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

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'd have withdrawn my offer on the spot if anyone had said that, and I'd remind them that I'd see them when the children are in school. Maybe they've forgotten that they'll have to face you again!

It's a, long time since I bought/sold a house, but I did think anyone was allowed to do this any more. I guess things have changed. If I loved the house that much I'd stand my ground and dig my heels in. I wish you luck in whatever you decide x

I think based on their response you are being played OP.

How awful.

Shameless placemarking

@ChillerKillerCroissant

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'd have withdrawn my offer on the spot if anyone had said that, and I'd remind them that I'd see them when the children are in school. Maybe they've forgotten that they'll have to face you again!

I know. I was practically gagging as this bullshit was coming at me over the phone.

I’m assuming those were the EA’s words as I’m convinced that nobody outside of EA World could even try to come out with that (and apologies to any EAs on here, I know you’re not all alike).

Ugh, hold firm OP. Don't get sucked into ridiculous gameplaying- until you decide you no longer want to offer and do your DH's plan

I doubt they only want another £250 as they asked OP to 'better' the NB offer. Either they want the sale to go ahead on the terms/price you've set, or they don't. You'll find out by the end of the day I guess!

Well done OP, you've done everything right so far. Hopefully the greedy arseholes will see sense by the end of the day. If they don't ... then I hope this new sale falls through at the 11th hour! Yaboosucks to them!

Love your response, OP. You've been more than fair here.

You’re a kinder person than me. When this happened to me (gazumped by £11k by a buyer who talked their way in to view) I walked away. I was furious, but am now living in an even more beautiful house and have no regrets.

I really hope they either cave or you can find an even better house soon. House-buying can be so darn stressful!

I'm loving how they have a scheme whereby the buyer is expected to put up a very large deposit to prove that they are serious and aren't playing games, keeping other avenues open; but when it comes to the all-virtuous, trustworthy sellers....

Think I would be viewing it again before exchange and finding some reason to gazunder at the last minute...

Trying to type and eat toast I did that the other day, and had to turn the laptop upside down to get rid of the crumbs!

There's another thread about gazumping today . Really feel for anyone going through this.

Amazed by you OP! You are firm!

I had vendors ( not the EA) telling me they wanted our offer ( asking price as it happens but we knew that was what was needed & we were happy with at the time ) as we had toddler DS and they liked the thought of a family living in what had been their family home. Not enough, however , to fix the gas leak which was so obvious when we moved in we had to get an emergency gas person to come and switch it all off so no hot water or heating until it was fixed. To be fair they didn't mess around with the price once agreed but I cannot believe they could have moved out with noticing the gas leak which I thought was a bit shitty knowing we were moving straight in and not telling us.

I hope it all goes the way you want @Quandaries

I really feel for you. We’re selling/buying currently and I’d be furious if this happened.

@TheRealHousewife

My seller was like you. I hope that good fortune follows them (and you) everywhere.

I know it is supposed to be a business transaction but I too am old school and integrity and the value of an agreement is everything.

@NavyBerry

Amazed by you OP! You are firm!

Thanks. I did all my wobbling and snotty crying at the weekend. Now I’m just angry.

As pissed off as I am, I’m very conscious that we’re in a good position overall and will buy another house. It must be gut wrenching for people to go through this when they don’t have the flexibility we have (in terms of budget, location) or are faced with the prospect of having nowhere to live if their house sale falls through.

We’re lucky that we have the option to walk away.

@JacobReesMogadishu

Is it still worth it to you at 12k more?

If so I’d definitely offer less than the 12k as you’re in a better position, maybe 10k. I’d also want some assurance that there’s no more viewings, house is off the market, etc.

This! Would you have paid the extra 8 G if they’re asked for it upfront when you offered?

It’s a business negotiation try to not get emotional

I would take emotion out of it. You could be cutting off your nose to spite your face, if you walk away. Maybe say you will up your offer by £8k with £3k taken off as a result of the survey, so £5k in total.

If the EA’s story is true, I wouldn’t blame the sellers for going with a higher offer (as long as they offer to pay for the sunk costs you’ve incurred). Would you throw away £8k just to avoid disappointing someone you’ve never met? I doubt most of us would be that virtuous in reality.

Just came upon this thread.
This happened to us 4 years ago, the seller had already pissed us about the month before causing us that much stress that me&dp nearly split then the week we were completing suddenly asked for more money.
Dp had talked me into sticking with it when we 1st had issues so when this happened he agreed with me & we told them to stick their house.
Meant we were then going to be homeless with the dcs but thankfully a family member rescued us with an offer of somewhere to rent.
That same week a house came up for sale in the next street which I'm now sitting in and love.
I don't regret for 1 minute telling them to stick it&every time I walk past that house I think, yeah, ours is so much nicer

See for me, the negotiation should stop when the offer is accepted.

If they weren’t happy with the amount offered, they shouldn’t have accepted it.

I know it seems crazy that they might lose a sale over £250......although they still have a higher offer lined up.

But how are you going to feel if you lose your dream house for £250? I get that you're angry and I would be too. Just beginning to think maybe it's worth paying the £250?

But how are you going to feel if you lose your dream house for £250? I get that you're angry and I would be too. Just beginning to think maybe it's worth paying the £250?

I doubt they vendors are thinking £250, they're thinking another £4k to bring it up to the £12k.