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Buyer Asking for Price Drop

112 replies

MsJinks · 26/11/2024 12:05

Hi - selling an estate property - as a project house essentially and price reflected that. Received 3 good offers, but on advice of estate agent took the second one as they were so keen partly, and other various thoughts. At this point estate agent advised that it would reduce the chance of them asking for reduced price post survey.
However they have had the survey and are 'shocked' the roof needs doing - I'm not sure why as there's a clear hole where ridge tiles have come away. So they want to reduce by quite a few thousand to 'share' the load. I'm a bit reluctant to bargain as I took a lower offer and they've also irritated me by sending dodgy builders (imo) to clamber around part of the roof without booking this in - I let them look but after wasn't even sure they were legit so a bit concerning. They've also instructed my solicitor to tell me which removal company to use for an item I am having taken out. So maybe personality is influencing my view on price drop.
The mail the EA sent seems to indicate he thinks it's fair so I think he'll push for some agreement to take several k off the price.
I'm not really au fait with buying/selling but I gather this is fairly common, but if the property was priced to reflect work needing doing is it reasonable to ask for more off when you actually find you will have to do things?

OP posts:
MsJinks · 01/12/2024 20:53

My conveyancing solicitor is recommended by my EA - they work together a lot. But I will have it checked if it comes to that.
He reminded me by mail today, before I sent mine, that an answer is needed and he hopes I've had enough time to 'digest' his 'professional advice' and wants to book in a call tomorrow. I've set response to go in the am now and let him digest my response before he calls then.
Sigh- as I wasn't rushing, money grabbing, and have been generally agreeable and flexible to everything asked, I expected this to be more straightforward- lessons are learned!

OP posts:
StandingSideBySide · 01/12/2024 20:58

So once you’ve sent your response your EA needs to put that to the buyer.
The only thing your EA needs to tell you is whether they accept your price or not.
When he phones, first and foremost, ask him if he’s sent the potential buyers your response. If he hasn’t received a response then why is he phoning you.

StandingSideBySide · 01/12/2024 21:00

Ps
Given you haven’t agreed on a price I’m assuming it’s still being marketed for sale.

MsJinks · 01/12/2024 21:42

@StandingSideBySide - its current status is sold subject to contract. The buyer didn't want a survey at first, apart from mortgage valuation (agreed), then decided to have one, so it's taken a while longer since initial agreement perhaps to get to this debate. His solicitor also sent (I received same day as request to reduce) asking about any flat roof guarantee only.
The EA expects, or expected just before this, to complete December, as enquiries nearly done he said in a mail to the EA I'm buying from, although I was hoping more January by this time of year (and for other family reasons just after Xmas suited a bit better) but I'd have been agreeable to buyer's preference.

OP posts:
StandingSideBySide · 01/12/2024 22:10

Id wait and see
Sounds like your EA wants payment day pre Christmas
As you’re not too worried either way, that’s up to you. Depending on the buyer as well.

Notthisapple · 01/12/2024 22:57

Your EA is pressurring you because he wants the commission.

Honestly, I'd withdraw it from them and go with another EA, and sack these buyers off.

It sounds like the EA is possibly getting a back-hander from the buyer for pushing this through at the price.

I can see a lot of red flags.

Find your own solicitor and list with a different agent would be my advice.

StandingSideBySide · 01/12/2024 23:41
Warning Watch Out GIF

Agree and couldn’t resist the gif

MsJinks · 05/12/2024 12:49

Update - in interests of trying to be fair and proceeding, and concerns I was presuming things which I couldn't know fully - I counter offered (with my reasons) to a third of what was asked, and stating it was 'for goodwill' and to help proceed - it also takes me away from having to fill in capital gains tax stuff which is handy for me, though amount would have been small.
Anyway the buyer accepted this offer - the EA initially said he'd got my very detailed mail and would discuss with buyer - seems he sent the mail on just as I sent to him (which is something I always remember to check if it's appropriate in my own work) - as I have a response where buyer reiterates his commitment plus says wants no further discussion, clearly this, and some other stuff, related directly to my full mail. Anyway EA just sent me the response, and also the new memo of sale - no added sentences at all from him directly - so think he's still cross! He is on fixed fee, not percentage, so makes no odds to him I guess - expect he will tell me at some point how he 'saved me' over £4k!
Thank you to all of you - a much needed place to vent too, as well as seek advice, and I've learned some real lessons here from you experienced folk as well as helping me come to a decision on the way forward. I will say I'd have liked to tell them both to foxtrot Oscar straight off, and could have found benefits if my counter offer were not accepted, but equally there were implications to finances, future living plans, and potential stress to starting again.
The EA had agreed to sell both my homes, but I definitely won't be signing him for the next one and only currently actually contracted for this one.
Thank you again to everyone who- much appreciated.

OP posts:
StandingSideBySide · 05/12/2024 14:08

Good update @MsJinks
I wonder if EA has made no further comment as he’s seen this thread and is running scared from all the mumsnetters 🤣🤣🤣

SpidersAreShitheads · 05/12/2024 14:52

That sounds like a good outcome @MsJinks - at least it lets you move on and get this sorted.

Really glad you haven’t signed with the EA to sell your house though, he sounds thoroughly unpleasant and pigheaded.

FWIW, I have always preferred independent EA - it’s their name on the board and their business, so you tend to get a much better service. The downside is no head office to complain to but I’ve never had the need. I’ve never had an outstanding service from a chain EA but I’ve had amazing service from more than one independent - but you definitely need to do your research and I’ve found, trust your gut instinct!!

Curiossir · 05/12/2024 15:14

Shwish · 26/11/2024 16:19

This is such a ridiculous assumption. Say no if you like but them asking once doesn't mean they'll aks for "more and more" Why would it? We're buying a house. The survey showed up a biggish issue we weren't aware of when we offered (only visible on the drone survey) so we asked for a reduction accordingly. Seller suggested a smaller reduction, we agreed. Done. Absolutely won't be asking for "more and more"

It's a recognised negotiation tactic.

Puzzledandpissedoff · 05/12/2024 17:57

Good of you to update us, OP - just be prepared for a demand for a further reduction on the day you're expecting to exchange contracts

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