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

If you’ve offered £7,750 more and NB have offered £12,000 more then you’re arguing over £4,250 and a bit

If the house is c £800k that’s only about 0.5%

This thread reminds me of all the LTB ones where posters who have no vested interest are happy to say what they’d do in an ideal world without considering the repercussions for those involved

It’s not an ideal world and it’s your potential house move

Only you know if it’s worth it but being annoyed about such a small amount now will only be worse if you do lose it and then wish you hadn’t

I suspect the EA can’t get hold of the vendors as they’re trying to buy some time and ‘scare’ you into paying more

The threat of pulling out might be enough, but if it isn’t I’d offer £5k more and insist on exchanging straight away

My parents had this when they were buying their last house. Once they walked away the cash buyer melted away within 48 hours.

[quote Palmtree76]@Quandaries do you know if EA has verified this NB can afford their increased offer?

So we were in the sellers position last week. Had accepted offer on our house and both had instructed solicitors, both progressing nicely.

Originally we had an offer from a young couple where they offered under asking so we rejected. They viewed the house twice and clearly loved it so we were surprised they came in lower. At same time we got an asking offer which we accepted and forgot about couple.

Two weeks ago the young couple knocked on door offering £10k more to us if we sold to them. We ummed and aahed about it but said yes in principle but asked our EA to do due diligence to ensure they could afford this asking offer plus £10k if we went with them.

Low and behold after we really pressed the EA to confirm with couple they didn’t have the right mortgage offer or proof of funds to cover this £10k. Glad we checked before we booted out the original offer because we would have been up shit creek. I’m shocked at the audacity of some people?[/quote]
The audacity indeed...

@Bearbehind

If you’ve offered £7,750 more and NB have offered £12,000 more then you’re arguing over £4,250 and a bit

If the house is c £800k that’s only about 0.5%

This thread reminds me of all the LTB ones where posters who have no vested interest are happy to say what they’d do in an ideal world without considering the repercussions for those involved

It’s not an ideal world and it’s your potential house move

Only you know if it’s worth it but being annoyed about such a small amount now will only be worse if you do lose it and then wish you hadn’t

I suspect the EA can’t get hold of the vendors as they’re trying to buy some time and ‘scare’ you into paying more

The threat of pulling out might be enough, but if it isn’t I’d offer £5k more and insist on exchanging straight away

£4,250 may be only a 0.5% increase but given the price originally agreed, we’re taking about a £12k increase. What if they demand another 0.5% on top of that again? Do we keep going up by £4,250 because it’s “only” 0.5%? There has to be a line in the sand.

And why would I offer £5k when they’re looking for £4,250?

OP you are doing the right thing 🌺

[quote Palmtree76]@Quandaries do you know if EA has verified this NB can afford their increased offer?

So we were in the sellers position last week. Had accepted offer on our house and both had instructed solicitors, both progressing nicely.

Originally we had an offer from a young couple where they offered under asking so we rejected. They viewed the house twice and clearly loved it so we were surprised they came in lower. At same time we got an asking offer which we accepted and forgot about couple.

Two weeks ago the young couple knocked on door offering £10k more to us if we sold to them. We ummed and aahed about it but said yes in principle but asked our EA to do due diligence to ensure they could afford this asking offer plus £10k if we went with them.

Low and behold after we really pressed the EA to confirm with couple they didn’t have the right mortgage offer or proof of funds to cover this £10k. Glad we checked before we booted out the original offer because we would have been up shit creek. I’m shocked at the audacity of some people?[/quote]
So you’ve basically tried to do what my vendors have (apparently) done, and you think the young couple are the audacious ones?!

It might only be 0.5% but think of the Opportunity cost i.e. what you would forgo for that £4250. If moving house, even if it doesn't need any work, there is a good chance that you will want some new furniture, or spend some money on the garden, and this extra could mean that those purchases have to be put on hold.

At the moment it's a sellers market, but the market can collapse quickly.

Those posting about the OP missing out over a matter of a few thousand quid are totally missing the point. The vendors have a guaranteed sale at their asking price. It's pure greed to ask for more. And now they've gone AWOL which shows complete disregard for the OPs increased offer. I'd tell em to shove it.

