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Original poster

Our sellers are pulling out.. 2nd time.

83 replies

starymoon · 17/09/2023 22:22

Selling our house, there are 5 of us in the chain.
Friday our buyers came to view for a fourth time. Following their viewing they have stated they want a £10,000 reduction or they are pulling out, reason being there's a crack in the kitchen LVT and it will be costly to them to replace the full floor. The crack has been there on all their previous viewings.

It's an excuse, I feel like they've done purely to find fault, I knew they'd do this. We've already had a sale fall through due to buyers being unable to get a mortgage. I didn't want to accept this offer, they made an offer £25k below asking, then £15k then 10k all of which we refused, they finally offered full asking price. We had another asking price offer on the table but estate agent advised us on these ones as they had a £200k deposit and so mortgage issues were unlikely, the others only had 20% deposit. They stated it was the safest option. I just knew they'd do this though.

We're separating and currently both living here and I'm so devastated that we've got so close and it's all fallen apart again.

My issue is, I'm so stubborn that there's no way I want to consider negotiating the price at this stage as I don't want to give in to their dirty tactics! Im going to call tomorrow and say fine, we'll go back on the market and pray they change their mind.

Surly there must be a better way for the housing market to work to stop this kind of thing? Is there anything I can do to protect us from this is we go back on the market?

OP posts:
TeenLifeMum · 17/09/2023 22:24

Have they had a survey? Surely this far in they’ve spent money? I’d call their bluff (but I’m also stubborn and can’t stand this kind of house buying behaviour).

Hollyhead · 17/09/2023 22:30

I agree you shouldn’t give in to their bad tactics at this stage but with future buyers I would consider some negotiation on asking price so people ‘feel’ they’ve got some money off otherwise this may happen again and again in this falling market.

KievLoverTwo · 17/09/2023 22:31

they made an offer £25k below asking, then £15k then 10k all of which we refused, they finally offered full asking price

This is the point at which I would have known they were likely to pull this trick and I would have refused any offers.

but estate agent advised us on these ones as they had a £200k deposit and so mortgage issues were unlikely

Did the other sale fall through with the same agent?

If so, I think they are making bad judgement calls on who the best buyers are and you might want to consider changing agent. Of course they don't care if you have to give them 10k off, they just care these buyers can afford your house and assume you are likely to back down.

From what I read on here, those with the best affordability seem to be those who take the piss most and have the most last minute demands. Have you seen the thread from a a day or two ago where someone's parents gave them a 50% deposit and as soon as the seller found a house for themselves to buy, asked for a 12% reduction 'so our mortgage will cost what it would have cost last year'? After already negotiating 8% off the asking price. After two months.

Original poster
starymoon · 17/09/2023 22:37

No, they chose not to have a survey. We completely renovated the house and it's been inspected and passed building regs and that's their reason for not having a survey done.

OP posts:
Original poster
starymoon · 17/09/2023 22:40

Yes it is the same agent. I guess on paper they were the best option but I just knew they'd be a pain and I wish I'd listened to my gut! Having already had one fall through I'd hoped then having the big deposit would be helpful but I agree with the poster who said those who have the most money seem to think they can pull these kind of tactics!

OP posts:
whyisitallsohard · 17/09/2023 22:41

yes. put your house back on the market and let your house depreciate some more. good one. "dirty tactics" lol

whyisitallsohard · 17/09/2023 22:49

Hollyhead · 17/09/2023 22:30

I agree you shouldn’t give in to their bad tactics at this stage but with future buyers I would consider some negotiation on asking price so people ‘feel’ they’ve got some money off otherwise this may happen again and again in this falling market.

you are sensible! this market is awful for buyers. house prices have got to come down because interest rates aren't budging. buyers know other buyers who have kept reducing the price. some go in thinking it'll only last two years so make an offer they can't afford or the bank won't support, and others get cold feet because they look at the huge monthly costs. sellers need to get a grip and realise what is happening. saying this is "bad tactics" is immature. it's the reality of the market. adjust or don't move.

