AIBU to walk away from this house purchase?

[Quandaries]

Will try to keep this short.

Viewed a house and loved it 6 weeks ago. Ticked all the right boxes and was very good value for what it was. Offered asking price and it was accepted. Survey done, solicitor engaged etc so at the stage where it’s cost us some money.
Booking deposit has been paid but is refundable (not in Scotland).

We have a large deposit and mortgage is ready to draw down. We’re not in a chain.

Our solicitor was chasing theirs for contracts.

On Thursday I got a call from their agent to say they’ve allowed another viewing from a very insistent couple who are cash buyers and offered £8k more.

Agent now wants us to reoffer and increase on the new buyers’ offer so we’ll be paying £12k above what was agreed. He insists that the house will go for even more if it goes back on the market and says that houses are being snapped up before they go on the market as more people are working from home and this village is very popular for those with just an occasional commute.

I’ve had a look at Right Move and can’t see any evidence of anything other than price drops in the area. I accept that there may be houses selling before hitting the market and I don’t have this data.

My heart loves the house. It’s in a stunning village and really ticks all the boxes in terms of schools etc.

My head is saying we’re actually in a better position than the cash buyer as we’re 100% ready to go and can sign this week whereas they will need to have survey done etc.

Head is also telling me that if the sellers are going to screw us for £8k (for context, that’s a bit over 1% of the purchase price we had agreed), they’ll be a nightmare to deal with and it’s only a matter of time until they come back to us either with a new offer from the other bidders, or pushing to put it back on the market.

I’m also guessing that house purchases slow down a bit in winter, and it’s an area where more Covid lockdown measures are likely so putting it back on the market may mean there aren’t many viewings.

For additional context, we can afford to increase our offer. I’m just loathe to get into a bidding war due to how the vendor has sprung this on us.

But I love the house.

YABU- up my offer
YANBU- walk away

Walk away, the likelihood is you’re being played.

Does the cash buyer even exist?

"I'm sorry to hear that, thought we had already come to an understanding. I accept though that times are hard and the extra eight thousand will be of help so understand you taking the higher offer"

You dont want to walk away you want to let them have a good ego boosting escape from their silly play to return to the original deal.

I'd walk away before you spend any more money getting further down the process. I wouldn't trust the sellers not to do the same thing again and I wouldn't want to deal with them after this.

I'd walk away.
There will be other houses.
People shouldn't pull that sort of crap and be rewarded

I would walk away, dh and I both don't play real estate games, same as we dont enter into auctions.

A personal thing though, won't comment on other people but we offer our max if that is not good enough we are happy to walk away

Nothing worse than greedy sellers, walk away

We had something similar. Our buyers suddenly wanted a big price reduction shortly before exchange. If we’d said no we’d have lost our dream house.

We allowed the reduction and got our house. 18 years later I’m still glad we did that even though I still wish them ill.

However in your position I’d make it clear I was seriously displeased and put some conditions on that price increase.

Stand firm . Be prepared to walk away.

Walk away.

Cut all emotional ties with the house, and any future houses. 'Falling in love' with a house isn't practical and clouds sense.

It's difficult when you really like a house, but the road to a house being yours is rocky enough, without the romance thrown into the mix too.

Get hard, quick!

Walk away, move on, don't line the pockets of greedy sods (include the EA in that).

Walk away, there's a miniscule chance that they'll see sense. It's so disappointing when you're invested in a property but it's not good behaviour by the seller.

I’d offer maybe 2-4K more So they feel a small win.
But I’d point out your surveys done, you’ve not reduced as a result of that (which the new purchasers may) and your good to go.

But that would be it, I’d walk otherwise.

Stand firm... and wait. Be prepared to walk away. Good luck!

@ItsAllGoingToBeFine

Does the cash buyer even exist?

That’s the other thing I’m wary of.

EA insists there’s another bidder but I have no way of knowing.

But now I feel like it’s not about money, it’s about principle.

The sellers also live in the same village and I believe their DD will be in the same school as our DD when she starts next year, if we do move to this village.

I just feel like I’ve acted with integrity all along and that the relationship is now going to sour so I’d don’t really want to see this people at the school gate.

I think what’s playing on my mind is that the new offer they want from us is within what we would have gone to as part of the original negotiation.

Maybe I’m being unreasonable in expecting them to put personal integrity (which is so objective) above getting the best price for their house.

They're playing games. If you go along with it and increase your offer they'll play games and muck you around through the whole process.
Itll cause you more stress than you can imagine - walk away, there are other houses.

Yanbu

I'd walk away. I have no interest in playing games. If these cash buyers do in fact exist then good for them but I'd be weary of vendors who were clearly still showing their home to interested buyers when theyd already accepted your offer and were spending money on surveyors etc.

I’d be playing hard ball and saying they continue with the accepted offer on the table or there’s no offer by the end of the day.

I would stand your ground. Really crap behaviour if you offer more now, how could you trust them again?!

Buy it. Don't lose a house you love over "principle".

But make it clear that the £12K is as far as you will go. No further negotations.

It is not a game - it is business transaction. If the house was cheap for what it was as you said there is a good chance someone has offered more.

The seller is not greedy any more than you are greedy wanting a house "for cheap".

The housebuying process in the UK allows both sides to change their minds between offer and exchange while research is done.

If your research is telling you that you will do better elsewhere - then you have that option. If you do think it is still good value after the £8k uplift and you still like it - then go ahead and increase your offer.

There is no place for emotion or game playing.

The trouble is asterion, is when the EA comes back and says cash buyer has upped their offer for £x, match/beat it. Once you’ve decided you want to play the game, it’s hard to walk away without losing.

If you're buying a house over 800,00k then I'd say yes just increase the bid. No point losing a dream home for a few thousand if you expect to live there a long time.