Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Negotiation Q: How to deal with our buyers playing us?

99 replies

sellotape12 · 16/09/2023 12:07

We’ve been under offer a few months and have finally found our next house we’d like to offer on. As soon as our buyers knew this, they’ve tried to undercut their offer to us by a long way. The price they want would make it now impossible for us to move. I know that lots do this and some may argue it’s savvy of them but it’s such a dramatic drop we are left unable to offer elsewhere.

We are all well aware of falling house prices which is why I’d be happy to meet in the middle, but for info, they’re tying to negotiate a further 12% off agreed price (we already knocked 8% off for them) it’s a popular suburb of London

And here’s what’s annoyed me: they are FTB using BOMAD and have a 50% deposit. They claim they want to achieve a monthly repayment that’s equivalent of last year’s interest rates. Wouldn’t we all! So I did the maths on that, and found that a negotiated price somewhere in the middle would pretty much achieve that. But the price they’re now asking for is so ridiculously a mick-take. Even the agent knocked them back.

So do we call their bluff and try find a new buyer? Or are they trying their luck and it’s up to our agent to get them up?

OP posts:
pizzaHeart · 16/09/2023 13:35

I wouldn’t go into : we need this sum to buy the next house as this would encourage their response : we need that sum to afford the mortgage.
Just stick to your guns: you’ve agreed the price so the price is X . If they won’t let you know by Monday that they are happy to proceed with the agreed price, you are putting house back into the market.

whyisitallsohard · 16/09/2023 13:37

and of course other sellers on here want you to sit tight, because it suits them and the sale of their own house lol.

OP the market has changed in the months you've all been waiting. Blame your own seller or whoever caused that delay, not the people trying to do what's best for them and their family.

Validus · 16/09/2023 13:41

Do you actually need to move or can you sit tight?

ColleenDonaghy · 16/09/2023 13:48

They've already waited months for you to find a house, and you're not even agreed on that one, or even bidding yet by the sounds of things. I don't blame them for being pissed off.

If the price they're now offering isn't enough for you then by all means call their bluff, but you may need to accept you just won't be able to sell at the price agreed months ago.

LifeInTheUK · 16/09/2023 13:52

DrySherry · 16/09/2023 13:13

I don't think they are playing a game really. The market is sinking quite quickly in some areas and if they offered on your house at X price months ago - then they know that in todays market, and even more so in tomorrow's - they are overpaying. Add in to that the fact that the debt has rapidly become more expensive over a short period.
I would try to find an acceptable balance by negotiation. If you relist your almost certainly going to get that kind of low offer again, possibly even lower. Your agent knows this. Your buyer knows this. It's a really crappy time to try and move and it may get worse before it gets better.

Edited

In which case, that applies to the OP too and she’d better either ask for 20% on the asking price from her dream property or not sell at all.

Unless she has no choice really.

AliceOlive · 16/09/2023 13:52

pizzaHeart · 16/09/2023 13:35

I wouldn’t go into : we need this sum to buy the next house as this would encourage their response : we need that sum to afford the mortgage.
Just stick to your guns: you’ve agreed the price so the price is X . If they won’t let you know by Monday that they are happy to proceed with the agreed price, you are putting house back into the market.

Completely agree. Giving reasons makes it sound like you are considering it. They want your house, they were willing to pay a price for it. The interest rates are not your problem and they are only finance 50% any way.

AliceOlive · 16/09/2023 13:52

And it sounds like your house has some features that would be costly to replicate.

whyisitallsohard · 16/09/2023 13:54

These FTB are being realistic. OP is not.

tara66 · 16/09/2023 13:57

Are 10% deposits not paid any more to secure sales when offers are made and accepted?

Sarvanga38 · 16/09/2023 13:58

PepeLePugh · 16/09/2023 13:12

Erm… because they already offered the price which included the “extra hundred of pounds” which the OP agreed to but have now decided to backtrack 🤷‍♀️

Show quote history

But they have then been kept hanging around for 'a few months' (how many?) by the OP, and has the market realistically changed in that time? If it has, they will revise their offer to current market rates.

