£50k reduction after homebuyer report

[Blibbleflibble]

Just a bit of a vent really, our sale has fallen through after 6 weeks. Been on the market nearly a year and its the second time our chain has fallen apart (last time was Feb when our buyer's buyer pulled)

This time I thought it was a done deal, the buyer was a neighbour from a few doors down who's Mum wanted to move nearby, cash buyer, all going really well. They had the homebuyers report for our 1930s house (the exact same type they live in) and demanded a £20k to £50k reduction on a £380k house, wouldn't specify exactly what for to our EA and when asked for a breakdown of why they are asking for a reduction apparently got super defensive and that they wouldn't share the contents of their HB report and pulled their offer.

My heads a bit of a spin, I can't believe communication has broken down so badly or they wanted so much off. I mean the house is not a new build but it's been renovated over the last 10 years, a few new windows, new bathroom and kitchen, engineered oak flooring, new carpets everywhere reskimmed, new fireplace, sliderobes in the master bedroom etc. Maybe a few bricks need repointing outside, but thats about it. It's got the original roof but it doesn't need replacing, maybe just some bits of mortar, boilers maybe 15 years old or so but still in good working order and got serviced 6 months ago. I can't even think where the £50k figure came from unless it was to put the frighteners up us to accept £20k less. But even then why not tell us what for?

A terrace house has come up for sale a bit further down the other street for £360k and wonder if they've decided they preferred that and decided to make an offer we'd have to refuse. :(

I'm done I can't bare to go back on the market, 60+ viewings we've had, nearly at least one a week since we went live. I can't do it again, ironing sheets constantly and keeping the house showroom standard with a very hyper 3 year old. I've spent hundreds on plants and flowers to stage it for each viewing. And we can't move now before reception age school catchments are decided in Dec/Jan for my DC who'll be starting next Sept.

Anyway vent over. Maybe we'll try again when the housing market isn't a bag of shit.

Some homebuyers reports give an estimated valuation. My guess is that theirs did - and its significantly lower than the figure they had offered. Its a shame they refused to share it as would be very useful document to you if you decide to re market in the future. I would personally offer to buy it from them, so you know for sure what came up.

Sounds like you had a rough year on the market, Sorry to hear that - but well done for sharing. It might help current sellers better understand the direction of travel and the importance of trying to get ahead of the curve in a falling market.

Feel really bad for you.
Could you ask again to see the report with a view to offering to do all the repairs that are needed and see what they say. If they are not interested then maybe get your own report and still,do any repairs in readiness for when you next try to sell.
Think this is just a ploy to knock your price down though.

The fact that they got defensive and pulled their offer rather than even trying to explore a solution with you suggests that they had other reasons for wanting to withdraw and this gave them a good excuse. They probably has already got cold feet for some reason, it happens. The reason may be nothing even to do with your house but other factors outside of your control.

There is no way of knowing what is in their mind but it doesn’t appear logical behaviour on the surface, so I’m not surprised you feel shocked and need to vent. It sounds like you need to take a break from selling for the sake of your emotional health.

I would relist in the Spring and don’t put so much pressure on yourself next time with ironing sheets etc. The house only has to be tidy for viewings not perfect.

Its really strange to give a range of an amount you want taken off as it's obvious seller would go for lowest amount, none or half lowest. You also would normally be expected to say what for, like is valuation under, I would presume not if won't share report. I think the other house seems more realistic though maybe get EA view on how to proceed. But they sound flakey.

Sorry this has happened to you. I can understand you taking a break before trying again.

I had the same issue. I was fortunate that the buyers were happy to share the report, along with quotes for various works, most of which I (and my EA) felt were not essential. They also wanted me to pay for a new boiler and heating system when there is nothing wrong with the existing set-up. In the end they pulled out, like your buyers, with no attempt to negotiate, so I do think there are always other factors at play.

As regards presenting the house, I did a one-off thorough clean, touched up paintwork, and got rid of some clutter, but otherwise just did regular housework and gardening between viewings. If yours is a family house, chances are it will be families, or couples planning to start one, who are your target market, in which case I don't think they will be expecting a show home.

Sound like they are using the report as a smokescreen to hedge against projected falls in house price value. Quite reasonably low in this case of around 5-13% as stated. Would be better if they said that outright I suppose.

You mention it is a '£380k house' - on what evidence has this valuation been established?

Remember, improvements to a house add very little 'value' in a market where 'value' is dictated by the price of money (debt), in the main.

Finally if you have had '60+ viewings' - which sounds like a nightmare, the simple truth is the house is too expensive for market participants to participate in the market!

If the house was too expensive for the market, it wouldn't be getting viewings.

Take the emotion out of it, if you relisted today at the old price would you get it?

Is the other property at a lower price nicer or not?
What about comparables in the vicinity?

Maybe there were nasties in the report, why not commission your own report so that you anticipate what issues future buyers might come across? Much like a buyer, maybe there are issues with the house that you are not aware of.

When people mean the market not to be shit generally means that prices are meaningfully higher than now, ie 10%+, because if it was a small % why hold on.

But if you're overpriced and there are a glut of properties at lower prices than yours then you might struggle to sell for a long time. People tend to be vague and blame the market rather than look at the specifics of the situation.

The past is done, and nobody needs to give any reason for pulling out, much like a seller could do the same thing.

If you need to move then staying put has an intangible cost; I know several people who are in this category because they were stubborn. For the sake of £10k-20k they are in places where they don't want to be, or in flats with kids, and it's likely to be that way for some time as they are mentally stuck on the 2022 price while properties around them have moved lower.

If you have had over 60 viewings and been on a year it sounds like you are overpriced or somethings wrong. Maybe time for fresh pictures and a fresh agent. X

I'd pay for a full home buyers report of my own so I know what is likely to come up in the next potential buyers report. I'd never iron sheets, viewers coming or not. I'd reduce the price by £5k - 10k for a quick sale, and see if you get any takers. I think you are winding yourself up unnecessarily about the standard of the house for viewings. Having a tidy house with flowers doesn't get a higher price for the property. A 15 year old boiler would be a worry to me. The first thing I do when I go into a room on a house viewing is to look at the ceiling. That gives you a feel for the size of the room as it would be empty. I also focus on layout and flow. I don't care if there are toys about or if the sheets are ironed because they wouldn't be there if I bought the house.

I agree, you are placing too much emphasis on a neat home. I always think if you see a house that is clean but not obsessively neat and I like it then that means so much more. I hate it when there is absolutely no bits and pieces of everyday living around. It looks too sterile.