To refuse DH's instructions and the property agent as well?

[3catsontheironingboard]

Excuse me, I would like to ask what people genuinely think about this situation. Basically, we had an offer accepted on a house on May and are due to exchange on Friday this week. We could have exchanged months ago, but the vendors seem slightly peculiar and have faffed about quite a lot.

DH said he was fine to move if that was what I wanted, but he didn't have time to deal with the solicitors or any of it because he's too busy at work. I said that was fine. The plan was that we would rent our current house out, but now DH has suddenly instructed a property agent acquaintance of his (lets call him Raj for anonymity) to put our house in the on the market. This was the other day. Now they have decided between them that, on the grounds of various doom and gloom forecasts about the London property market, that I should ring the vendors agent and say we are taking £400,000 off our offer! This Raj has been in the phone today telling me I would be crazy not to do this, as "everyone does it". I told him, I don't feel comfortable holding a gun to someone's head at the last minute, so he said he will re-negotiate for me! DH is supporting this from overseas. Is this actually how agents work these days?

I feel annoyed that a) DH is suddenly chipping in at the last minute and b) I feel the agent has a vested interest in scuppering this sale so he can sell me a different property. This could be his agenda.

The last text I had from DH was this, "The market is what it is. This is a transaction darling, you're not out to make new friends." I am going to reply that I don't deal like that and what goes around comes around. AIBU or are they?

I would never do this and I'd also never sell to someone who tried to blackmail me! I'm with you, OP.

Be prepared to loose the house all together

I think we need to know how much you initially agreed to pay and what is the value of the property in the current climate.

No way! If I was your vendor and you tried this, I’d refuse to sell to you.
Definitely ignore ignore ignore!

I would say if you have your heart set on the property don't do it but if you aren't really that bothered then do it as the London property market does seem to be slowing down.

Your husband is hoping for £400,000 off the agreed price? That's an awful lot of money!

If it’s 10% of the price - ie. the property is 4million quid then maybe.

You do have to look and see how the markets changed. It’s gone down some of that in Kensington and Chelsea and houses are sticking on the market.

400k drop is huge. What would happen if they said no? They may not be able to afford to swallow £400k.

If i was due to exchange with you in a few days time and you tried to knock £400k off the price for no good reason, I would think you were a twat of epic proportions. I would refuse and possibly pull out of the sale because I wouldn't want to deal with people trying to screw me over.
Prepare to lose the house and any money you've therefore spent on surveys, instructions and the like so far.

This Raj sounds like a total shark! So basically they want to pull out of the purchase? Is this an investment property or your home? I think they ABU but I think you're a bit caught if your husband is no longer on board and now appears not to trust your judgement. I think you've got a bigger issue on your hands aside from the house purchase if I'm honest.

How much was the sale price!?

I would never do this..

Have you put one too many zeros on your price drop?!

Lie down with dogs, you'll get up with fleas.

I'd be examining my husband if I were you.
Why would he want this?

If your purchase falls through due to the advice from Raj, would he benefit financially if he was able to show you something else and you went ahead and purchased through him?

You cant do that!

Thankyou. Yes I think it would be blackmail. I put it to DH, how would he feel if someone did that to us, but he just doesn't answer that. They are claiming that the market in Central London is about to collapse, as if they have some insider knowledge. It is massively overinflated, but there are always scaremongering stories. The vendors are a bit eccentric, but they are in their 60s and Thais has been their home for 25 years! This Raj told me they probably bought the house for a fraction of what they're selling it for today and houses are only worth what people are prepared to pay. He says this is normal practice and what will probably happen is we'll agree on £200k of the asking price.

200k off sorry.

I think I would be asking what the deal is with Raj because he is not doing it out of the goodness of his heart.
Even with the over-heated situation in the London area, £400K is a staggering amount to be suggesting the vendor drops the price by and I am with others in saying if I was the vendor I would be telling you where to stick the offer.

I see your husbands point about it being a business transaction and prices are falling.

BUT, to me you act with moral integrity in life. If I’d committed to a price I’d be paying that other than due to a bad survey or the like.

The market goes up and down. It’s life. I don’t see why people lose all manners and scruples when buying and selling houses.

In terms of how you deal with it with your husband - if those are your guns stick to them! He needs to appreciate you are a team, he does not just get to make all the decisions, especially after you’ve done the work.

Others have a good point - remember the vendors don’t have to sell to you. Even if you know their situation, if someone tried to do that to me I’d be telling them where to go no matter what tbh.

misspepper - Yes he is making me feel stupid actually, by saying I have overpaid on this house. Then in the next breath he's talking about two more expensive houses that I could get for £600K off the advertised price! His office is next door to the agent who sold us the house we are buying and he knows him! I'm shocked at how low they will go to shift property and I think they just make prices up as they go.

I guess it would depend on how desperate the vendors are to sell. IME most people don't accidentally put their houses on the market for 200k more than they are willing to accept, but I guess if its a 4 million pound house it might be OK.

If he wasn't interested up to now, he should leave you to it.

Ugh, that's horrible behaviour.

I do think the London market is overheated, but you buy when you buy and right now the market has not collapsed. As long as you're planning to stay and can make the payments in the event of interest rate rises, it's not really that much of an issue.