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

@SentientAndCognisant

How do we know they’re on MN?have I missed a post?

We don’t. Just guessing and being facetious.

Conscious that I’ve probably given enough info to be recognisable to them, but I don’t think they would be on MN.

On balance you’ve dodged a bullet, they have behaved abominably

Sorry OP :(

Dodged a bullet there I reckon.

I hope NB spends months dicking them around, and then drops out, or decreases the offer by 10k on the day they're due to exchange.

Oh bless you op, this is so shit for you. Who the fuck does such a thing for such a little amount?! Utter twats.
If its not meant to be, something better will be

I wonder if they've got family or something interfering and goading them to keep pressing for more? It's definitely the case that when ppl hear a high figure they get fixated on that regardless of the likelihood of actually getting that figure (or costs... surely they'd have solicitor costs in redrawing up the contacts etc for the new bidders? )

They'll be stalling and waiting for something from these cash buyers I reckon.

I hope karma bites them in the bum.

Sorry you're going through this OP, was hoping they'd see sense and accept your (very generous!) offer today. They're idiots and you've done the right thing.

The NBs are fuckwits too. We enquired about a house recently that we weren't sure if had been taken off the market due to an offer or lack of, were told by the vendors they'd accepted an offer (well over asking) then invited us to view anyway, CFs!! We turned them down and feel sorry for their buyers if they've accepted but are still inviting viewers. Hope bad karma follows people that have no integrity accepting when an offer has already be made, seller and NBs.

They are on MN! Oh I do hope so.

I’d be inclined to think that them having their phones off etc is part of the game. Tomorrow or the next day they’ll ring the agent and say that something urgent came up and they’re really really sorry to have not been in touch sooner but but but....

OP however tempted you could be please don’t buy this house. These people are the lowest of the low, and they will continue to play games for as long as they can.

What bastards.

As you said OP, don't drop your standards. Almost guarantee a better house will come along and you'll never look back.

We had similar-ish in that we had people offer on our house, we accepted and then offered on another house. They disappeared on us for weeks. We lost our perfect house. They came back saying they wanted it again, wouldn’t commit to a price properly and then disappeared and later said they’d bought somewhere else. 8 weeks of messing around, anxiety and disappointment . I wish terrible things upon them. Some people honestly have no morals.

Should have also said I’m so glad you’re resolute OP. People like that don’t deserve your patience

I've been reading this since the beginning and waiting for your updates OP and these cheeky f**kers have really annoyed me!

Please keep us updated, i want terrible things to happen to them.

Well if they are on here they will know you have asked for your deposit back and they have stupidly shot themselves in the foot. Idiots!

'Reading this thread all I can say is, thank God for the Scottish system of marketing, surveying, valuing , buying and selling property.'

Yip, I'm glad to be in Scotland. Again.

"I just really love this house. It’s like nothing we’ve seen in the past 18 months of looking."

I'm clearly in the minority on this thread but I think YABU. The vendors have clearly behaved like shits but you're shooting yourself in the foot a bit. After you buy the house you won't have to have anything to do with the vendors ever again, but you will own a lovely house.

I would have matched the other offer (ie increased my offer by £8k) - i see that's pretty much what you did but just under. What will you do if they get back to you tomorrow to accept your increased offer?

I do think it'll be a shame to walk away from this one in case you don't find another house you like as much. But then again I've been in a similar situation (sellers' market in my city) so maybe I'm over identifying!

Make a bigger offer then drop out at the last minute. Brother did this when he got into a similar situation. Buyer dropped price to original and brother still walked away

I’m with AnotherEmma

From the numbers you’ve mentioned your offer was £775k - that’s quite a house to give up for £250 or even £4,250, especially if you’ve not seen anything else which even came close to what you want

You might hate the vendors but if you love the house and are this close to completion I’d offer the additional amount and insist on exchanging straight away

The vendors are twats but be wary of cutting your nose off to spite your face

Yep that phrase did cross my mind!

WOW hope the agents drops them

I don't think they are cutting off their noses to spite their faces - I think the vendors are. They have lost an agreed sale at price they were prepared to accept as fair, just by chiselling for a bit more.

@AnotherEmma

"I just really love this house. It’s like nothing we’ve seen in the past 18 months of looking."

I'm clearly in the minority on this thread but I think YABU. The vendors have clearly behaved like shits but you're shooting yourself in the foot a bit. After you buy the house you won't have to have anything to do with the vendors ever again, but you will own a lovely house.

I would have matched the other offer (ie increased my offer by £8k) - i see that's pretty much what you did but just under. What will you do if they get back to you tomorrow to accept your increased offer?

I do think it'll be a shame to walk away from this one in case you don't find another house you like as much. But then again I've been in a similar situation (sellers' market in my city) so maybe I'm over identifying!

There is NO WAY the vendors would leave it at that. If the OP had rolled over and agreed to matching it, the vendors would have as another poster said, started a bidding war with the NBs. If they exist that is.

@Peregrina

I don't think they are cutting off their noses to spite their faces - I think the vendors are. They have lost an agreed sale at price they were prepared to accept as fair, just by chiselling for a bit more.

Completely agree. There will always be other houses.

Well I'm sure everyone has enjoyed whipping up an indignant frenzy but meanwhile this is the OP's potential future home that she could be missing out on for the sake of taking a principled stand.

The vendors are taking the piss but they have a lovely house that several people want to buy, so they do hold the power sadly.

We overpaid for our house because we really wanted it and had to beat a higher offer. Annoying but we could afford it and we got the house we wanted 🤷🏻‍♀️

So shocked to see your update OP, can't imagine how disappointed you are but you've made the right decision. Honestly never heard of such greed! You went above and beyond when plenty wouldn't have and so glad you've stood your ground! Hope they come back begging and you've another chance to refuse.. better yet if they're on MN 😂