It makes no difference to a buyer what the seller needs to fund their desired next purchase, they would be daft to pay over the odds for that.

whyisitallsohard · 16/09/2023 14:09

sellotape12 · 16/09/2023 12:07

We’ve been under offer a few months and have finally found our next house we’d like to offer on. As soon as our buyers knew this, they’ve tried to undercut their offer to us by a long way. The price they want would make it now impossible for us to move. I know that lots do this and some may argue it’s savvy of them but it’s such a dramatic drop we are left unable to offer elsewhere.

We are all well aware of falling house prices which is why I’d be happy to meet in the middle, but for info, they’re tying to negotiate a further 12% off agreed price (we already knocked 8% off for them) it’s a popular suburb of London

And here’s what’s annoyed me: they are FTB using BOMAD and have a 50% deposit. They claim they want to achieve a monthly repayment that’s equivalent of last year’s interest rates. Wouldn’t we all! So I did the maths on that, and found that a negotiated price somewhere in the middle would pretty much achieve that. But the price they’re now asking for is so ridiculously a mick-take. Even the agent knocked them back.

So do we call their bluff and try find a new buyer? Or are they trying their luck and it’s up to our agent to get them up?

We’ve been under offer a few months and have finally found our next house we’d like to offer on.

You caused this delay. The market has changed.

The price they want would make it now impossible for us to move.... we are left unable to offer elsewhere.

Then you are the problem - you can't afford your house.

We are all well aware of falling house prices which is why I’d be happy to meet in the middle

Is it more accurate to say you just want to get your house and make them pay for it basically?

they’re tying to negotiate a further 12% off agreed price (we already knocked 8% off for them)

8% off the original price months ago? if so, your house was overpriced anyway if it''s in London so a further 12% reflects better the market today.

And here’s what’s annoyed me: they are FTB using BOMAD and have a 50% deposit.

What has this got to do with you? Why don't you have 50% deposit yourself then??

They claim they want to achieve a monthly repayment that’s equivalent of last year’s interest rates. Wouldn’t we all!

You lose some, you win some.

But the price they’re now asking for is so ridiculously a mick-take.

Nope. I am certain your house was over-priced anyway, as they all are. So please get with today's market, OP. It's you who is in a poor financial position with limited options.

Totalwasteofpaper · 16/09/2023 14:12

Personally if I wanted a sale....

I'd offer a small reduction 1 or 2% but put it on a clock.
E.g You need to exchange in 2 weeks, after that the price goes up £1k per week/day whatever.

Separately I'd relist... and do it with a local agent for a fixed price (you can do it for £500 or £1k) and do viewings yourself.

if they flag it say ohhh its a mistake.
If their friends are able to book a viewing oooh it's a mistake.

If you get another offer at a better price I'd either go for a "first past the post" or just dump these guys and go with the new buyers.

whyisitallsohard · 16/09/2023 14:15

Totalwasteofpaper · 16/09/2023 14:12

Personally if I wanted a sale....

I'd offer a small reduction 1 or 2% but put it on a clock.
E.g You need to exchange in 2 weeks, after that the price goes up £1k per week/day whatever.

Separately I'd relist... and do it with a local agent for a fixed price (you can do it for £500 or £1k) and do viewings yourself.

if they flag it say ohhh its a mistake.
If their friends are able to book a viewing oooh it's a mistake.

If you get another offer at a better price I'd either go for a "first past the post" or just dump these guys and go with the new buyers.

lol you actually think "oh it's a mistake will work"

schloss · 16/09/2023 14:21

I would not rush to reply, keep your cards close to your chest in reference to your planned purchase. Irrespective of the outcome as it stands you have a house you want to purchase plus you have a buyer who are quite a way down the line with surveys etc - your purchasers have not withdrawn from the sale yet.

Let them stew over the weekend, take your time to think about the options as to how you proceed and what, if anything, you will accept. Only then communicate with the EA/buyers.

