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Original poster

Our buyers want 10k more at the last minute - devastated!

86 replies

vannah · 22/06/2009 21:02

so unbelievably sad, I know there are other posts like this, but just wondered if anyone had any comforting advice?

Our (first time buyers) have been slow throughout, but they came to see us about a month ago with their survey in hand. The surveyor (abbey) had undervalued our flat by 3k and we accepted the drop. They quietly looked around our flat and proceeded with the sale.

Now, as we approach the end they have stated that they want 10k off the price. Our agent told us not to take off a penny, but we are desperate for the sale and mustered up 7k. The manager of the EA called them with this (she started off with 5k but they outright refused - even though we asked her not to barter) and at the mention of 7k he said "we need 48 hours to think about it"

She told them she needed a reply by tonight else we would be re-marketing it, and they didnt call back.

So im sitting here trying not to cry. We can (beg and plead) my parents to lend another 3k to meet the 10 they want (they are lending us the 7) but this just feels so bad.

we are desperate for the sale because my daughter has been in a terrible burns accident and being in our tiny squashy flat is not helping. The house we are buying has a lovely shaded garden would be ideal for her this summer.

any words of comfort?
thankyou

OP posts:

rubyslippers · 22/06/2009 21:04

it is gutting - we were gazumped 3 days before exchange

so sorry - have a little

CarGirl · 22/06/2009 21:05

can you go up the chain and ask them to take a drop, ie a £2k each for several properties would raise the £10k you need?

Has the estate agent even approached those higher up in the chain?

Everyone in the chain will have invested money in surveys etc so may be willing to take a £2k drop each IYSWIM?

CarGirl · 22/06/2009 21:09

can you go up the chain and ask them to take a drop, ie a £2k each for several properties would raise the £10k you need?

Has the estate agent even approached those higher up in the chain?

Everyone in the chain will have invested money in surveys etc so may be willing to take a £2k drop each IYSWIM?

Tinker · 22/06/2009 21:12

I'd sit it out a bit. They've spent money so far. Any reason why or was this their plan from the start?

Original poster

vannah · 22/06/2009 21:14

thankyou for the speedy replies.
cargirl, I told the agent who we are buying FROM what was happening today, as our vendor is once again threatening and saying that he has other buyers...but didnt mention taking from our vendor as we felt it would be equally cruel and possibly jeapordising that sale.

OP posts:

FatGirlThin · 22/06/2009 21:15

Honestly this should be illegal, it's so underhand. What utter shits. Have they given any justification? Or is it just 'we are evil money-grubbing bastards who are blatantly holding to you randsom in this economic climate'. I honestly want to say to you just walk away, walk away and tell them f*ck off but I know how it feels to finally have a buyer in this market. I feel so sorry for you. Don't offer any more yet. I really would say the £7k is IT.

FatGirlThin · 22/06/2009 21:16

Oh and I wouldn't worry to much about your vendor at the moment, he's probably just v. scared you will pull out and trying to harrass you into exchange.

FatGirlThin · 22/06/2009 21:17

Oh and BTW can you tell I'm selling my house at the moment - emotional? Moi?

slackrunner · 22/06/2009 21:20

Oh vannah it's crap - poor you. We took a £5K hit on our place post survey - totally frustrating as they wre really picking hairs - as we didn't want to lose the sale.

I think cargirl's suggestion is a really good one. If it gets the chain moving, and prevents it breaking then I suspect that most people would be open to the idea.

Good luck.

slackrunner · 22/06/2009 21:25

And here's an for your buyers for good measure.

CarGirl · 22/06/2009 21:36

I think a decent estate agent would have actually suggested it and sounded out to the other agents for you. No one wants to lose a sale at this late stage, that goes for the whole chain, not just you.

Original poster

vannah · 22/06/2009 21:38

slackrunner I would almost have understood if it was post survey - but why now? when they had an opportunity in the days that followed the survey when they came around for 'another look'????????it really is about getting you when youre most desperate. How vile.

Fatgirlthin, I did have a good giggle at your replies so thankyou! and sympathies for the fact that youre in a sale too, sigh...

tinker, they say that they have to insulate the bedroom (our surveyor trashed it) it was apparently a poorly done extension many many decades ago...and they say they have to put in new heating system (knew that on first visit) and there is a small patch of apparent 'damp in our first floor flat - possibly a leaking pipe? we cant see or smell a thing in the room.

Even so, a drop should have been requested BEFORE

OP posts:

slackrunner · 22/06/2009 21:54

It is vile. Our buyers took two and a half weeks post-survey to start haggling (knowing our situation - dd is in a wheelchair - we HAVE to sell as I struggle to lift her up the stairs any more ). We waited 6 weeks for them just to get the survey done! I have bought and sold several times and this is the first time a house sale has bought me to tears - and I am normally a hard corporate beeatch lol.

Try the chain idea - I really think it might be an option. I will keep everything crossed that it all works out OK

Original poster

vannah · 22/06/2009 22:03

oh god poor you slackrunner...thats so sad.