KievLoverTwo · 17/09/2023 22:50

I would instruct the EA to reply 'she didn't back down on any of your low offers, what on earth makes you think she's going to back down now, when you had seen this defect three previous times? The answer for your money off request is still no.'

(I assume this fault is really visible?)

We live in a society of people who are desperate to boast to people they got a bargain, any bargain, but, but, it was still a bargain!!

So, I would initially call their bluff, if the market is healthy enough in your area to get another buyer.

If all this fails, time for a new agent. A big part of their job is recommending the best buyer and holding a sale together and they have failed to do both of these things twice.

NicLondon1 · 17/09/2023 23:00

Our buyers are currently being gazundered too… how far into the process are you? We are all negotiating now just to get it over the line…
Phil Spencer says on his website it may not be worth sticking to your guns, and is risky.
So if you don’t mind living there another 3-6 months, go ahead and find a new buyer… but if you just want it sold I’d be tempted to offer £5k as goodwill with a time limit for exchange

Twiglets1 · 17/09/2023 23:06

Going against the grain here but if you are saying that your Buyers paid the asking price and didn’t negotiate after survey (as no survey) and you are close to the finishing line and they are only asking for a 10k reduction…I think I would agree to it it to get the deal done at least offer a 5k reduction.

If you go back to the beginning with someone new, they may well try to reduce the price too.

Original poster
starymoon · 17/09/2023 23:10

@whyisitallsohard I am also a buyer in this market, maybe buyers should buy within their budget and not right at the very top and max themselves out.
If they cant afford the mortgage on a 4 bed detached, then don't offer on one. plenty of cheaper houses on the market for them where I live. There's one 2 doors down, similar house, we have an extension, they don't. We've completely renovated, they haven't. The price isn't that much different, we priced to sell which is why I'm not prepared to budge.

This isn't about mortgage rates, they have a huge deposit. This is about pushing their luck.

OP posts:
KievLoverTwo · 17/09/2023 23:10

@Twiglets1 given their pattern of behaviour, I wouldn't trust them not to demand 15k off the day before exchange just so they can get the price they originally wanted in the first place.

/ cynicism rules! :(

Secondwindplease · 17/09/2023 23:18

Well it depends what matters to you more - actually selling the house in a failing market and moving on with your life post-separation, or the principle of not reducing £10k on the full asking price.

What does your ex-partner think?

Surely you’re better off getting it wrapped up? If they walk you’ll lose more than £10k and you’ll be stuck in a holding pattern for longer. Be kind to yourself and put it to bed. Send them a new home card telling them to go fuck themselves if it makes you feel better.

Ariela · 17/09/2023 23:29

Can't you just replace the LVT at considerably less cost than the reduction they're asking?
If it doesn't matter that you stay there longer I'd just get other buyers

MrsCarson · 17/09/2023 23:33

Tell them you spoke to a builder and he says it's a £1000 fix so you can have that much off. Or actually get someone to come in and cost the repair see if they are close to 10K I very much doubt they are.

Wibblywobblylikejelly · 17/09/2023 23:37

I wouldn't even tell the ES to reply.
Just put the house back on the market.

Twiglets1 · 18/09/2023 06:02

@KievLoverTwo they clearly do want to pay less for the house but it’s just not a good plan to let a sale fall through “so close” to Completion as the OP says, especially through being stubborn.
I would try to negotiate with them ( it’s true new flooring like this wouldn’t cost 10k so maybe 5k is more appropriate a reduction) but make it clear no more will be coming off and if they try to negotiate more off again the house is going back on the market.
It sounds very much like the Buyer wants to feel they are getting some kind of concession off the asking price and in the current market, I don’t actually think that is unreasonable.
If OP really is “so close” to completion, it won’t hurt to stick with these Buyers a few more days or couple of weeks. If they try it again just before Exchange, the house can go back on the market at that point as promised.

