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'm glad this was posted because my sister is going to be in a tough spot buying and selling and this wouldn't occur to her but I think it probably happens quite a bit. I'm going to talk to her about it because in the London market I think it is a problem that will get worse.

we need legislation really.

The Government has very recently proposed legislation that would mean you would pay a non refundable deposit when you make an offer but that also comes with risks - you lose that if you have to pull out eg the mortgage offer does not come through etc etc. I am not sure I support the proposed change. In Scotland - different law - you have to pay for your survey before making the offer as you are bound by the time of the offer acceptance so have more up front costs.

I wonder if a non-refundable deposit at a different stage would be workable - to prevent people doing last minute crap at exchange stage, but also allowing for surveys and mortgages to be sorted.

Even if it's added as an extra step. It just seems so appalling that people are getting stung by this on the day.

I would call this blackmail and refuse to sell to you. We dropped out of a sale years ago when this happened - OH said he would not deal with cheapskates who reneged on an agreement at the last minute. How would you feel if it happened to you?

You agreed a price and they may have turned down other offers. They may need that money to be able to buy the property they want so you'd basically make a whole chain collapse. Morally it's a terrible thing to do and considering the time and money you've invested, you'd be wasting money too. Your dh has probably had his ear filled with rubbish from this property guy. The best way to check if the housing market has dropped significantly is to look at current prices for similar properties. Mine has done nothing but go up in value. You need to talk to your dh armed with facts and explain that you love this house. It's a bit like a wedding, the closer it gets, the more horrible it is to pull out. You are very close to exchange.

Raj is a weasel.
Dropping your offer by his huge amount at the 11th hour is a totally shitty move.
Don't do it.

this not his

Your husband and the agent are right property is dropping. Prices started dropping in Chelsea and surrounding areas two years ago. I have also been reliably informed that a lot of properties sold off plan to foreign buyers are not completing. They had just put down deposits. You cannot contemplate paying £400k more than you should as the market has moved in the other direction. People withdraw offers all the time, it’s not nice but why would you pay more than it is worth. My dad always said something is only worth what someone else will pay for it.
I completely understand your reluctance but don’t pay an over inflated price.

Chester RTFT. There is a lot more to this than basic market movement.

Your husband and Raj are right. I’m assuming it’s a pricey property as you’re considering asking for a 400k reduction. House prices are due to drop, yes this has been said for a while but will take place soon. It seems quite cheeky on your part but at the end of the day it’s your money and you need to worry about yourselves. These people have pissed you about and if they had been honest and done the right thing then they would have had a decent offer. Def reduce your offer, explain your reasoning and then see the outcome. Better to try than not.

Someone "These people have pissed you about and if they had been honest and done the right thing then they would have had a decent offer."

OP says they faffed, I thought that meant general slowness.

and haven't they had a decent offer from OP?

At the very least OP, if you do decide to drop your offer and I have a horrible feeling you will, then do them the courtesy of telling them before exchange day. I really hope you don't though. If you wanted to make a lower offer you could have done it a few weeks back so they at least had time to consider it properly.

Why is your DH in thrall to Raj? I'm surprised that such a high-powered and successful man can't spot a shyster.

I wonder if your DH would think it was fair if he ordered a new car, agreed the colour, negotiated a price - then, when it arrived weeks later, the garage said the price had gone up by several thousand?
I suspect he'd tell them they could keep the car, and would be prepared to start again with another garage rather than deal with them further. I suspect your vendor will feel the same about his surprise change to the price they accepted!

If you don’t trust Raj, visit other estate agents, they will all price match on commission to get you business. We even got one at 0.7% due to competition between rivals.

And my husband asked for a 5% reduction on a house we’d agreed on due to damage when tenants moved out. Vendor told us to take a hike, and put it back on the market (after fixing the floorboards and plaster).
We lost out on a great house due to cheekiness on my husbands part - his plan had been to ask for 10000 off and settle for 5000. Vendor refused to negotiate and wouldn’t sell to us even at original agreed price. Be prepared to lose your house.

Is that even legal? In Scotland that would be called gazundering and your solicitor would have to refuse to act for you. Can't believe this is allowed.

"Now listen Raj! This is the house that I want. If, for any reason, I don't manage to buy this house then I will not be moving. If I don't move then you won't get the commission from selling my current house. Bear that in mind when you're next giving my husband dodgy advice."

Hit him where it hurts the most, in the wallet.

I hate this kind of behaviour,it's pure greed. The money is probably for the remaining years of the older couple whose home you are buying. Their nest egg so so speak, this Raj sounds like someone I wouldn't touch with a barge pole.

Disgraceful.

Your dh and Raj sound like a pair of kids playing swapsies

oh bumble, many English want the Scottish system here. Sadly what OP DH is suggesting is legal here.

I wouldn't buy anything from a guy like Raj, even if it was my dream house. Sounds like a greasy sleaze ball, he'll get YOU gezumped!

Rosa... may-Nov is an unacceptable time frame to exchange on a property.

Sorry I know it sounds mean but back in May that property may have been worth what OP offered. Now it is not, why pay more than what the property is worth?

No one seems to be concerned or shocked that the vendors have pissed about for 6 months.

If you decide to offer a smaller amount you should show why and don’t wait until exchange day . That’s mean . And be prepared to loose the house . The sellers may have taken their time but they also took it off the market for you so you have not exactly been under pressure .

If you can show by something like zoopla that prices have dropped by 3% then feel free to try . But be prepared to hear they won’t sell to you at all even for the original price . That is their prerogative.

If I was the seller I would just tell you where to go .

Sorry if this has been answered, but who owns the house? As an ex-estate agent, both of the property owners would have to sign the contract with us, and if only one did it would make the contract invalid. This was 12 years ago but I can’t imagine that would have changed? So if DH has signed up on a sole agency basis with Raj, the contract is invalid if you also own the house.

Raj is without a doubt a weasel and only out for himself. Also, your husband should consult you and not 'instruct' you.
However, you also need to remember that the vendors have caused a big delay here and so should bear some of the consequences of that.
Perhaps an offer drop but not such a hefty one?