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.

This. They now know a hard deadline isn't a hard deadline. I'd remarket immediately. Fuck them.

😂

Do your sellers know about this gazunder from your buyers?

Oh, good point about the terms you might have signed with you current agent. Can you tell your current agent to put it back on the market today? I personally wouldn’t be giving a further “extension” or waiting period to your buyers, as you’re setting a precedent.

@whataretheodds we have notified their agents and solicitors as it happened. No response.

We have specific personal reasons for waiting til next week for going live, but it is def going back on the market. The agent we have seems to know how to get it on as a new listing, and we are updating descriptions etc today.

They are ringing around their contacts today, though, to get interest in the pipeline, and following up all previous viewers who were interested

Property log will flag it as a relist on rightmove x

I asked because I wonder if your vendors need to be reassured that you're relisting ASAP and seeking to hold the chain together.

It doesn’t appear to if the ad is literally deleted. I have seen houses I looked at in April appear again as just added in August and property log has no financial or listing history.

The agent we have seems to know how to get it on as a new listing,

Pisses me off when they do that, it’s not like I haven’t already seen the house months ago and know what they are up to. It just shows deceitful practices.

They have a new feature now to capture this trick x

Oooerr. They’re earning their three quid a month from me then! Thanks 😊

Now they have come back offering 17k under agreed. No explanations.

We will be relsting.

Lol, they have gone from 60k under to 30k under to 17k under in the space of a few days? What clowns. They are trying to save face now but are just looking increasingly foolish.

100% cut ties and re-list with a new EA if your tie-in period has passed.

@Twiglets1 Ah, didn't mean to quote your comment.

@Loobydoobies 100% cut ties and re-list with a new EA if your tie-in period has passed.

This seems to be happening quite a bit these days. Happened to someone I know the other week. Buyer wanted £50k reduction not long before exchange. It's cheeky, Fair enough after survey. But buyers are getting jittery.

Buyers are getting jittery, fair enough.

Negotiate a few thousand off after the survey in that case, they always throw up some concerns. But not 50k or 60k right before Exchange!

Relist.

Instruct your EA to tell them they'll have to pay £5k more for dicking you around if they still want the house. And exchange immediately.

Something has happened, £17K is oddly specific. Makes me wonder if something has happened money-wise so they went big thinking you'd negotiate and end up somewhere around that £17K region.

Not your problem, I'd tell the estate agents to book anyone interested in and reply to the buyers that house is back up for sale and viewings are already booked.

It’s the market being impacted by the high rates. Surely you can’t expect mortgage rates to hit 6% and it to have no effect on housing affordability and prices. 17k is nothing on a 600k plus house in London honestly.

It’s happening to quite a few people sales falling through and buyers getting jittery. Some lenders are even down valuing properties.

Business is business don’t take it personally.

Nope. They have a mortgage offer at a lower fixed rate already. Prices haven't dropped round here. There is nothing on the market for what they are asking.

Indeed. And already done. Agents have been calling round for viewings in coming weeks.

We have reiterated our response: not acceptable. Agreed price or nothing.

We accepted their offer (lower end of acceptable) in order to secure the house we wanted. If we can't get that, then we aren't selling to them.

Good on you OP. I had this when selling my first house - it is horrid.
You will find a new buyer in a popular / prices have not dropped place.
Too many buyers seem to muck around these days.

Whatever the state of the market, people who do this at the last minute are chancers who think they have you over a barrel. The ops market prices are not going down. Even if they were, if the op remarkets she is still likely to get what they are offering or more. IMy take would be, even of I have to reduce it won't be to them.

Amen to your last paragraph.