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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:
AliceOlive · 16/09/2023 15:51

whyisitallsohard · 16/09/2023 15:43

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.

Show quote history

Beside seeming very inexperienced, you seem really angry.

OP has already said she does not need to sell.

Your ideas are theory.

AliceOlive · 16/09/2023 15:52

whyisitallsohard · 16/09/2023 15:44

What are you even ON?! Lol

Show quote history

Perhaps there is more than one of you on here.

Please promise to post once you make an offer on your first home. I am fascinated.

Soontobe60 · 16/09/2023 15:52

sellotape12 · 16/09/2023 12:27

Do you think it would be cheeky to pretend to accept their low offer just whilst we get offer-accepted ourselves, and then go back and tell them we need more £? Or we’ll find another buyer?
I just don’t want to lose out on the next house but I know it has multiple second viewings today. Can’t believe it. We’ve been in a great, proceedable position for so long and now they’re pulling the rug out from underneath us.

How have you been in a ‘proceedable position for a few months’ if you’ve not even made an offer on somewhere? It sounds like you’ve accepted an offer some time ago but haven’t yet got somewhere to move to. Did your buyers know that you’d not found anything when they made their offer?

ActDottie · 16/09/2023 15:57

Put it back on the market I cba with people like this and I’d get so stressed that they may do some tbh big last minute I’d be an absolute wreck.

DrySherry · 16/09/2023 16:14

whyisitallsohard · 16/09/2023 15:37

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.

Show quote history

Your valid points are lost in the combative way you present them. You make some fair assessments of the situation - but present them so badly that people will automatically dismiss what you say.

PepeLePugh · 16/09/2023 16:22

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

Crikey. I was defending you against a post which suggested you were being unreasonable. May I suggest you re-read my post instead.

Good luck with your house purchase.

Twiglets1 · 16/09/2023 16:36

AliceOlive · 16/09/2023 15:52

Perhaps there is more than one of you on here.

Please promise to post once you make an offer on your first home. I am fascinated.

Show quote history

I reckon he must be at school with Crashy or something

ThroughThickAndThin01 · 16/09/2023 17:02

DeadHouseBounce’s mate.

AshRJ · 16/09/2023 17:18

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?

I wouldn’t accept it, I’ve had this where the so-called buyer wanted me to drop £80k off the agreed price due to a survey the day before signature .. funnily enough he wouldn’t give anyone including his solicitor a copy of it.. but he’d ‘interpret’ it for us and we’d just trust him apparently.. told him to get lost and amusingly he kept emailing EA for a month asking if I’d changed my mind.. eventually told EA no and just for him I’ve increased the price by £20k due to his wasting everyone’s time.

I have a feeling if you did accept it, you’d find yourself being asked for more off again and again..

NewFriendlyLadybird · 16/09/2023 19:53

Remember that the OP is both a seller and a buyer.

billysillydilly · 16/09/2023 19:56

Do you think it would be cheeky to pretend to accept their low offer just whilst we get offer-accepted ourselves, and then go back and tell them we need more £? Or we’ll find another buyer?

that's risky as they are FTBs whereas you will be further down the line & it will take longer to find a new buyer.

billysillydilly · 16/09/2023 19:57

Thanks @KievLoverTwo that’s really helpful. Yes, they did an affordability check and it was also stressed tested if interest rates climb above 6%. So I know they can afford it. They just don’t want to pay the extra few hundred quid per month that the interest rates increase has dealt them

tbf I wouldn't want more money servicing debt either.
Call their bluff

PatientZorro · 16/09/2023 20:41

Trouble is if you put it back on the market you will probably still have to accept a lower price because of the falling market. Be careful that you don’t end up in a worse position if you turn these buyers away

BlueMongoose · 16/09/2023 21:00

I'd ditch them, and refuse to entertain any further offers from them. I bet they'll be doing it again at every stage right up to exchange day. They're a disaster in the making. And I will not be messed about like that, no matter what.
But you are not me, I'm sure you're a much nicer person, and in your situation with the other house, it's tricky. I think I'd work out the least I could accept and still get the other house, and offer to take that or more or nothing. If they walk away, you remarket, and if you lose the other house, well, you'd have lost it anyway with a lower offer from your horrible buyers because you couodn;t hav afforded it.
I think I'd also get another agent or two to value my house in the meantime, so I had more of an idea what was realistic.
For those saying it's okay to guzzunder after an agreed offer when there are no survey issues, I disagree. My word is my bond, but of course, that's not fashionable any more- just like it's now acceptable to lie ( but not acceptable to me, and I don't do that either).

billysillydilly · 16/09/2023 21:07

For those saying it's okay to guzzunder after an agreed offer when there are no survey issues, I disagree. My word is my bond, but of course, that's not fashionable any more- just like it's now acceptable to lie ( but not acceptable to me, and I don't do that either).

I was gazumped loads of times as a FTB yrs ago but I think many see that as more acceptable.

DepartureLounge · 17/09/2023 01:51

I think it's unlikely to be a coincidence that they've waited until you've got an onward purchase to lose before doing this. I also think it's unlikely to be the last reduction they ask for. However, speculating about why and where this is leading, while entertaining, is neither here nor there really, given that you say you can't afford to agree to their demand. So I would say your course of action is pretty clear, especially as you say you don't absolutely have to move. You just say no, and see whether they capitulate or not. I wouldn't agree with the intention of pushing the price back up later. What would be your leverage? And how would you demonstrate the affordability of your purchase in the meantime if you can't afford it on that basis?

wereonthemarket · 17/09/2023 10:27

I'd just say there is no further negotiation and you need to know within the next 24 hours whether they will proceed or it goes back on the market.

All then follow through.

They are just going to be trying it on right the way to completion.

Original poster
sellotape12 · 28/09/2023 21:04

Quick final update - we called the buyers bluff. We gave them another chance and they came back with 0.09% more so we withdrew the sale from them. We found another buyer the following week, who has agreed more than the original selling price of our buyers. Then the old buyers this week came back begging to take back the house. Not all markets are seeing the same falls yet as seen in the news. It's only worth what you're willing to pay for it.

OP posts:
Twiglets1 · 28/09/2023 21:15

Thanks for the update @sellotape12

Good Luck with your sale.

GrumpyPanda · 29/09/2023 00:34

Wwll done OP. I hope you managed to keep your sellers on side?

AliceOlive · 29/09/2023 01:42

That’s a great update! Congratulations and thanks for sharing.

SD1978 · 29/09/2023 02:28

Glad for the happy update for you!!!

PimpMyFridge · 29/09/2023 06:50

So pleased for you! I'm happy the buyers who didn't want to play fair lost out, they deserved to get bitten on the bum.
Good luck with the rest of your sale process.

AshRJ · 29/09/2023 08:08

sellotape12 · 28/09/2023 21:04

Quick final update - we called the buyers bluff. We gave them another chance and they came back with 0.09% more so we withdrew the sale from them. We found another buyer the following week, who has agreed more than the original selling price of our buyers. Then the old buyers this week came back begging to take back the house. Not all markets are seeing the same falls yet as seen in the news. It's only worth what you're willing to pay for it.

@sellotape12 great news and glad the other timewasters lost out. It’s annoying as heck when they play these games for anything other than seriously valid reasons. Good luck with the new buyers 😁🤞🏼

OnGoldenPond · 29/09/2023 08:16

tara66 · 16/09/2023 13:57

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

No, deposts are paid on exchange of contracts only, deposits have never been paid on acceptance of an offer. That is in England and Wales anyway. I think deposits may need to be paid on offer acceptance in Scotland. Not sure on the system in Northern Ireland.