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Join our Property forum for renovation, DIY, and house selling advice.

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Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

Anyone asked more before exchanging?

47 replies

HouseHunting · 07/09/2009 14:17

We sold our house in early May & since then houses similar to ours are flying off the market at a higher price & mostly above asking price. We are due to exchange in 2-3 weeks time & DH is thinking we should ask our buyers for more money to reflect the rise in the market. I am feeling uneasy about this as I would hate for it to happen to me if I was a buyer - but then again I do understand DH's point in that we would get up to £20k more if we put our house back on the market should our buyers refuse. Ho hum I am feeling stressed!

OP posts:

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HouseHunting · 07/09/2009 14:18

BTW I am not saying we would put our house back on the market - I am just looking for advice. Thanks

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FabBakerGirlIsBack · 07/09/2009 14:18

A bird in the hand and all that.

I think it is an awful thing to do tbh.

Your decision though.

said · 07/09/2009 14:19

"I am feeling uneasy about this as I would hate for it to happen to me if I was a buyer". I think you shoudl stick with your gut feeling. You were happy with teh price when agreed

HouseHunting · 07/09/2009 14:24

Yeah i do feel bad about it tbh. DH is the financial person in our relationship (he is an accountant) & he keeps saying that house prices are increasing around here & we will move into rented & the market will go up & we will be £££ out when we try to buy a house. But I do think we got a good price for our house so I need to work my magic & bring DH round to my way of thinking. I can't cope with even more stress! Our buyers were very slow at first but now are pushing to exchange so they must be committed. Thansk

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FabBakerGirlIsBack · 07/09/2009 14:30

If prices are going up why on earth are you renting now as it will only get more expensive?

claricebeansmum · 07/09/2009 14:32

Be prepared for your buyer to walk away because that is exactly what we did about a year ago on a stunning house when the vendors started messing us about. It took them 8 months to get another buyer.

HouseHunting · 07/09/2009 14:33

We haven't found a house to buy. In my area 3/4 houses are in short supply & go very quickly - we have offered on 2 houses but lost out as the OP were in rented. Wish we could find a house to avoid going into rented

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Dophus · 07/09/2009 14:35

Come buy mine. Just found the house we want but ours hasn't shifted ...

susie100 · 07/09/2009 14:35

I sympathise, this has happened to us - sold our flat in April and we could have got £20/30k more now and the houses we like have gone up £100k!

We decided not to pull out/ask for more because we had a cash buyer who was going to give us 6 months to complete. That was worth the cash for us as we have a slightly dodgy roof garden that anyone having to get a mortgage would have probs with.

If these buyers are not offering any advantages and you are in an area with a lot of buyers I would ask for more or re-market. Its not nice but if the market has moved on then you won't be able to buy your next house without the extra cash.

swingsofglory · 07/09/2009 14:41

This happened to us a few years ago. We were about to exchange then the seller asked for an extra £25K. We told her to f* off and bought somewhere else.

I think it's a really horrible thing to do.

DaisymooSteiner · 07/09/2009 14:45

If your dh is worried about the market rising and you're moving into rented, perhaps you ought to wait until you find a house before selling yours? Although, I'm not at all convinced that prices will continue to move upward...

HouseHunting · 07/09/2009 14:45

Dophus - hope you fins a buyer quickly
That's it susie, we are worried about not being able to afford a bigger house & the additional cash would come in handy. I guess we could ask for an extended completion date from exchange as that would give us longer to find a house & hopefully avoid going into rented - we would then save money as our mortgage term has come to an end so we are paying a very low interest rate if 2.5% as opposed to over 5% which is £500 less than what we would pay in rent.

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DaisymooSteiner · 07/09/2009 14:45

If your dh is worried about the market rising and you're moving into rented, perhaps you ought to wait until you find a house before selling yours? Although, I'm not at all convinced that prices will continue to move upward...

HouseHunting · 07/09/2009 14:46

Daisymoo - in my area Vendors will not look at an offer unless you have sold.

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susie100 · 07/09/2009 14:49

Yes same here, they won't consider your offer.

What does your agent think? Remember they act for you and should be advising you as to whether or not the market has moved on and they have other people who would offer you more money.

DaisymooSteiner · 07/09/2009 14:50

I'd ask for an extension on the completion date then.

SomeGuy · 07/09/2009 14:50

Disgusting thing to do.

susie100 · 07/09/2009 14:51

We also worked out that extended completion was worth thousands to us in terms of rent (four times our mortgage!) and moving costs.

HouseHunting · 07/09/2009 14:57

EA has said he has potentail buyers lined up for our kind of property & he has no houses on his books as they are being snapped up at above the asking price.

I get why people think it is disgusting but then again buyers do try to knock off money too just before exchange. I wouldn'nt entertain the idea if I thought the reasons weren't justified - but I still do not think I could do it!!

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SomeGuy · 07/09/2009 15:10

A different estate agent says that?

They are lying blood-sucking scumbags.

LaurieFairyCake · 07/09/2009 15:15

If I was moving into rented and wasn't fussed about selling I would re-market the property at the higher/current market value.

If I was in a chain and was benefitting further up the chain from an also-reduced price from a few months ago then it wouldn't bother me.

I would also consider refunding the money the prospective buyers have spent on a survey.

shopalot · 07/09/2009 15:20

Someone did this to us at the last minute and we pulled out of the sale out of principal. The house was still on the market a year later and we found somewhere better. A risk you would have to take.

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stressed2007 · 07/09/2009 15:22

If the market has moved up that much I would ask for more.

We have tried to do the right thing eveytime we have moved and have been taken advanatge of etc.

People are generally not nice when it comes to house buying/selling there is just too much at stake.

ShowOfHands · 07/09/2009 15:26

Somebody did it to us. We pulled out as we figured if he could do that just before completion then we wondered what else he would do. He failed to sell and a year later took it off the market.

It's a crappy thing to do to a fellow human being.

rebl · 07/09/2009 15:44

Personnally if someone did that to me I'd walk away, even if I had had a survey done. The price is agreed and I expect at this point the mortgage offer has been recieved. To do this at the last minute is going back to square one for the buyer and personnally unless its my dream house, once in a life time property I wouldn't bother with the hassle.

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