AIBU to not buy their house out of principle?

[ReeMee]

Help me decide what to do?!

In Jan we had an offer accepted on a house. Estate agent told us there was loads of competition and as we’d lost houses in best and final before we ended up bidding 20k over asking. We got it but only because apparently we had sold to first time buyers and the other bidders had longer chains.

House survey was shocking but I know surveys read like horror scripts and we knew from viewing that there would be work needed. When I liaised with estate agent about getting specialists in to quote for work they told me, the vendor has other cash buyers lined up, she will not be taking money off (it’s a probate sale for her parents). Thinking that was our plan. It genuinely wasn’t, we just needed to know the extent of any issues and costs, the house is 500k so not cheap!!

Then on the day of exchange our buyers pulled out. Estate agent/vendor would not wait for us to resell, they put it back on the market that afternoon and have since redone the photos so some of the issues we had been looking at (damp, some cracks) have been covered up with mirrors and pictures (in an empty house!)

2 weeks later we have now resold and the house we were buying is still on the market. I actually rang the estate agents to enquire about it (not telling them who I was) and they said the vendor had had some offers but was looking for close to asking price!! WTF? Now she will accept an offer 20k lower than what we were paying. The cash buyers were clearly a tool to get us paying more and not renegotiating.

I do still love the house (damp and cracks aside) although I think we were overpaying a bit but had come to terms with it not being ours and come to terms with the financial loss (£900ish). I am waiting for the estate agent to phone me once they see our house is SSTC again but I don’t know what to do.

I want to tell them where to go tbh but is that a mistake?

House survey was shocking but I know surveys read like horror scripts

This isn't true. Your house sounds like a nightmare and it sounds like you had a lucky escape

I'd put in a lower offer and tell them you know about the issues and this is what you are willing to pay.

I really think you need to decide if the house is the house for you, at the right price, now that you're armed with the survey information. Only you can know that. Maybe another house would be better. Maybe this is the one.

Though you're in the thick of it now, the buying process and crap estate agents will one day just be an anecdote. Flouncing from a house you love only affects you. It'll sell eventually to someone.

@ReeMee

What a nightmare!

£20k is a lot of money isn't it?

I'd get yours sold and go into a rental and start again my best friend did that then they weren't in a chain x

Personally I’d not want that house, it just sounds as if there could be problems galore.

You already know it’s not great and now they’re hiding things with mirrors (admittedly you know about these faults too). It just makes them come across as deceitful and I’d wonder whether there was anything else that might be found further down the line, how comprehensive was your survey? Be that as it may, if you’re very set on the house then I say go for it. However, I’m not sure that I would personally.

@ExplodingElephants good point- it’s possible they’d already hidden a lot when OP offered the first time.

That house sounds like a den and f regrets. Use your head and put aside your emotions. You may have a lifetime of regrets if you don’t.

@BonnyandPoppy

I would offer 20k under the asking price and be prepared to maybe go up to just under asking. If yoy still like the house and it's in a good location I would go for it.

I understand completely. But your actions here are not going to fix the fact that some people are corrupt and dishonest. You can get the house or you can leave it. You don't have to allow them to take advantage of you since you already know their character.

I chose to get my house, because I loved it and was not going to let them stand in my way. In the end, I am pretty sure they didn't make much, and they definitely didn't pull anything over on me.

The probate issue may well hold up the sale for several months even if they accept your offer, which may be an issue for you or others In the chain.

Haven't read the replies but can't you say you've accepted a lower offer on your house, therefore have to offer less on theirs? You could offer £496 or something definite like that.

I don't now why I quoted you BonnyAndPoppy!
Sorry.

Offer under the asking price - say it’s best and final offer.

You have all the information in front of you. Look at the surveys take into account what needs doing and the costs, and look at perhaps the worst case scenario of those costs.

Think about whether you really want the house long term... 10 years time?

If the answer is yes then make a fresh offer. Asking price less survey results issues, buyer can take it or leave it. Circumstances change - as the estate agent hasn't sold yours they do not know whether you have accepted less to sell. You can proceed quickly given you have all the paperwork.

Bear in mind that in my area once probate is granted there is only a 6 month period before the council charge double council tax as it is an empty property.... they would have had to have probate granted to exchange I believe...

I presume probate is sorted. The owners died over a year ago now. We were at the point of exchange when our buyers changed their mind. I didn’t know about council tax being double after 6m.

I’m surprised how many people are so horrified by the damp and crack, IME (& that’s maybe because I’ve always brought old houses) surveys are generally worst case scenario and cracks (apart from subsidence obviously) are part and parcel of an older house. Unless it’s covered in thick wallpaper, which many are. It is priced accordingly if the damp, which I feel is mainly due to the property being empty and not heated for a good while, is what it looks to be and nothing more sinister. It could be a money pit but we felt that by having specialists and builders to look we were doing what we could to negate the risk.

