market going down you might end up not selling and it costing you more. However if you are not too bothered about selling or not in a rush hold on and relist.

You gave them a hard deadline of 48 hours from midday on the 15th. They haven't met it. Why wait till Monday to put the house back on the market?

I agree with PP, don’t wait, start re-marketing asap. Hoping it will work out for you OP.

relist, and offer back to them at +£60k and when they say thats too much, offer plus £30k