Buyer tried gazunder before exchange

[PickNMixwe]

Selling a house but I've already moved, so though I'd like to complete sooner rather than later, there's no chain, just the buyer due to move from rented upon completion.

It is a very good house in a popular area. There were multiple offers back in June when it went on the market, it was priced low (my choice) as I wanted to get on with it. The buyer has a mortgage offer, survey with no known issues and all legal work completed.

We were due to exchange this week, but the buyer unexpectedly said they want to do some renovations due to parts being a bit dated and so they want a £10k reduction.

I have said no, the agent also advised me to say no, they've got a great house at a great price. Now I'm waiting to hear on Tues whether we're proceeding at the agreed price (which apparently they can easily afford). The agent is very decent and it won't cost me £10k to start again, he can easily get another buyer at this price, but the whole thing is very frustrating.

I think often buyers go ahead once a gazunder has been declined? They've spent a load on surveys and legal work. Feeling a bit fed up.

I half agree with your second paragraph, but starting again is still a risk as I said before, things are getting weird in the bond markets and yields are rising, US seem to be encouraging Japan to raise rates now (Carry Trade etc.) which is the opposite of what used to benefit US/UK borrowers, I can only think this is to head off bigger more panicked rate rises later in the event of a currency crisis? On your third paragraph, if 10k is a deal breaker people are stretching too much and can"t really afford to move IMO. And yes, if you have had surveys, valuations etc. and agreed a price it is unethical really to try to drop at the last minute, unless something major that was missed earlier crops up.

Well did you respond to them today? Hear back?

Thanks all, we exchanged today at the price originally agreed 👍 gazunder over!

Good result, well done!

Thanks yes, as I don't have an onward purchase, the gazunder was relatively easy for me to decline. I really feel for people who have it happen when they need the sale as part of a chain.

Yes, that causes more problems, sometimes the rest of the chain agree a price drop but not always.

Congrats!

I think I would rather collapse the chain than have someone take advantage of me like that. For my own sanity I would tell them to fuck off, even if it meant cutting my nose off to spite my face

Thanks for updating us and well done for holding your nerve.

So disappointed. I thought this was going to be about a buyer wanting to see if his chamber pot would fit under the bed before he agreed to buy!

I"m sure the rest of the chain would love you for that? Most sellers are not wealthy enough to let a sale go just to win a mind game with the buyers, just not a smart move in this market IMO.

https://www.propertywire.com/news/uk-mortgage-approvals-fall-to-56100-in-july/

I'm not saying it would be the smart move, it would just be an emotional reaction and I would feel better for it regardless of whether it was in my longer terms interests. Anyway, there are always other houses.

Always other houses for the buyers yes, you would be stuck still trying to sell yours?

Then we stay put until it's sold. Someone having my pants down just because they felt like it and were in a position to would hurt psychologically far more than starting again from scratch. As I said, it may not be the best course of action all things considered but it's the one I would be taking nonetheless.

Over 10k that would be a ridiculous stance from a business point of view IMO, but you said it was emotional so fair enough.

Good news . I'm glad you stuck to your guns. They were just trying it on. Thinking they had you over a barrell.

I’m glad for your sake that the exchange went ahead. I think they buyers were lucky that you didn’t tell them to sod off, and up the price.

Had this years ago. Last minute reduction offer. Told ea to reject and put back on thr market and to no longer communicate with the buyer
Had the buyers wife at my door crying as she desperately wanted our house. I told her to submit an offer as now back on the market and previous deal was off unless increased offer by the amount her husband tried to reduce on top of their original asking price offer.... a lesson learnt. Hold out op

Well done!
What appalling CF buyers out there!

Unlikely many people get buyers crying at their door nowadays, many people don"t get any views at all.