With the information you have provided it does seem your buyers are taking a chance you may reduce as you gave them vital information in that you have found a property, expecting the emotions of you not wanting to lose it will mean you accept their demands - house purchases never go well if emotions control the situation.

The buyers are a long way through the buying process and will be invested in the purchase both financially and emotionally, I would be tempted to initially say no and guage their reaction. Yes it could mean you lose your buyers but that would be better at an early stage of your onward purchase, than you get nearly to the end of your purchase and they try to reduce again.

Communication is very good for all parties concerned in house selling/purchasing but sometimes keeping information to yourselves for a short while can help. If your offer is accepted on your purchase, and your buyers withdraw, I would wait a short time before that information is passed down the line as you may find alternate buyers very quickly.

The market has changed but not in all areas and in the end people need to move for varying reasons plus good quality housing in good locations are not always available. Hopefully your FTB will see that, they were quite happy to pay the price including knowing the monthly mortgage payments, their change only happened when you advised you had a house to purchase, that was not a coincidence.

Twiglets1 · 16/09/2023 14:29

Don’t bother trying to engage with them and explain your actions. Just instruct the EA to put it back on the market.
If they were ever serious about buying your property at the agreed price or close to it, they will come running back to you.

whyisitallsohard · 16/09/2023 15:04

As a FTB myself, I have a cousin who is doing my conveyance for free, a mates rate mortgage broker who is very good (and might even do it for free by getting their commission off the bank) and I’ll get the mortgage agreement fee done once i’m happy with the price and that lasts 6months anyway. Don’t underestimate buyers right now as there are many who cant actually afford a mortgage. Sure, remarket it if you want. Only gives me the impression I can knock down the price further.

Original poster
sellotape12 · 16/09/2023 15:14

@PepeLePugh No, you have misunderstood somehow. Perhaps read original thread? @whyisitallsohard I think you need to step away from the keyboard. Your tone seems needlessly heated and combative and most people have been really helpful and taken emotion out of it. Not checking this thread anymore because I’m clear what I need to do – I don’t even have to sell the house.
Not interested in people lowering the tone on what’s usually a nice forum xx

OP posts:
Postapocalypticcowgirl · 16/09/2023 15:14

I think you do need to acknowledge that in the last few months, the market probably has fallen a bit. I'd go back to them with a price that would still allow you to move to the new property, and leave it on the table for, say, a week?

You might find they meet in the middle.

If they walk away, at this stage does it matter? You say you can't afford to buy the new house with their new offer, so actually, in a way, you have nothing to lose?

At the the end of the day, you can't force them to buy your house at a price where they don't want to.

AliceOlive · 16/09/2023 15:26

whyisitallsohard · 16/09/2023 15:04

As a FTB myself, I have a cousin who is doing my conveyance for free, a mates rate mortgage broker who is very good (and might even do it for free by getting their commission off the bank) and I’ll get the mortgage agreement fee done once i’m happy with the price and that lasts 6months anyway. Don’t underestimate buyers right now as there are many who cant actually afford a mortgage. Sure, remarket it if you want. Only gives me the impression I can knock down the price further.

Edited

As a FTB myself

Unnecessary info as it was obvious from your very first post. Call back when you’ve sold at least one house.

AliceOlive · 16/09/2023 15:33

schloss · 16/09/2023 14:21

I would not rush to reply, keep your cards close to your chest in reference to your planned purchase. Irrespective of the outcome as it stands you have a house you want to purchase plus you have a buyer who are quite a way down the line with surveys etc - your purchasers have not withdrawn from the sale yet.

Let them stew over the weekend, take your time to think about the options as to how you proceed and what, if anything, you will accept. Only then communicate with the EA/buyers.

With the information you have provided it does seem your buyers are taking a chance you may reduce as you gave them vital information in that you have found a property, expecting the emotions of you not wanting to lose it will mean you accept their demands - house purchases never go well if emotions control the situation.

