The sale of this property in Willesden Green had been agreed some time before the festive period, but it was over this usually joyous time of year that problems arose on the sale.
A summary of the story is the vendor was advised by other agents to ask £2.1million for their property. After a while having no luck we were asked for our advice and it was our suggestion to get the price below £2million and go to market at £1.9million. Within a short space of time we found an interested party, but they were unwilling to go any higher than £1.75million. The owners already had a property in mind that had, for them, fortunately not sold during their unsuccessful period on the market. And when someone has their heart really set on their next home, they do become more flexible on the price of their existing one.
And so a sale was agreed and everything advanced in somewhat hunky-dory fashion, until the full structural was carried out. Although it didn’t reveal anything majorly wrong with the property, it did highlight a number of repair issues resulting in the buyers seeking a further reduction of £50,000.
Now, it doesn’t really matter what you say about a property having been overpriced in the beginning. When someone has had their property on the market at £2.1m (through being advised to do so and having their hopes unnecessarily raised), then reduced their asking price to £1.9m, then accepted an offer of £1.75m in order to secure their next home, and then been asked to reduce by another £50,000, there is no way on earth they’ll avoid the sense of money haemorrhaging away, even if it was never actually in their hands.
So there was a sensitivity to be dealt with and it is to the sellers’ credit how they kept their cool and responded rationally and constructively. It would be totally understandable for someone to seriously throw their toys out of their pram at this point, perhaps feeling cornered with the threat of losing the house they are buying and at a point so close to exchanging contracts. But they didn’t do that. They never lost sight of the main objective: to move home. A lot of people lose their sale at this point because they can’t see past the money, so a good lesson here.
The buyers were holding fairly firm on the amount of their reduction but we did manage to negotiate it down to £45,000, agreeing a final sale price of £1,705,000. There was quite a lot of to-ing and fro-ing and I think the only day when there was no communication over the sale was Christmas Day itself, with the new price being agreed on New Year’s Eve. Even by our standards, we worked damned hard on this one!
Contracts were exchanged on Friday 13th January – lucky for some! – with completion set for late February. The sale has actually given us inspiration for another article about how to manage the pitfalls of price reductions and other problems – and indeed how to pre-empt them – so do check back here soon for our next piece.