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

Well done @Quandaries

You have done what is right for you.

Will laugh like the proverbial drain if their ''Cash Buyer '' also pulls out.

I think you'll be getting a phone call in a few days to see if you're still interested

Me too - I suspect this story hasn't ended (not that I think it's a 'story' OP but it'd be weird for the vendors to just disappear??) and... if they come crawling back....?

I kind of hope I don’t get a call to say the house is available. I really did love it but just couldn’t go through all of this again. I could never trust these sellers.

I’m going to ask the EA not to call me if the house comes back up again.

I wouldn’t do that. You might feel differently in a few weeks. Mentally, write it out of your mind, but don’t burn bridges. I hope you find something better soon.

I think if they come crawling back in the next few days, I’d say you’ll offer asking price provided contacts are imminently exchanged.

why should OP offer asking price? She should stick to her original agreed offer, if they do come crawling back,

@CatAndHisKit

why should OP offer asking price? She should stick to her original agreed offer, if they do come crawling back,

The original agreed offer was the asking price.

sorry, yes! I think it's because OP said it was 'good value' at the price of ther offer that I forgot it was asking price - SO rare currently to see a reasonable asking price for a good house!

Sleep on it op and see if the EA comes back with anything today. Something is amiss.

I think you've made exactly the right decision @Quandaries. I mentioned way up thread that we were in the same position and the cash buyer fell through after a couple of weeks- in a way I wish the agent hadn't called us because I felt like you (in that we wouldn't be able to trust the vendors or the agents again) but my husband was still ok to potentially risk all that again so it was a difficult conversation. Their behaviour meant I no longer even felt the same way about the house. Agent said we needed to act fast to secure it again as they had "multiple others waiting to offer" so it was good will on their part coming back to us first... That was a month ago and the house is still very much on the market unsold. Greedy idiots.

@Quandaries unfortunately I think this is a no-go for you. It would be one thing if they were leaving but it sounds like you’ll be neighbours and your kids will interact. Hold your head high, move on, and hopefully something even better comes your way

I doubt the estate agent would lie to you about there being another seller. I would offer 8k more to match their offer on the basis that being ready to go makes you the more attractive buyer all else being equal. Don't let these other buyers take your dream house when you can afford to up your offer. It sounds like the house is worth a little more to you. Pulling out because you don't like the way it's being handled would be cutting off your nose to spite your face.

Don’t wallow too long: the Stamp Duty holiday has a deadline.

Their behaviour meant I no longer even felt the same way about the house.

This sums up the problem here - people are far too emotional about the house buying process

The behaviour of the vendors makes absolutely no difference to the suitability of the actual property

OP you’ve gone from being in tears over this to not wanting to know if it becomes available again - the only people who are really going to miss out here are you and your family if it really is a house that meets all your requirements in a very limited market

Even if the NB doesn’t come up with the goods you’ve said they had loads of viewings so someone will buy it

Try and take a step back and don’t rule out proceeding if the house really works for you and you’ve not seen anything else suitable in 18 months

I think you’ve done the right thing OP. I’ve only chased a house purchase and ended up regretting it. Since then, I make the whole process as zen as possible. If it wasn’t meant to be, it wasn’t right for me. There will be another and better house without crazies for sellers

@RainingBatsAndFrogs

Don’t wallow too long: the Stamp Duty holiday has a deadline.

OP, can have a little wallow. The stamp duty holiday is only for properties under £500,000 🙁

The stamp duty will only e payable on the amount over and above the £500,000

Bearbehind I agree with what you're saying to an extent, but how is the OP supposed to trust these people won't do it again if she extends her offer to what they want? They've already shown they have no problem with allowing other viewings while the sale is proceeding - what's to stop them doing it again at the eleventh hour? That's why I don't blame her for walking away when she's already spent ££££s to reach this stage. Yes, the house might be great for her, but when the experience of buying it is like this, it sours the whole thing.

OP- I think you have done the right thing. They have shown themselves to be thoroughly untrustworthy and greedy. Imagine seeing them at school every week. It would be hard not to say anything.
There will be other houses and you are in an excellent position where you don't have to rush. I would keep a careful eye on the market which may well change significantly over the next 12 months. Something will come up that suits you even if not immediately.
Good luck!

Sounds to me that NB does not exist which is why they are not picking up the phone, they are just trying to squeeze you, but I also have doubts as to whether they are even serious about selling.
If the EA comes back to you today, then I would state that your original offer is the only one on the table, and the offer expires at the end of the day and that you want to exchange as soon as is convenient to you. Otherwise you are right to walk away. Take the emotion out of the actual purchase

Under most circumstances, in this scenario I would say walk away, do t look back, another house will come along. However if you have honestly not seen another house you like in 18 months I wouldn't burn your bridges by telling the estate agent not to tell you if it comes back on.

That said, I can't see that there is any way of legally mitigating against this, or similar, happening again so I wouldn't be getting into offering again unless the circumstances were spectacularly in your favour.

So I guess in summary my advice is to emotionally detach and mentally give up on the house but don't do anything that will make it inaccessible to you in the future if the market or circumstance change.

I feel for you OP. I'm a bit over principled about such things and the breach of trust would be a massive issue for me.

I do understand why you want nothing more to do with it OP, but given how close to exchange you were, if they did come back to you would you consider saying 'original asking price and we must exchange in a week or that's your final chance gone'. TBH they sound greedy so would probably decline but it could all be over quickly given how close you were already.

If you’ve seen people queuing up to view, then it is clearly a nice house at a good price.

A third of all offers fall through.

You are an experienced house buyer, prepped & ready to proceed.
Do not be surprised if vendor makes contact again.

WFH seems very attractive for many at the moment, a move to an idealised location makes sense & from this it-is-said people are looking to move. I am sceptical on two fronts:

Who is buying - job uncertainty rising, mortgages becoming harder to get without bigger deposits.

WFH - the glitter will soon rub off.

It is a small group of buyers who have the ready funds to swim in the market you describe. You are an ideal buyer & the vendors could have the money by Christmas.

Stand firm & the house may come to you yet on your terms.

Every cloud has a silver lining.

The EA knows that you are vendor, prepped & ready to go.
You may well be tipped off early about similar properties in the area.