Buyers Trying to Renegotiate Immediately Before Conveyance on a Social HMO

by | Aug 31, 2018 | HMO |

Buyers Trying to Renegotiate Immediately Before Conveyance on a Social HMO

This was a first for us and we have seen alot over the last 24 years. Yesterday we received an email from our solicitor that a sale of a Social HMO was going to be delayed “Again” as the buyer is negotiating with us for a price reduction. The reality we never had any conversations with either the agent selling the Social HMOs or the buyer. When we started the process, it was a cash sale. Last Friday before conveyance we were told mortgage….Lovely….Then yesterday Thursday we had a non conversation about lowering the price which is a complete joke as we are selling this social HMO at 10% net….No council tax…no management…no voids…no nothing except insurance. We left the message with our solicitor…if they do not convey today…we want contracts back on this Social HMO that generates approx 1,000 a month.

What would you do?