Twiglets1 · 18/09/2023 06:09

starymoon · 17/09/2023 23:10

@whyisitallsohard I am also a buyer in this market, maybe buyers should buy within their budget and not right at the very top and max themselves out.
If they cant afford the mortgage on a 4 bed detached, then don't offer on one. plenty of cheaper houses on the market for them where I live. There's one 2 doors down, similar house, we have an extension, they don't. We've completely renovated, they haven't. The price isn't that much different, we priced to sell which is why I'm not prepared to budge.

This isn't about mortgage rates, they have a huge deposit. This is about pushing their luck.

Don’t let this person upset you, they are anti Seller and are all over this forum making derogatory comments about Sellers.

Think it’s safe to say they have never sold a house or bought one.

C4tastrophe · 18/09/2023 06:13

Give them the 10k reduction, it’s only 5k each as you are separating.
Then exchange asap.
It’s also worth considering what you’re going to do if they ask for another 10k on day of exchange.

LadyBitsnBobs · 18/09/2023 06:15

Back up and tell us about this crack! Has a gap opened up between planks? Is the floor less than one year old?

Gaps in a young floor indicates risk the subfloor was badly done which is, in fairness, a job to fix as more gaps might appear and for perfection the floor may need to be relaid.

Can you get an LVT floor specialist out to quote to fix the work (eg fill with caulk and stain)?

I would go back to the buyer and say, you would agree to a £1,500 reduction as the gap has always been there. If they say no it goes back on the market and you should get the gap/crack fixed prior to selling.

C4tastrophe · 18/09/2023 06:33

@LadyBitsnBobs I think it’s more about market/buyer psychology rather than the floor.
Who the fuck pays full asking price in a falling market?

If it goes back on the market, it will be extra expense, time, stress, collapsed chain and certainly a much bigger drop than 10k.

Twiglets1 · 18/09/2023 06:43

I agree it is not really about the floor. The buyer is probably getting all sorts of friends & family & random people telling them they were mad to pay full price (even though I take the point it was priced to sell, they won’t know that).

It will make the Buyers feel a lot better if they can say they negotiated some money off and as I said above, I don’t think that’s unreasonable in this market. Better to take 5k off or even 10 than start from the beginning with another Buyer who would probably expect the same.

Littlemissweepy · 18/09/2023 06:45

This is why where I am it is not typically allowed by solicitors to view the property you have offered on again until after contracts are exchanged. I wanted to show my partner the house I offered on (he couldn’t come to my original viewings because of Covid rules) and also to measure up for furniture and the like. Wasn’t allowed. Because “most people that do that find a fault and reduce their offer” I was told.

Twiglets1 · 18/09/2023 06:53

Littlemissweepy · 18/09/2023 06:45

This is why where I am it is not typically allowed by solicitors to view the property you have offered on again until after contracts are exchanged. I wanted to show my partner the house I offered on (he couldn’t come to my original viewings because of Covid rules) and also to measure up for furniture and the like. Wasn’t allowed. Because “most people that do that find a fault and reduce their offer” I was told.

It’s not up to the solicitor if people view a house more than once. Most solicitors these days will advise a viewing just before Exchange to make sure nothing has gone wrong since the offer was made, but it’s only advice nothing more.

In the U.K. it’s up to the Seller if they allow further viewings. Some will say No but that creates the worry that they have something to hide so really you should say Yes to a viewing before Exchange.

TerfTalking · 18/09/2023 06:59

starymoon · 17/09/2023 23:10

@whyisitallsohard I am also a buyer in this market, maybe buyers should buy within their budget and not right at the very top and max themselves out.
If they cant afford the mortgage on a 4 bed detached, then don't offer on one. plenty of cheaper houses on the market for them where I live. There's one 2 doors down, similar house, we have an extension, they don't. We've completely renovated, they haven't. The price isn't that much different, we priced to sell which is why I'm not prepared to budge.

This isn't about mortgage rates, they have a huge deposit. This is about pushing their luck.

Don’t listen to whyisitallsohard OP, look at his threads. He’s got some serious chip on his shoulder about house buying and selling. Every seller should give their house away and every buyer should refuse to pay more than 20% of the asking price because there’s a big crash coming. 🙄