The buyers are a long way through the buying process and will be invested in the purchase both financially and emotionally, I would be tempted to initially say no and guage their reaction. Yes it could mean you lose your buyers but that would be better at an early stage of your onward purchase, than you get nearly to the end of your purchase and they try to reduce again.

Communication is very good for all parties concerned in house selling/purchasing but sometimes keeping information to yourselves for a short while can help. If your offer is accepted on your purchase, and your buyers withdraw, I would wait a short time before that information is passed down the line as you may find alternate buyers very quickly.

The market has changed but not in all areas and in the end people need to move for varying reasons plus good quality housing in good locations are not always available. Hopefully your FTB will see that, they were quite happy to pay the price including knowing the monthly mortgage payments, their change only happened when you advised you had a house to purchase, that was not a coincidence.

Wise words.

Also, when in any kind of transaction like this, I have learned never to share any personal info.

A friend had someone lowball him after they asked to speak with him personally, and then asked him why he was selling. They were viewing the house and found out he was over at the neighbors, so asked if he would come talk to them. He assumed it was about the house and was caught off guard by the question and so answered it. He was going through a divorce and they decided that would mean they could get a deal. Pretty dastardly and didn’t work in their favor.

He rejected the offer and they came back later with a more agreeable one. But lost all of the free stuff he had planned to leave for the buyers and paid more for the furniture they did buy. Stupid woman even later complained to a mutual acquaintance that he didn’t leave the photo album of the home being built.

whyisitallsohard · 16/09/2023 15:37

sellotape12 · 16/09/2023 15:14

@PepeLePugh No, you have misunderstood somehow. Perhaps read original thread? @whyisitallsohard I think you need to step away from the keyboard. Your tone seems needlessly heated and combative and most people have been really helpful and taken emotion out of it. Not checking this thread anymore because I’m clear what I need to do – I don’t even have to sell the house.
Not interested in people lowering the tone on what’s usually a nice forum xx

Edited

Just because you aren’t hearing what you want and these FTB have the advantage don’t let it out on me. Your tone is disgraceful, jusdging FTB for your mistake in taking months drafging them around while you look for another house. It’s you ehi doesn’t understand the market. Who are you to judge other people’s deposit amount. Not any of your business and certainly not saved up for the likes of your over priced home. You can’t move because it’s you who cant afford the house you want. You are your own problem. It’s your finances that are the problem, not theirs. Don’t expect others to pay for your next house. Pull out then. Your house will be worth even less for the next few months and even years so don’t kick yourself too much that you lost out on excellent buyers here.

I bet you do cave anyway.

whyisitallsohard · 16/09/2023 15:43

AliceOlive · 16/09/2023 15:26

As a FTB myself

Unnecessary info as it was obvious from your very first post. Call back when you’ve sold at least one house.

Edited
Show quote history

Lol what are you even talking about??
current sellers are in their own bubble. Oh that’s right. You’ve all created the housing bubble you cant even get out of yourselves. OP cant move because they can’t afford the next house and doing the same to others, doesn’t have enough deposit so judging others with larger deposits?? Lol these FTB have options. OP doesnt. Staying put is not an option. It’s their only choice. OP is stuck.

AliceOlive · 16/09/2023 15:43

@whyisitallsohard

Are you the same poster that was advising another buyer months ago based on your market projections?

titchy · 16/09/2023 15:44

whyisitallsohard · 16/09/2023 13:37

and of course other sellers on here want you to sit tight, because it suits them and the sale of their own house lol.

OP the market has changed in the months you've all been waiting. Blame your own seller or whoever caused that delay, not the people trying to do what's best for them and their family.

OP caused the delay surely by not having anywhere to buy when she accepted the offer. Confused

whyisitallsohard · 16/09/2023 15:44

AliceOlive · 16/09/2023 15:43

@whyisitallsohard

Are you the same poster that was advising another buyer months ago based on your market projections?

What are you even ON?! Lol

Swipe left for the next trending thread