Due to exchange, buyers want £15 grand off the price!!!!

[Diege]

Due to exchange and buyers rang up estate agents at the beginning of the week and said they wanted 15 grand off the price - no discernable reason (ie, not survey related)
We have found our dream home, our things are in the process if being packed up, dds picked their news bedrooms etc etc and I'm emotionally very attached to our new house. Any suggestions as to how we deal with the situation? I initially in my panic thought offer them a percentage (5 grand) but realising that the buyers are being totally unethcial (they've got a very good price and we also knocked money off for them when they made a mistake with stamp duty) have provided them with an ultimatum (on advice of estate agents): exchange tomorrow or return the papers...
Feeling very very stressed about all of this..any advice on what to do if they refuse appreciated!

In your position I would refuse unless they could come up with a reason for there drop in offer. They are trying their luck - bad form IMO. What are there circumstances? Have they sold their house? Have they got a lot to loose if the sale were to fall through? (I realise you don't want thi to happen)

Hold firm and accept the EAs advice. Sorry you are going through this.

There's no reason that makes any sense MCDREAMY . We live on a canal bank and they have been muttering for weeks about what would happen if the canal flooded . Dh is a structural engineer and put together a report (with quotes from the Waterways people) about the safeguards that are in place , etc etc, plus fact that it's not happened in 250 years, we're up hill, blah blah..) We also offered to pay for a full report that would involve them drilling into side of canal bank, but they said no, no doubt because it would show no problem).

They actually want our house as it has a mooring (I mean it's actually a selling point to most people). They have nothing to lose in the transaction in that they are buying it to rent out (ie, not selling their own property). I just feel so sad, disappointed and humiliated really We really can;t afford to increase and there's no way we'd even try to pass on the costs to our seller

What a nightmare. My buyer tried this so I know how stressful it is. From what you have said it seems very unreasonable and sounds like they are trying it on. I would probably go with your EA's advice as well and hold your nerve.

Have they not given any explanation at all for their proposal?

So where did they come up with the £15k? Have they costed it out somehow based on the risk of flooding?

You have to try to put your new house out of your mind (really really difficult I know) and think of it as a business transaction.

Stressful is an understatement As below PREGGERS, the only thing is this vague doubt they have relating to canal bank, which in hindsight has been a ruse just to ask for a drop in price. Funny how £15 grand off the asking price would make it ok

LOL PREGGERS, exactly the point the EA made! The canal people (Peel Holdings) have spoken to them and given them assurances, we've had quotes from the engineers when the house was bulit etc etc, so just something they're pinning their ransom demand to.

I'd hold firm on it. I can't believe some people do this.

Quotes as in 'YOu have nothinbg to worry about there's more chance of being knocked down by a tree on the way to get the keys' as opposed to financial quotes for repairs I should clarify!

Point out to them if they keep messing about and holding things up then VAT goes up on 31st Dec and they will have to pay their solicitors more. Also depending on the price of your house that you're selling they may have to pay more stamp duty if not completed by then.

They#re trying it on. Only thing you can do is go up the chain and say to the people you're buying from that you can't afford to drop 15k unless they do too.

I think we will do PREGGERS, though my heart is breaking over this (sad I know). There's no way we can give in to bullies, and as Estate agents say in their experience even giving a portion (say £5 grand) wouldn;t mean they wouldn't come back a week later and ask for another couple of quid. If their demand was based on something real (ie survey) I could understand it but obviously just greed . How can people do this?

STRIPEY, had thought of doing that but ethically couldn;t. I think our EA sounded it out actually with our seller but he's having no part in it (don't blame him). Our sellers arenlt desperate as they're selling an empty property.

Seeing as they are buying it to rent, I would say they are looking at it as a pure business transaction and think that playing the big-balls tactics may get them a better price. However, given that they have gone this far, spent on a survey etc etc, they must also feel they have invested ££ in the property enough to want to go through with it even if you hold firm.

Just pop it back on the market - someone else will want it.

My parents have just bought a house from someone whose buyer asked for £20k off at the last minute - my parents offered the price he had originally offered and walked away with it.

Let's hope so preggers. Nothing we can do now but wait. The odd thing is that they didn't get a survey on our house (didn't need it apparently due to type of mortgage they got)and are now making demands based on nothing.
GRENDEL, we actually have a viewer lined up for saturday if they don't exchange, though the market is generally quite slow here. I suppose if we lose our dream house then so be it. Just keep on thinking is it worth losing out for 15 grand? But then we could only afford another 5 max anyway.

Stick to your guns, they are shrewd and unscrupulous customers trying it on.

Well good luck with whatever you decide to do. I hope it works out, let us know how you get on.

We had similar to this a few years ago.

A week before exchange our buyers asked for a 20k off the asking price. No reason given. I was livid (plus really keen to move as I was 37 wks)

Estate agents implied we might like to consider: tore a srtrip off them and told them if they wanted any commission they needed to get straight on the phone and say we wanted a goodwill deposit by noon the following day with an undertaking to exchange as agreed or flat would be back on market.

Fortunately we had very good sols who contacted their sols and told them in no uncertain times how dishonest they were being and resolved the issue.

I know how tense it is but I felt so strongly that I was not going to be blackmailed. They knew I was heavily pregnant and I think they thought I'd agree out of desperation.

That's an inspiring story TINKERBELL . You're right, it is blackmail basically and we're going to stick to our guns. They have behaved disgracefully throughout really (for eg. arranging for decorators to look at our house with them for quotes but forgetting about the appointment and not turning up themselves, just one incident). Have newborn myself, plus 3 dds so not emotionally very strong at the moment. Not sure what to tell the girls just yet .
Will certainly keep the thread updated x

Message withdrawn

Dont give in - we bought house and sellers told us that they wanted an extra £6k a few days before exchange because we hadnt exchaned on time (1 week later)

I told the EA to tell them to put the house back on the market immediately and i wasnt playing their stupid games. IT worked and we exchanged the next day at the agreed price.

Thats awful of them. i hope it works out and they carry on as planned.

Diege - if you lose your dreamhouse then it wan't your dream house and there is another out there for you. i think they will back down once they realise you are not being pushed around. We exchanged on Tues so I know how tense this can all be esp with Xmas looming. I have my fingers crossed for you, good luck

Thank you everyone. I know in my heart we must hold out and if it doesn't go our way well we did all we could. As you say McDreamy there will be other houses... I think they are very hard nosed, though to look at them you wouldn't think so (elderly, close to retirement..)
Dh has rung and apparently they've been in touch with the EA espressing surprise that the EA hadn't got back to them after making their demands. She told them she'd been busy and had been running around after them for the last 3 weeks (true) . That it was now in the hands of the solicitors and they exchange tomorrow or return papers. There was a very long silence and then he went off on one as (apparently) his soloticors hadn't been in touch...not that it takes anymore than him saying 'yes, exchange' as papers has been signed etc..Will be interesting to be a fly on the wall in their house tonight!

Remember when you are getting cold feet later tonight that they have probably shelled out about 2k on surveys and fees so far. They won't want to lose that investment either.

Do let us know what happens.