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

We found a house we loved, offered, got accepted and were moving forward when we were told the buyer had accepted a higher offer. We were gutted but walked away and after a little while found the house I've lived in for the last 10 years. It was the best decision. It's a better house in a better location. I'm so glad we didn't buy the other one. Walk away. You will find something else.
The buyers are behaving badly which doesn't bode well for the whole process. Good luck

Horrid people. Walk away and don't look back. Good luck OP.

I think I’ll offer the £8k to meet the other bid, conditional on contracts being with my solicitor within 24hrs.

Do this - at least then you'll know you gave it a shot.
Only you know realistically how 'once in a lifetime' this house is.

We were in a much worse situation - we weren't even particularly looking to move yet but the perfect house came up. Everything was sorted except our buyers were being arseholes.
Just before exchange, they demanded an eyewatering amount of money deducted from our selling price.

We negotiated and gave in to some extent, losing money - a lot of money - far more than £8k. But we (and EA) were fairly sure that the move wouldn't have gone ahead if we hadn't due to the nature of the buyer.

I was ready to walk away - DH who'd been perusing the property market for years wasn't. And we haven't seen a house come up since that would have done anywhere near as well as this one.
We see it as doing what we had to to get the house we are planning to live in for the next 20 years!
I am sure 'karma' will make /has made itself known to the arsehole. Google is an interesting tool

Your husband is a brilliant plotter!

Do that op. You can always mutter cheating cunt from a safe distance at the school gates if it makes you feel better, but having the house you want will make you happy.

I can’t believe everyone is taking it so personally

@Aridane, why not? If an offer is accepted and someone has spent money on a solicitor and survey, it's underhand and very bad form to still be looking for other offers.

From my own experience in house selling the more the house sells for the more commission the EA gets! If the house was newly on the market and you offered the full asking price right away then the EA/seller may think that they can get more money? In which case you’re being played - not good. All kinds of other scenarios spring as to why the EA/seller want more money but either way, leaves a nasty taste in my mouth, never mind yours
Also I’m a great believer in if it’s meant to be it will be!

Several of the estate agents in my local area do this: £699 fixed fee, for example, regardless of the sale price.

Good to hear - I'm surprised their fixed fee is so low, though. If 1% is the low side of normal, that's assuming houses would only be worth £70K; but having said that, I think it's the current norm that's skewing me, as that should be a fair price for their work.

I wonder how much of their price is still based on having a luxury High Street presence, running a physical mailing list, expensive adverts in local papers, printing out hundreds of full-colour brochures and mass-mailing them out to anybody and everybody via Royal Mail.

Another con that I've seen some businesses (not just EAs) try on is claiming that they need to increase their current percentage-based fee/commission to a higher percentage, to take account of inflation and other rising costs, as if they think their customers were born yesterday! House prices have rocketed, their running costs, now all online, have plummeted - but they claim they're much harder done-by than before!

Wow some people have no integrity and no shame. So sorry this happened OP

Loads of you guys are saying it’s business as a reason for this behaviour being ok. Surely not! I don’t know any successful business people that agree a deal and soon after go back on it and play people off against each other.

When we brought our first house we were in a chain from hell. We offered early July and didn’t complete until the February. House prices were going up at an insane rate but our sellers stuck by our deal. House was worth 60k more than we paid by the time we moved in. EA was stunned! Tbf I wouldn’t have blamed them asking for more in this scenario but that they didn’t means those people have my good wishes for life! I frequently think of them and hope they won the lottery or similar!!

Reading your first post I was thinking ... walk away . I know you love the house and can afford to increase the money however it seems very unfair that that have literally left it till now. You will never be able to prove that the other buyer is real, is there any law that requires proof at certain stages of a sale? I’m not sure but I would be asking.

