We're in the process of buying and house 60 miles away & selling ours.
One day after receiving our survey (which was not good) and having just made a special journey to visit our prospective house, the agent rings to say a cash buyer in rented accommodation had made an offer £25,000 higher and were ready to go. We already had our house on the market and had lots of interest, so reluctantly we increased our offer by £30,000. By doing that, we have even less money to do the essential damp proofing .
We quickly found youngish cash buyers for our house who offered the asking price and said would proceed quickly. However, it took 2 weeks before they dealt with compliance with their solicitors and seemed to be moving at a snails pace.
To add insult to injury, eventually this buyer receives his survey and was told there were potentially £270,000 of works to be done! Our agent said you could build a house at that price. We said no way would he get an reduction as our house was in near perfect order- no damp etc & just needed remedial works like painting & new kitchen. His builder came round yesterday and told him this morning there were approx £50,000 of non essential works.
Last week another prospective buyer for our house, who has been waiting on the sidelines, popped a letter into our door to say if the first buyer dropped out they were desperate to get our house. We told them to 'get their ducks in line' and we would proceed with them if the first buyer dropped out.
After being told by our agent that we will not reduce by a penny, as we had put house on the market well under market price, and just before exchange which is supposed to happen tomorrow, first buyer has asked for a £25,000 reduction. He hasn't told his wife yet - who according to the agent is desperate for our house.
Our agent says i 30 years in the business, he has never known anything like it. We have bought and sold many properties, and neither have we.
Ironically, this couple have just won THE business award in our city and yet the husband seems to have becoem morally bankrupt in the process.