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

I wish you had gone down DH’s route!

@LacroixstOuen

It’s supposedly a holding deposit for the buyer the show good “faith”, so more money to lose on top of survey and legal fees if you don’t proceed. You don’t legally have to pay it, estate agents sort of give the impression if you don’t then the vendor won’t think you’re “genuine”.

Generally you can't serve two masters. So how come estate agents get away with something that would be a big no-no for solicitors ?

Once the estate agent has accepted a "booking deposit" or "Eric" (they can call it what they like) they have a degree of liability to the buyer as well as the seller. If they have then - whether through their own incompetence avarice or mere usual practices have allowed a subsequent offer on the property, then the deposit hasn't done it's job and they would be hard pressed to hold onto it in a court.

It would be an interesting legal experiment to return to the estate agent and say "that booking deposit was to secure a house of these specs at this price, so if that house has gone, you can find another".

People need to remember that until they are adjudged as such by a court T&Cs aren't holy writ, but words on a page.

And they’ve come back.

Delighted with the offer, know in their heart of hearts that we’re the right people to live in their beloved house, really killing them to do this etc. but if we could just come up a tiny bit to better NB’d offer then they’d tell NB to piss off and we’ll all be happy and blah blah fucking blah.

I’ve said no, offer is as stands until the end of the day, at which time either they commit to having contracts couriered to our solicitor within 24 hours, or we’re out.

Going to hit Rightmove hard during lunch to see what else is out there.

Getting so tempted to just look at new builds where the development company have an appointed agent and there’s less faff.

Greedy fuckers

Sorry quandaries If the vendors are staying in the village I wouldn't want the house, knowing I'd see them and the school gates, after the way they've behaved. They are disgusting and heaven knows what they might be saying about you to all their mats - probably that you're the one messing around.

Walk away, even if you up your offer now they’re not trustworthy and there’s nothing to protect you from them doing this again.

They are quibbling over £250!!! Have they no dignity?!! What idiots they are. Well played @Quandaries

Sorry OP, just seen your update. Well done for sticking to your guns. They would be very foolish to turn you down now when you are ready to exchange contracts and NB hasn't begun the process. Greedy fuckers. Good luck with the new hunt.

I wish you had gone down DH’s route!

It sounds fun in theory to be able to tell ‘Ha! Now it’s YOUR turn! Screw you!’ In reality, it’s a lot of extra faff when they’ll already have enough on with finding somewhere else to live and making that purchase.

I’ve said no, offer is as stands until the end of the day, at which time either they commit to having contracts couriered to our solicitor within 24 hours, or we’re out.

Good call. It would have pained me to up the offer in the first place, but if it gets you the house you really wanted, that’s what counts.

Love what you have done.

Good for you.

I would find another house on with the same agent and ring them now and book a viewing! It might scare them all a bit.

Good luck

Cheeky buggers.

Hold fast OP

Nope - I would remove the offer, for £250, they're risking it all!?!?!

Fuckers, i would have dropped the price by that much, not increased it

My middle fingers would have stood to attention immediately on hearing that.

I wouldn’t want to play with people who don’t play nice.

@MidnightCitrus

Nope - I would remove the offer, for £250, they're risking it all!?!?!

Fuckers, i would have dropped the price by that much, not increased it

Still time to drop it back again at point of exchange

Those cheeky bastards deserve the scare.

Sending good luck, dont laugh but a spiritual bloke told me to lay in bed and day dream about walking up the drive of new home, putting in my new keys and making a lovely cup of tea. I was willing to try anything at this point and five other buyers were in offering. Anyho I got my house

They’re fucking about for £250?! Tell the buggers to stick their house where the sun don’t shine.

I wouldn't trust them an inch. They sound a pair of greedy chancers.

Honestly this is just rubbish. It's actually not that much money and just because a house is valued at X amount, if two separate people want it, you have to bid more. It's as simple as that.

Nice of you to call my opinion and indisputable calculations rubbish....

I think you might have misunderstood my point: I never said what the house was arbitrarily valued at - I said what the house is worth, as agreed between the buyer and seller. What I was saying was that, following the agreed price, there is a suggestion that you would 'just' add another several thousand pounds to sweeten the deal that you've already agreed on and that it is no big deal.

A house is worth what the transactors are willing to sell and pay for it. By their nature, they're by far the most expensive thing that most people will ever buy and agreed prices will fluctuate wildly whilst the deal is being agreed on.

My point is that, after all of the negoatiation as to what price both parties will accept - however much or little that may be - an extra £8K, £12K or whatever just chucked on the top, almost as a token gratuity fee for the deal to continue as already agreed, doesn't stop thousands of pounds being a signifcant amount of money to most people - especially if they're already up their mortgage limit and are just expected to find it down the back of the sofa.

I'd be tempted to offer half way, 4k

Good. Stick to your guns. It's all very well them saying that they need the extra money - why should you pay, you are trying to by a house, not dispense charity.

Furthermore, if this wonderful sale that they prefer falls through and they come back to you and you are still looking, don't offer more than the original agreed price. I know you said that there were others looking but most didn't offer the price they wanted.

Ah I’ve seen you did offer it and they’re holding back over £250.

Honestly op if they finally accept it I think you should withdraw. They’re not trustworthy at all and it wouldn’t surprise me if they continued to find someone who would give them more, meaning you’ll lose even more time and money, further down the line.

vinyl. It wouldn’t fit. Their head is already jammed right up there....