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Original poster

HELP! Due to exchange tomorrow. Buyers want to drop a further 25k. Is there anything we can do?

311 replies

MamaChris · 16/10/2008 10:37

We accepted an offer 50k below asking price on our flat 3 months ago. Buyers have been awkward all the way, and now want to drop a further 25k, the day before we are due to exchange. We can't afford this, unless the next property in the chain takes the hit too, and we really don't think he will.

About to speak to agents, but does anyone have any advice? Is this likely to be a negotiating position or might they really pull out if we say no?

Scared.

OP posts:
Original poster
MamaChris · 17/10/2008 16:48

Thanks Katie.

Thanks for the kipper/fixtures removal/ginsters ideas too! We've been trying to come up with some of our own. More ideas welcome, but I'm going to start a new thread, as I'm not sure I can face revisiting the misery on this thread many more times.

OP posts:
youknownothingofthecrunch · 17/10/2008 16:52

Prawns in the curtain poles is always a good one. Ooh, and scatter powdered milk on the carpets as you leave. After a few weeks it should start to smell of old milk.

Will go and think of some more. Am on your behalf, feckers!

Howlingbellyofbeelzebub · 17/10/2008 16:55

I'm really sorry to hear all of this, we had similar (but less money involved) issues a few years back. Again, at cash buyer buying it for daughter dearest. It always seems to be the ones who can afford it most who are the tightest.

Original poster
MamaChris · 17/10/2008 17:02

no curtain poles, but milk powder is a good one

OP posts:
lalalonglegs · 17/10/2008 17:30

I think you've done the right thing - renting it out only works if it's something you want to do, not something your are cornered into, it just becomes a burden.

You may not get the house you thought you were moving into but just look at other posts to see how many dream houses people find once they miss out on their "perfect" house. Renting will mean that your money will go a lot further in a few months' time.

Try not to take the gazundering personally - these people have treated the sale as a business transaction and so should you. Literally move on and have a few months not having to worry about the market. Good luck.

thegirlwiththecurl · 17/10/2008 18:03

well, hopefully at least you can go into this weekend knowing that things should soon be settled. You did what you wanted to do, which is the main thing, don't dwell on it - just be glad that it is coming to an end and you have sold the house. can't think of any ingenious house warming presents, but some of the ones already suggested here sound great

Original poster
MamaChris · 17/10/2008 18:16

thanks. think we've done the right thing too. just hope everything goes through ok Monday, and that we can find somewhere nice to rent

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ADragonIs4LifeNotJustHalloween · 17/10/2008 18:57

w*nkers. I would completely strip the house of everything I possibly could.

Ohforfoxsake · 17/10/2008 18:58

they were gits, you have the moral highground.

a nice back of king prawns under a floor board for those nasty people.

ADragonIs4LifeNotJustHalloween · 17/10/2008 18:58

Put shed loads of bubble bath in the toilet cistern(s).

clam · 17/10/2008 19:02

Accidentally lose all the window keys, leaving them locked, of course. Then pray for an unseasonal heatwave.

ADragonIs4LifeNotJustHalloween · 17/10/2008 19:24

You should bear in mind that you do have to leave the property in a fair state so some things you could risk getting charged for by the purchasers. You need to be devious.

MrVibrating · 17/10/2008 20:33

Do not remove any fixtures.

Anything screwed, glued or nailed to the wall is a fixture and if it was there when they viewed the property and the particulars did not make it clear that it was not part of the sale, property law assumes that it is included in the sale of the house. So that includes everything from toilet roll holders to TV wall mounts.

If it isn't there on completion they can withold monies or sue for damages. Given the history, you really don't want them to have an excuse to withold monies, do you.

Maintain the moral high ground. Don't even take the lightbulbs: if he bangs his head in the dark he could have a case against you for negligence, and like I say, you really don't want to give him an excuse.

Heated · 17/10/2008 21:18

Nor should you invite lots of people to a housewarming on Facebook

Hope the move goes smoothly.

Original poster
MamaChris · 17/10/2008 21:28

No - we really shouldn't do that, should we?

OP posts:
ADragonIs4LifeNotJustHalloween · 18/10/2008 08:17

There's plenty you can do without falling foul of the law. Don't leave any toilet paper for a start.

Original poster
MamaChris · 20/10/2008 20:22

An update.

(It's a long story).

Buyers still want 20k off, are prepared to exchange tomorrow.

We couldn't afford to buy the house we wanted (house #1), so are due to see another tomorrow (house #2), which the agent reckons we could be in within 2 weeks. Surveyor ready to go tomorrow if we want it (this is a second viewing - loved it first time round, but we couldn't afford it then, and it has since come down 35k).

Now, house #1 has come back to say they will take 10k off. We could now, just, afford it. But house #2 is cheaper (and bigger and nicer). But if we go for it, we will exchange on our sale before our purchase, and leave ourselves open to having nowhere to live if sellers of house #2 change their mind.

Tempted to go for house #1 just to get a good night's sleep and not do the dirty on our sellers. But house #2 is better long term investment, and a house we could live in for a long time, rather than just a few years (house #1).

No sleep for us tonight then.

OP posts:
Sidge · 20/10/2008 20:24

Go for house number 2. If the worst comes to the worst you will have money in the bank from the sale of yours and can rent or even stay in a B&B until you find somewhere!

traceybath · 20/10/2008 20:26

I'd go for house number 2 - could always do a holiday cottage/short term let if necessary.

Freckle · 20/10/2008 20:27

Tell your purchasers that you are prepared to agree the drop in price provided they are happy to either delay exchange (although you then run the risk of them gazundering again) or agreeing to a very long completion date of, say, 1 month.

Original poster
MamaChris · 20/10/2008 20:30

won't risk postponing exchange. but have stretched to 3.5 weeks till completion.

OP posts:
Original poster
MamaChris · 20/10/2008 20:30

but we'd be doing the dirty on original sellers, and feel very guilty about that

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traceybath · 20/10/2008 20:42

well your buyers did the dirty on you and your sellers wouldn't take the financial hit like you've had to.

the market is just madly crap at the moment and you really do have to think of yourselves. I'd be very wary of buying a short-term house.

Freckle · 20/10/2008 21:11

You asked your sellers to take some of the drop demanded by your buyers and they wouldn't at the time, forcing you to agree to take a £25K drop. I don't really think you owe them any favours.

interstella71 · 20/10/2008 21:16

I think that if house 1 had agreed to drop the full £20K then it would be a different matter - but they didnt - go and see 2 tomorrow and go with your heart.
Dont sign the papers until you see house 2.

good luck
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