Then I saw your nxt post regarding you know who they are and that your children may be in the same class. First reaction was I’ve never bought a house from someone I knew and who knew me , second I thought have they realised it was you and as horrible as it sounds decided that they think you can afford to pay a bit more ? Either way any of the above makes my blood boil and I would loath to miss out on my dream house however potentially paying that much over, being mucked about and then to have to see them at the school gates for the Nxt 10 years ... not sure I would hold my tongue . Don’t forget if the children will be in the same class this could involved a lifetime friendship or at the very least play dates, party’s and school events . Think carefully about what sort of person you are . Will you hold a grudge that essentially will eat you alive and do damage. Sometimes holding a grudge is a bit like drinking poison and wanting the other person to die. It won’t do you any good in the long run. I hope you make a decision that sits right with you and your family x

Why would you need to offer £12k surely you could just match the £8k?

As I was reading this, I had the exact same thought as your DH 😂 if you decide against the house, add 10-20% on because you "want to be sure you get it" drag on a little whilst you secure funds and adjust mortgage etc" then pull out as it's not possible and apologise for the time wasted.

Hopefully during this time, you will have found another house you love and exchange 😂😂

Have to be able to see these people at the school gate without muttering “cheating cunts” every afternoon.

Exactly; you just have to be able to do it without SAYING “cheating cunts” aloud. Thinking it veeeeery loudly - totally acceptable.

With so many people wanting out of cities it truly is a Sellers Market 🌺

The thing you said that really struck. You love that house. Means a lot.

If you really want house match the offer, no more. Similar thing happened to me, I lost flat but few months later seller contacted me as new buyer fell through. I got flat and new boiler. If it's meant to be it will be yours

We moved into our house just before last Christmas....lots of ups and downs with our buyers and we lost a sale ( they just changed their mind) but thankfully quickly got a new buyer so didn’t lose our dream home. Ours not quite your house price, but not far off. I would go with your heart op. I’d up the £8k but on the proviso that it doesn’t increase again. If I didn’t, I think I might regret it and it’s something I’d always look back on.

@BigBadVoodooHat

Wouldn't it be better all around if there were a set selling fee

Several of the estate agents in my local area do this: £699 fixed fee, for example, regardless of the sale price.

You get what you pay for on that front and once they’ve got an offer they’re happy. It may not be the best offer.

Happened to me two days before exchange. Decided not to let another persons low morals make me angry, nor stand in the way what I wanted; at the time I wanted only that one property, so I paid up.

You can’t make people behave differently, you can only control how you react to what they do. Reacting by cutting your nose off will only affect you in the long run.

I wouldn’t give another penny on the basis that not only are they are behaving dishonorably, but also this mini boom is unlikely to last and you could find yourself paying over the odds anyway. With your DH on this, I’d be furious and were I to revise my offer it would only be to draw out the process until i’d found something better (which you will eventually) and then pull out. Really bad form on their part.

A. Any chance the EA knew you would go to that extra amount and has let it be known?
B. I bought a flat in probate no EA and sellers were relatives abroad. My offer accepted survey done a neighbour was after it and came in with 9k more he found the EA and it was put forward . I was cross but didn’t blame relatives. I upped my money to match it was still good deal. The flat doubled in price by the time I was here a year. I’m friendly with the neighbour. Think he knows I know! Yes it’s a business transaction not a game.

Increase the offer- if you want it that much it’s worth it.

When we were buying our house. We sent an offer which got accepted initially and very quickly retracted, the EA rang us and said there has been another buyer that has given a higher offer and we would need to match it in order to get the house. We refused, as we were already paying a lot for that house, it needed ALOT of work so we didn't care if we lost it. I think our issue was the EA knew we really wanted that house, perfect location, outstanding schools walking distance, we have young children. They thought they can play us.
What do you know, less than 2 weeks later the EA rang us once again to say, the seller will accept our initial offer if we still wanted it. We asked about the other buyer, apparently that buyer no longer was interested 🧐
We got the house.

Stick to your guns, your EA could be playing you, there may not even be a cash buyer. They tend to do this when they know you really want it! Cheeky of the seller and EA to still show the house after the offer was accepted!

I pulled out of a sale because they sabotaged our survey. We lost about a grand but they lost thousands as it sold for much less

@justmakemeacuppa

I pulled out of a sale because they sabotaged our survey. We lost about a grand but they lost thousands as it sold for much less

Who sabotaged the survey?! Why on earth would the vendor sabotage the survey - they stand to lose.