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Buyers wanting even more knocked off post survey.

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  • Buyers wanting even more knocked off post survey.

    We are currently trying to sell a house in a desirable location so finding people interested has not been a problem, however agreeing a price has. Initial valuations seemed a tad high so we settled with a mid-to low valuation of the property, which because the house needs some modernisation (its a 30`s semi with a coastal view) was still a good 50k less than another property in the same street. After a few weeks feedback suggested the price was still too high so we reduced it by a further 25k. We were keen to sell asap as we found a property we wanted so accepted an offer another 40k lower, telling the agent to inform the cash buyer that we would not be knocking anything more off post survey because we had knocked a load off and negotiated a big discount on the house we wanted and wouldnt dream of asking for more. Anyway, the agent didnt inform our buyers of that and low and behold the survey picked up a few problems, a leaking porch which was about 500 quid and a rewire, which was evident anyway because we told them it would likely need doing. The buyer, who turned out not to be a full cash buyer and needed a half mortgage,subsequently pulled out. It was evident they couldnt really afford it and to us just seemed like they wanted us to be paying for loft conversions and extensions. The price of the property was reflected in the condition. It was sale agreed a full £120k less than another property on the street, Its really annoying when people do this.

  • #2
    Re: Buyers wanting even more knocked off post survey.

    whilst frustrating, lowering the offer prior to exchange of contracts is not illegal assuming not additional contracts were in place. However, different rules apply in Scotland whereby you cannot be Gazundered or Gazumped
    View Mortgage FAQ's, including Lifetime Mortgages FAQ.



    • #3
      Re: Buyers wanting even more knocked off post survey.

      Very frustrating! Its possible the so called cash buyer pulled out because of a mortgage problem / refusal which is very common right now. Have you managed to sell yet?
      Stewart Property Buyers



      • #4
        Re: Buyers wanting even more knocked off post survey.

        When you say it was £120k less than another property in the street, is that £120k less than the asking price of that other property, or an actual recent sold price?
        I am a dual qualified lawyer and surveyor but what I say here is not legal advice!
        http://www.thepowerlinegroup.co.uk Pylon Compensation


        • #5
          Re: Buyers wanting even more knocked off post survey.

          I agree with MaxTplag, differentiation in price can vary what the other homeowner is stating and what the actual cost of that property is. And by the way, it seems there are mortgage problems with cash buyer I think.
          Guaranteed Rent Scheme |Estate agents Canary Wharf