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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:
C4tastrophe · 18/09/2023 07:02

@TerfTalking doesn’t mean @whyisitallsohard is wrong in this case though, does it?

Twiglets1 · 18/09/2023 07:08

A stopped clock is right twice a day @C4tastrophe but you still don’t use it to tell the time.
I do happen to agree with them occasionally but I never agree with the way they speak so rudely to Sellers.

TerfTalking · 18/09/2023 07:12

C4tastrophe · 18/09/2023 07:02

@TerfTalking doesn’t mean @whyisitallsohard is wrong in this case though, does it?

Nor does it mean he’s right. It depends on the property market in her area and whether she thinks it’s worth losing the sale or not based on her circumstances. Whether she can sell quickly again or whether she wants the hassle.

None of that is ever relevant to whyisit. The big crash is coming …..l

Littlemissweepy · 18/09/2023 07:28

I just shared my experience, from both the buying and selling process in the last 2 years. “Allowed” maybe should have said “strongly advised”. I do beg your pardon!!

nobodysdaughternow · 18/09/2023 07:29

Happened to us, although they asked for £30k off a very cheaply priced house.

It eventually sold 3rd time around, with yet another reduction.

It's not a nice way to carry on and I can only console myself that they may be lumbered with a big, expensive mortgage in a cost of living crisis.

We went into rented and eventually used the equity to buy a very cheap house 200 miles away. We are mortgage free, whereas they have years and years battling prices in the SE with interfering family nearby who encourage them to ask for a stupid discount just before exchange.

You'll get there op. Take a deep breath and hold fast.

nobodysdaughternow · 18/09/2023 07:31

Also, we allowed three viewing in total - the third lasted two hours and they bought their parents and a builder with them. I can see that was a mistake now.

Trixiefirecracker · 18/09/2023 07:34

Get a quote for the work and then offer them the amount off.

MathsIsFab · 18/09/2023 07:43

OP agree with @whyisitallsohard

I wouldn’t risk it for that amount but:

  • 1 would negotiate, I wouldn’t entertain the full 10k
  • 1 would speak to solicitor about drafting something to protect you from them doing it again on Exchange day

hope it goes well

RoachFish · 18/09/2023 07:45

At you stage in the process and with such a long chain in a falling market I would absolutely accept the £10K off and get it done. It's only £5K each and it must be a tiny percentage of the sale price. Don't bite your nose off to spite your face comes to mind.

C4tastrophe · 18/09/2023 07:46

@RoachFish exactly.
OP needs to focus on the goal.

bubblesandbathwater · 18/09/2023 07:48

Call their bluff by getting a quote for the amount it would cost to have the LVT planks replaced and offering to reduce it by that much. I can't imagine that it would be anything close to £10k

Volterra · 18/09/2023 07:51

Fully get it will stick in your throat to reduce and if you do there is a chance they will try it again close to exchange but there is no certainty with any sale. it would be sensible in current market to try and get this over the line.

Agree with suggestion of getting a quote for repair and negotiate with the aim to agree 5k reduction rather than 10k . I wouldn’t let being stubborn potentially stop you getting on with your life.

DrySherry · 18/09/2023 07:53

Don't take it so personally OP. You are close to being able to move on with your life - and if you have to start again it's likley you will end up selling for less. The bad news for the market just keeps coming and this quarters figures once released may cause a further fall in buyer confidence. Get it sold and don't feel hard done by. Rightmove reported today that the average reduction is now over 22k. That's just on an average sized home which your 4 bed is not. Let the buyers feel they won a little. In reality your the winner, just giving 10k off in a falling market. Change your mindset and move on with life.

Unwisebutnotillegal · 18/09/2023 07:54

Do not back down on this. I had the same and ignored them and went back on Rightmove. The same day their solicitor offered to exchange contracts at the previously agreed price. They were awful for the whole process but we got moved eventually.

MrsElijahMikaelson1 · 18/09/2023 07:54

I’d maybe counter off with a £5k off if they exchange before the end of the week.

MoustacheTwirler · 18/09/2023 07:56

I would be very surprised if the floor cost £10k so I wouldn't agree to that. If I were in your shoes I would consider a £2k reduction to show a little bit of willing or get a quote from an LVT floor specialist and offer to reduce by that amount.

Roselilly36 · 18/09/2023 08:07

It’s a tricky market so I would act cautiously.

I would suggest a £1000 off to allow them to replace the floor. And let’s go on with moving. Perhaps the vendor where you are buying, could split the difference with you and knock £500 off theirs? To keep the chain together.

You have all incurred costs, and obviously are committed to moving so try to make it happen.

I know it is awful to feel over a barrow, but sometimes you just have to do what you need to do to get the transaction over the line.

If it was a fast moving market my advice with be to tell them to stick it. But the market is very different than in 21/22.

Good luck I hope it all works out for you.

SallySunrise · 18/09/2023 08:13

House prices are falling, just negotiate a discount and get the house sold. I know it feels shitty but it's the right call.

Divvy up the proceeds with your ex and start your new life.

SuddenlyOld · 18/09/2023 08:15

@whyisitallsohard is currently in the market as a buyer (ftb) so take their comments with that in mind.

The normal thing to do in this situation is to get x3 quotes for the cost of the work and either get the work done yourself or reduce by that amount.

Yes they should have mentioned it the first time they saw it - maybe they did - but you should be prepared to make a concession in view of it.

To answer what @whyisitallsohard says on most of their housing posts - yes sellers should market in line with current house prices, but sales take on average 4 months to complete and sellers shouldn't have to adjust to market forces after offers have been accepted at that time/market. In an ideal world buyers would be locked in to the offer price (survey depending) and completion would take weeks not months.

Calmdown14 · 18/09/2023 08:26

Don't respond just yet. Give yourself time to calm down.

I do agree with others that you really need to weigh up how much this discount will cost you in the long run versus being able to move on (emotionally as well as financially).

Offering 5k off would seem reasonable. It's not perfect if they have to start ripping up floors when they move in. It's a hassle.

You may have priced it to sell but very few buyers are expecting to pay full asking price in the current climate.

Twiglets1 · 18/09/2023 08:29

Very appropriate advice given your username @Calmdown14 !

RedHelenB · 18/09/2023 08:54

MrsElijahMikaelson1 · 18/09/2023 07:54

I’d maybe counter off with a £5k off if they exchange before the end of the week.

This.

AngelinaFibres · 18/09/2023 08:55

Perfectly reasonable for them to hope to pay as little as possible. Perfectly reasonable for you to want to get as much as you can.However I think you are, as they say, cutting off your nose to spite your face. You want to separate and start your new life. House prices are falling. Take the hit. In 5 years none of this will matter in the slightest

Fupoffyagrasshole · 18/09/2023 08:55

10k drop vs chain collapse / back to square 1

id take the hit

probs trey haggle to half way - 5k

Jackydaytona · 18/09/2023 09:00

Counter with £5k

Let them feel they've "won"

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