Buyers Requesting Price Reduction – Will This Delay the Sale?

[Firefretted]

Hi everyone,

We’re in the process of selling our house, and everything has been moving along relatively smoothly until now. The buyers have just come back to us requesting a price reduction of several thousand pounds. While we’re considering their request, I’m wondering how this will impact the legal side of things (we're based in England).

Does anyone have experience with this? Is it likely to create a lengthy delay in the legal proceedings, or is it something that can be sorted fairly quickly?

Thanks in advance for any advice!

Did the buyer have a structural survey done on your property?

When I was in the process of buying my flat ten years ago I had a flat buyer's survey done before signing the contract and it turned out that the boiler and roof needed replacing. I got a written quote fom a reputable roofing contractor to replace the 1930's roof, presented the roofer's quote to the vendor who agreed to reduce the selling price by the cost of the roofer's quote. I thus got a flat is a desirable area at a bargain price and in the ten years I've lived here the roof has survived quite well without needing replacement, apart from a couple of loose tiles the winter before last.

The vendor wanted to move quickly and I was a cash buyer with no mortgage needed so the property purchase went ahead quite quickly. I first viewed the flat in April 2014 and moved in just before the August bank Holiday 2014.

What is their reasoning? They may just be chancing their arm.

Depends if you agree or not.

If you agree then there won’t be any delay, the process will continue albeit with a different figure on the contract.

A price reduction doesn't normally cause a delay.

Is it because of a poor survey? If so it is usual to offer some reduction, not necessarily the whole amount requested though.