Too embarrassed to do the chain thing, theres only one up and he is so nice!

OP posts:

mooseloose · 22/06/2009 22:25

I would sit it out a bit. They may be bluffing. But they will have spent money on solicitors and searches by now, so would be out of pocket if you pull out and refuse to drop. Sit tight and sleep on it. The silence will make them twitchy.
It's horrid.

Original poster

vannah · 22/06/2009 22:31

thanks mooseloose, but if they were bluffing why wouldnt they just accept the 7k drop we offered, after all that is very very reasonable on our part??

OP posts:

NorthernLurker · 22/06/2009 22:36

They are trying it on and it's very underhanded of them. I wouldn't budge - yes you need to move but you also need to not screw yourselves in doing so!

Is your agreed selling price a fair one? If so sit tight. They've spent money too - you don't know how much they have to chuck away, they may come round.

Fizzylemonade · 22/06/2009 22:45

vannah, they are hoping that their silence will mean that you increase your offer from £7k to £10k.

Please don't, they have paid for a survey, will have got excited about having their first bought property etc etc.

If they wanted to pull out they would have done that by now.

I believe in karma, what goes around, comes around.

It is a crappy thing to do and I hope that someone does it to them in the future. Post-survey is one thing but last minute gazundering is evil

goldenpeach · 22/06/2009 23:02

When I sold my first house to first time buyers, they wanted 3k off after survey. i said no as they already knocked 10k off asking price on pristine property in boom time. Their lawyer was crappy and it took five months to sell my house (there was no chain on my side). Agents were very pushy and they did prod them all the way.

annh · 23/06/2009 00:01

What complete b#$%^&ds! Easy to say, but I would hold firm. They have already spent money on the survey, will have to pay most of their solicitor's fees, plus anything else they have laid out on already - other surveys, searches, etc. I would also call the agent tomorrow and tell them to get the property back on the market immediately, it's tough out there but some people are buying and you may find another buyer.

slackrunner · 23/06/2009 07:23

Totally agree with fizzy - what goes around comes around on things like this. We have been so close so many times to tell our buyers to take a hike....

Hope you're feeling a wee bit better about it all today.

Lizzylou · 23/06/2009 07:35

Oh Vannah, that is awful.
A lot of houses are being downvalued at survey, but this is over and above.
First time buyers are so had to come by that they think they hold people to ransom.
Utter shits.
Hope it all works out for you.

I would be tempted to set a jar full of fleas into the carpets the day you move out, I wonder where you could get them from? Perhaps find a flearidden dog and get it to roll around the carpets?

Awful, greedy behaviour.

Original poster

vannah · 23/06/2009 11:06

thankyou so much everyone.
We are now being bullied and threatened from up above too, our vendor is so fed up of waiting and he is threatening that he has a ready cash buyer who is willing to pay more. Trying to ignore that but thoroughly offended as we didnt 'ask' for money from him as a result of us being robbed...

Its a very fair asking price already. We put it on the market at the start of the slump at 375, dropped to 340, then 325, and now accepted 300 from these buyers. It was undervalued by 3k so final price was 297. With this new 7k drop its 290. I think its very reasonable given that we reduced it heavily for a 'quick' sale as we finally found the house we loved.

so so unhappy about this. I have a feeling that the silence and their switching off their phones (agent told us today) means they are having last minute doubts or some uncertainties in their jobs?

Also finding another buyer at this point will be too late as our vendor who's house we so desperately want is ready to sell to someone else. I wouldnt believe him if he wasnt sandwiched between 2 FANTASTIC schools...

OP posts:

annh · 23/06/2009 12:52

Any update, Vannah? I'm so sorry you are being put through this. I really would tell your EA to put your flat back on the market. Yes, you probably can't buy the original house but it doesn't look like your buyers are going to buy so it will have to be marketed again at some point. Re your vendor bullying you, can you let your EA deal with his direct so you don't have to put up with more aggravation at this time and also so his EA can make him aware that you are genuinely being squeezed here?

faraday · 23/06/2009 13:06

I don't believe your vendor really HAS got a cash buyer waiting in the wings; He's not a charity so if he did have, he'd've sold to them.
Get your agent to attempt to contact your wannabe buyers one last time saying £7k is final, if no decision is made by the end of the day, the property will go back on the market (make sure it does!). You believe your property to be more than fairly priced, you have already met one demand but you are both unwilling and unable to meet a further reduction.
Decide exactly how much value you put on the 2 fantastic schools.
Other buyers for your house WILL come along, other properties WILL come on the market. Remember you vendor, despite what he's claiming, is selling in the same market as you. You so NEED NOT to want this other house 'desperately'!
TRY and be unemotional about it! It doesn't help to think of your buyers as utter, utter bastards. They are merely playing a game. Bear in mind 'the game' has been heavily tipped against them (1st time buyers) for years. You can't blame them for trying it on now the shoe is allegedly on the other foot! It all depends who blinks first.
good luck!

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