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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:
everythingcrossed · 18/09/2023 09:05

If I were a buyer and a newly-renovated house had started to show cracks, I'd be worried. £10k may be a lot for this particular repair but they may be concerned that other problems will appear. Even cash buyers are indirectly affected by the interest rate rises as they have to consider what the house will be worth if they need to sell it on in a hurry. As others have said, it is unlikely you will get the price you have been offered if you were to remarket, so I'd try negotiating. This isn't about being taken for a ride, it's about selling your house and being able to move on with your life.

LizzieSiddal · 18/09/2023 09:06

You were extraordinarily lucky to get full asking price in todays market!

Going 10k under asking is not that much. You admit to being stubborn and you really are showing that if you pull out now.

justasking111 · 18/09/2023 09:07

We had a viewer who put in a lower offer, we counter offered they accepted. We exchange this week.

Read the market it's going down. It's naive or greedy to insist on full price. They're the houses you see month after month on right move.

Thoughtful2355 · 18/09/2023 09:15

Id price up the same LVT you have then offer that off, it more than likely WONT be more than 1k with fitting. I got a great LVT and got it fitted for that in my kitchen dining room. Max 2k but 10k is a whole new budget kitchen...

RedLollyYellowLorry · 18/09/2023 09:20

C4tastrophe · 18/09/2023 07:02

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

Whyisitallsohard appeared at the same time as Crashytime- a poster who is banned from moneysaving expert and has been rattling on about house prices for at least 15 years

RedLollyYellowLorry · 18/09/2023 09:22

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.

If they haven't had a survey then how have they secured the mortgage? Or was it a desktop?

OrangesLemonsLimes · 18/09/2023 09:39

I think you need to get this thing over the line, OP. Somehow.

I think that if your house appears on Rightmove for a third time in a weak market, new buyers will be unlikely to give you the asking price.

This will lead to months of awkwardness and uncertainty for you and your ex. And other chain participants may not be willing to wait.

Twiglets1 · 18/09/2023 09:44

RedLollyYellowLorry · 18/09/2023 09:22

If they haven't had a survey then how have they secured the mortgage? Or was it a desktop?

Show quote history

They may have had a valuation survey rather than a structural survey. A valuation survey can be desktop or in person but if in person it’s a 5 minute quick look around, not really looking for problems.

Monster80 · 18/09/2023 09:54

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?

Have you offered to fix it and proceed with no discount? Surely a tradesperson can fill it or replace the boards involved? 10k seems a fortune. A buyer once charged us £1,000 for 1 cracked bathroom floor tile. 😬… We made the error of not remedying ourselves.

C4tastrophe · 18/09/2023 09:58

Thoughtful2355 · 18/09/2023 09:15

Id price up the same LVT you have then offer that off, it more than likely WONT be more than 1k with fitting. I got a great LVT and got it fitted for that in my kitchen dining room. Max 2k but 10k is a whole new budget kitchen...

It’s not about the LVT, it’s about emotions and psychology.
The buyer wants a discount, maybe the LVT is the obvious bargaining chip.
If the OP says 1k only ( or someone suggested trying to negotiate £500 off the next purchase ( wtf! £500!!! )) then they won’t feel they got a discount and I’d say they’ll be more likely to pull out.
The OP is at a difficult time in their life, in a difficult market.
I say focus on the goal, give them the 10k discount and get the exchange ASAP so if it goes tits up, it’s sooner rather than later.

m00rfarm · 18/09/2023 10:32

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.

That is quite thoughtless as a comment. My son is pushing the top end of his budget as it makes the difference between a three bed in a rubbish area and a three bed in a nice area. He wants to be able to live there at least 15 years and is 100% at the top of his budget.

DepartureLounge · 18/09/2023 10:55

I was in almost your exact position about a year ago. I knew my buyers were going to flake out (they posted a thread about it on here ffs), I knew they were good for the money and were trying it on, I knew my agent had advised me badly, I knew the market was falling, I knew my head was going to explode if I had to stay with my ex much longer, never mind however long it would take to go back to square one in a tough market with a stale property.

My advice is to suck it up. Take 24 hours to charge around fuming at anyone who will stand still long enough to listen, then split the difference at 5K and put the other 5K in your back pocket for when they ask again on the morning of exchange. Dedicate this week to pushing the entire chain's conveyancing through, call everyone twice a day, hand-deliver paperwork, whatever it takes, so that you can give your asshole buyer a deadline for exchange and just get this over the line. This time next year you'll be in a new home living a new life, knowing that you did the right thing.

LindorDoubleChoc · 18/09/2023 11:03

Your thread title? You can ask MN to amend it as it's the complete opposite of what you are saying.

Your buyers obviously felt they were unreasonably pushed to offer full asking price at the time. How long ago was that? Full asking price offers are pretty unusual except on the most sought-after properties, and the market has been falling pretty much everywhere for several months.

I would make a counter-offer for a reduction and if that's absolutely not going to happen then, unfortunately yes, suck it up.

BlueMongoose · 18/09/2023 11:07

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.