That said, I think we loved the location a bit too much and that made us get a carried away when bidding.

We think the sensible thing, given we have no need for a 4 bed now, would be to go for something smaller and not in need of loads of remedial work. The location won’t be as good but there is only a very small area where it would be. I just hope something comes up that we like and we can compete with the others who want it. Every property seems to have cash buyers or first time buyers lined up if you speak to the estate agents.

Thanks for the advice

I think you are focusing too much on the estate agents, you cannot rectify that problem - they will not be impacted at all by your decision its not how they work. Perhaps try to see it as a unavoidable part of the extremely unhelpful home buying system we have - the vendors have chosen to use them so the buyer must do so if they want to buy. If you want to confront them about their ethical shortcomings, do so after you have bought although I doubt they will take your feedback on board - its an industry that needs improvement. I can understand the vendor moving on swiftly if they are in a probate situation - the property is probably empty and vulnerable whilst it waits to sell. Had they been in the property and you had a chance to meet them things might have gone differently but you are where you are. I think you've had a few suggestions thrown your way, barter to get some money off, buy it if you think the house is what you want. If you get caught up in the negative emotions of what has happened it will impact on everything you are doing including how to you see alternative properties and choices.

Don’t cut your nose off if you love the house. We were (IMO) used by estate agents to chivvy a developer who’d been delaying completing on a house. We put an offer in but the seller didn’t want to upset the developer (!) & gave them one more chance which of course they took🙄We ended up paying the developer an extra £35k for him to sell directly to us. Yes it stuck in our throats but we had 11 very happy years there & made a huge profit when we sold up.

You obviously don't feel comfortable doing this major transaction with them, so don't. There are plenty of other houses.

(If it really is your dream home, then go for it though because you would soon forget all this. But I think if this were the case, you wouldn't be on here asking.)

If you really like the house re-offer at asking now you have sold, if they query just say it’s because they didn’t show any goodwill in allowing you in to assess required work or give you a grace period to get a new buyer. If they reject then your in the same position as now. If they accept then the delay has saved you £20k that sounds like it will come in handy.

I know you’ve pretty much settled on your plan of action but all I would say is don’t be put off by the EA. By definition, EAs have no soul. The only way they can sleep at night? On a bed of money. Chances are, wherever you end up buying, you will be dealing with a weasel for an EA. On the other hand, you could enjoy your relative position of power now and enjoy teaching them a lesson! But only if it were the right house for you, which, tbf sounds like maybe it’s not anymore.

I found myself in exactly the same position that you describe, I too was annoyed that the sellers of the property we were buying put it straight back on the market rather than giving us some time. We actually received another offer within a day or two of going back on the market - I made a new and lower offer on the house we were buying (but had been put back on the market) on the basis that our new buyers had offered less (they hadn't) - lower offer was accepted and sale went through.

Had the sellers have given us some time to find a new buyer I would have paid the original offer - as they didn't, I felt no guilt in offering less.

You have nothing to lose doing the same.... If they accept you get the house cheaper, if they don't you can find a smaller house as planned.

Good luck

I’d put in an offer 30k cheaper if you aren’t desperate for the house. You are now starting negotiations again and you have no moral compunction to offer the same amount. However, I wouldn’t lose the house if you really want it.

I’ve voted YABU as I think the sellers are greedy and the EA are impatient and rigid. Im on your side and think you could get better and more reasonable for your money

This is all an negotiation. They played you before, do not let them get away with again. Offer £40k below asking price and demand the right to survey as a starting point.

You wanted that house, you were about to exchange on it. See the positive side of this, you are potentially now going to get it for a lot less!
Think about how much it’s going to cost to do it up, how much you would be comfortable paying for it and also keep in mind that they are clearly marketing it covering up issues which would down value it….ie it isn’t worth £500k, no one has offered near that since it has been re-marketed and they are already telling you they are looking for something less than £500k! I would personally go back to the estate agent with an offer under asking, at least £20k under asking price but if it were me it would be 10% below and see where you get. You are literally ready to buy it, it’s all done. Every house I have known have a sale fall through has sold for less.

Last year I was about to buy a house, my builder uncovered some issues so I reduced my original asking price offer by 4%, they countered with less than 3% off. I felt uncomfortable (1% was a lot of money and there were other reasons) and they put it straight back on the market, sold it straight away…looked it up on the land registry a couple of months ago and they had resold it for 10% below asking. Half of me was glad they paid for being greedy, they knew they’d covered issues up, and half of me was so cross I hadn’t got the house for that lower price.