Madness. Hold firm

I think I'd probably would have done the same as you if
I were in this situation.
Their request for more money at the last minute and then even slightly more would strike me as being greedy. They agreed to the original price you offered and should have honoured it.
It's strange that some people are quite happy to cause such problems without a thought for the buyer.
Unfortunately last minute demands for more money isn't a new thing and until we have a better house buying system in place it will happen again and again.
Best of luck OP.

So stressful OP but I think I would have done the same as you. Strange that they have now gone quite on the EA though! Are you going to say that your original offer still stands as they didn't meet todays deadline or are you out of it now for good?

@LivingDeadGirlUK

So stressful OP but I think I would have done the same as you. Strange that they have now gone quite on the EA though! Are you going to say that your original offer still stands as they didn't meet todays deadline or are you out of it now for good?

I’m out.

Told the EA we’ve withdrawn all offers and will not be proceeding.

Though I did ask him to let me know WTAF was going on, once he reaches the vendors. Not sure if he will but I’m dying to know.

@Palmtree76 do you understand you’re the baddie of the story,you tried to be wide and bag £10k extra cash.despite having a Firm offer

Yet in your retelling of the story,you’re the wronged party?How very deluded
Poor you didn’t get an extra £10k?The door knockers were also chancing their luck and unable to honour their increased verbal offer

This thread reminds me of all the LTB ones where posters who have no vested interest are happy to say what they’d do in an ideal world without considering the repercussions for those involved this isn’t remotely like any of those LTB threads. There are no real percussions if the OP pulls out here.

If you tell someone to LTB you’re telling them to break up their family, become a single parent, share their children with their father half the time and the emotional fallout from that.

This is just a house And the OP isn’t selling her’s so there’s no pressure to move other than the fact she wants to.

There’s no such thing as a dream home, there really isn’t. And if these people pull out at the last minute OP still won’t get the house. There will be other houses. It’s just bricks and mortar at the end of the day, and certainly not worth throwing money after.

The money (£250/£4000/whatever figure) is a red herring. She and her husband are not buying the house because these people cannot be trusted. The mysterious cash buyer, the weird "how much we'd love you to buy our house - if only you'd . .. . " communication, the likely hood that they'll continue either with more viewings or a bidding war. They'd never sleep a wink!

Sorry - Likelihood!

@Quandaries oh I fully appreciate we were being greedy and were being egged on by EA to go with this younger couple (a different EA who did the eventual purchase and that was due to commission) It was the first time we had ever sold a house and we were told repeatedly by our EA we’d definitely get over asking etc and so it inflated our belief on what we could get. I did think the younger couple were pretty cheeky to offer a sum they couldn’t have afforded, but in hindsight it served us right for even considering it. But we are buyers were just told on repeat about how crazy the market is, how our house would sell for 5% more if we just played the game. The EA’s were ruthless.

@Quandaries houses here were on market for $899k to $990k ish.

We knew we'd end up over $1m, but ended up at $1.25. More than we wanted to pay, but still, worth it for the perfect house in the end.

What made me more furious was our buyers came in with offer $38k about asking, and we accepted it. BUT we got it all done, in the end. The market was a buyers one, like you are in. It dictates what we end up getting and paying, sadly.

I wish you luck!

It's nothing like an LTB situation. Most of us have had experience of buying and selling a house, and been on the receiving end of such tricks, and in the end your patience snaps and you walk away. As OP has now done. So a sale which could have been completed this week is lost, unless the mysterious cash buyer stumps up tomorrow.

I would bet my last Dairy Milk bar on the NB's being fake. Yes would be interesting to know if the EA hears back!

Walk away.

I reckon I’ve more chance of being a size 8 by morning than the cash buyer materialising.

The seller is at it

Well done you.
Just seen the update.

Plus you have the satisfaction that the new owners are having to pay £8k more over the selling price
Suckers

I’m out. Told the EA we’ve withdrawn all offers and will not be proceeding.

I don’t blame you. If the vendors were daft enough to risk it all for the sake of £250, it’s their own fault if it doesn’t pay off and you pull out. (And before anyone says ‘But they wanted more than an extra £250!’, I KNOW that - but they’ve essentially turned down an extra £7,750 with a completion date of next week when their fallback position is an extra £8000, but starting from scratch.)