On the other hand, if it is, as it sometimes is, months since the buyer last viewed, a house can have developed a problem in that time. It's actually quite normal to have a pre-exchange check in those cases. We had one when one vendor was at war with the other and opposed to the sale, so much so that we felt they might even have damaged the house to try to stop the sale. Buyers also insure from exchange, anything like a massive water leak before exchange would not be covered. So it can be a reasonable thing to ask for.

YokoOnosBigHat · 18/09/2023 11:15

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.

I get that, but is it worth doubling down for the sake of £10k when it's clearly having an impact on your mental health? Make the sacrifice and get it done so you- and by the sounds of it your ex and everyone else involved- can be happier and get on with the rest of your life.

RedLollyYellowLorry · 18/09/2023 11:35

Just get it fixed- what does the fitter say?

icebubbles · 18/09/2023 14:05

You can just replace individual planks of LVT, you shouldn't need to replace the whole floor

CrashyTime · 18/09/2023 16:57

everythingcrossed · 18/09/2023 09:05

If I were a buyer and a newly-renovated house had started to show cracks, I'd be worried. £10k may be a lot for this particular repair but they may be concerned that other problems will appear. Even cash buyers are indirectly affected by the interest rate rises as they have to consider what the house will be worth if they need to sell it on in a hurry. As others have said, it is unlikely you will get the price you have been offered if you were to remarket, so I'd try negotiating. This isn't about being taken for a ride, it's about selling your house and being able to move on with your life.

Good point about cash buyers.

MrsElijahMikaelson1 · 18/09/2023 22:00

How did you go today. Am hoping reasonable and getting it done

Original poster
starymoon · 19/09/2023 22:24

There's no update from the buyers yet.

I have offered to fix the floor, it's not a subfloor issue, it was damaged by my husband during a DIY accident, it's gradually got worst as it's in a high traffic area. I've always meant to replace it but just never got round to it. We have spares left over, my brother fit the floor so he'll come to replace it. We have stood firm on the price, I won't drop at this point, we've invited them to have a last minute survey done if they have concerns about anything. We haven't heard from them, the estate agent said to expect it to be a few days.

I have taken on board everyone comments and I do fully understand the currant climate and how hard it is, i really do. But for this exact reason, I can't afford to take a £5,000 loss, it will impact my next purchase. Im a single parent with 2 toddlers, every penny counts. If they didn't want to pay asking price, the shouldn't have offered it, if they had any structural concerns then they should get a survey. Im confident a survey will be fine so I'm not prepared to compensate them for not bothering. I guess if they come back I could be prepared to foot the cost of a survey myself but that's my limit.

They stand to lose as much as we do so it's in their best interests to continue too. Nothing has changed significantly since their offer to validate the drop in price, house prices haven't suddenly dropped, interest rates haven't suddenly risen, we've been in this situation for long enough, it should all have been part of their thought process when offering!

OP posts:
sunshinesupermum · 19/09/2023 22:37

OP you can't take a £5k loss understandably but can you risk the buyers dropping out and you having to relist your property? What does your STBXH say?

Original poster
starymoon · 19/09/2023 23:07

sunshinesupermum · 19/09/2023 22:37

OP you can't take a £5k loss understandably but can you risk the buyers dropping out and you having to relist your property? What does your STBXH say?

No i can't really afford them to drop out, I'm obviously hoping we can agree to exchange.
They gave a lot away when they viewed, they love the house, no others like it, been looking for months and nothing else ticked all their boxes. They've pushed and pushed every step of the way to get things moving quickly as they were keen to move in by November as they wanted to be in before December.
Ex doesn't have opinions on anything, he will just do whatever I say. He has no clue about any of this. I'm having to manage the sale, my purchase and his otherwise it will all fall apart. He isn't even interested in discussing it, just says me and the agent know best. He didn't even chose his own onward purchase, I did. He said it was too stressful and he trusts my decision. I had to do all his mortgage appointments as he doesn't even know how much he earns a year. (I wonder if you could guess why were separating) so he is no help at all.

OP posts:
Twiglets1 · 20/09/2023 06:13

Given your update about their very obvious enthuiasm for the house when they viewed it and the fact that your brother can put right the floor at no extra cost, I think you may be right to insist that you won't lower the price but will get the work done instead.

It's still a risk (though it sounds now like a small one) that I wouldn't personally take for the sake of a 5k compromise but I definitely understand your logic. As a PP has said, I don't think it's really about the floor but more about them wanting to feel they have negotiated some money off. Nevertheless, if the floor is fixed using the exact same materials and by the same person who fitted it, the excuse they are using is no longer reasonable.

You've made a strong decision so the only thing left to say is Good Luck! Hope you are in your new home soon.

Roselilly36 · 20/09/2023 06:28

I hope it all works out for you OP.

Volterra · 20/09/2023 07:58

I don’t think it is about the floor either and all to do with their feeling they want something off in a falling market which has put the wind up them. I think if you say that you will repair the floor then there is a big risk they will say yes to that then last minute ask for more money off and I think that rather than doing the work it would be best to try and negotiate 5k off and get it exchanged.

It’s hard to see things improving in the market and however keen they appear to be you never quite know what people will do and if the sale doesn’t go through with them then you risk having to pay the legal costs you have incurred plus a lower offer.

So sorry you are in the position you are in, what a horrible time. I hope you can move asap and things improve.