Vendor increased the price of property

[Frustrated123]

Had an offer accepted a month ago, we have no chain as we are renting after selling a property. There are tenants in the house we are supposed to be buying on a months notice so in theory no delays. We got straight on with instructing a solicitor but found out yesterday that our solicitor has not yet received the contract from the vendors solicitor despite them accepting our offer as we can move quickly. Put in a call to the EA who then inform us that the vendor wants another 10k! Furious is an understatement. My husband has told EA to tell vendors to get stuffed but we are now concerned we are cutting off our noses etc. Anyone got any advice what we do from here? We are in the silly SE but house had been on for 5 weeks with no offers which is most unusual. Thank you in advance.

Exactly the same thing happened to us many years ago. We told them to forget it.

They obviously had no more interest as their agents contacted us after a while asking if we'd be interested in it again at the original price. We told them where to stick their house.

not worth it, I fear - they may well do the same again just before exchange. Call their bluff or just tell them where to go.
no other offers tells you that it is not worth the extra.

We are worried it won't stop here, am so cross that people have no scruples! This is the 3rd house to fall through, other 2 decided not to sell 3 months down the line, just so bored with the whole thing!!! Thanks both for your input.

Look for a house in Scotland - all that faffing about can't happen here!

Tell them no. And that your original offer stands until tomorrow, but then it drops by 5k. Or similar.

This happened to me, I told them to forget it and left it, couldn't trust them not to do it again

My immediate reaction is a massive fuck off, but so aware of lack of supply and rapidly rising prices! However, we are seeing properties on rightmove hanging around for a few weeks and then being reduced so maybe some overexcitement on the Estate Agents part? Thank god for wine!

We had all but signed when our buyers came up with a catalogue of excuse to screw money out of us eg the house needs a new roof (19 years later the roof is still the same), we have to give a month's rent in advance to quit our flat and we don't have the money etc etc

Sadly as we were desperate to move, we gave in to their demands

Am finding the whole process depressing, we are only trying to buy a standard 3 bed semi etc. People seem to be so greedy and underhand, find myself hoping tonight I win the lottery so we can agree to increased price, then pull out on day of exchange!!!

I can't understand why they're being so difficult - usually cash buyers are what they want. I've even heard of people accepting a slightly lower offer from cash buyers as there's no chain

We aren't cash buyers but chain free. They did accept 35k under the asking price but as I said before, the property had been on the market for 5 weeks without an offer and it needs lots of work hence our lower offer. Also, on with an agent notorious for overpricing. The ironic thing is that when we offered, we would have gone up another 10k if they had refused our offer! Just can't bear the fact they are being underhand!

Sorry I meant chain-free. I get the terminology mixed up.

I can't believe they accepted such a low offer after only 5 weeks!

The house near me has been for nearly 4 years and they haven't dropped the price at all.

35k is a hell of a drop after just 5 weeks, I suspect they are regretting it. if you really love the house and another 10k doesn't make it overpriced then I would pay it. They are crap for doing this but ultimately it is still their house. We had very similar happen to us a couple of weeks before we moved for 5k and we sucked it up in the end and payed it.

It is a big drop but from 500k so in percentage terms not that much. And 5 weeks is a long time in the road it's in, fairly priced properties go within days usually but it needs lots of work. We actually offered lower and they said no, but they named the price they were happy with. I do like the house, but we have actually started viewing others today so they could miss out by being greedy! Thanks for everyone's comments, crazy time we are living in!

how many tenants are there? did you know they can refuse to move out and just wait to be evicted, a process which can take months through the courts. this may be a blessing in disguise for you. i almost got burnt once and would never buy a flat with tenants in again. also the house could have been on the market with other agents first!

for ghost gazump ing, I will surely walk away and consider another.

A family in there, I hadn't thought of tenant problems landlady london. I don't think the property has been on before, we have been monitoring rightmove for over a year on a daily basis! That's my thought manhillman, it should be illegal. If you want more money, don't accept an offer!!

do yourselves a favour and investigate what needs to happen if they refuse to leave. not saying this will happen to you but when i first came into difficulty, i heard about many awful situations. in my case, i ended up paying the tenants to move out. i was lucky it ended so easily!!

in my opinion, the vendor has been greedy in not getting the family to move out first so there was vacant possession.

agree to increased price, then pull out on day of exchange

Absolutely genius. You don't need a lottery win to pretend you're going through with the deal.

If you cave now what's to say they won't up again further down line when you are even further in financially? Seems they want that £35k one way or other.

We were chain free and offered full asking price - the seller rejected and offered to take less if we did everything as quickly as possible - we snatched their hand off

Incidentally (though admittedly in a less crazy market), something similar happened to my sister when she was the victim of what property journalists are now calling a 'ghost gazump'. A friend of the vendor supposedly made a private offer for the property which was higher than hers, and would not involve estate agency fees.

She got her own back by gazundering on the day of exchange by the exact amount she'd been "outbid" by. Even the agent was on her side .

I would stick with your original offer. I think it's because they named their price and now obviously they're greedily wishing they had put forward a higher amount. I would suggest you give them an ultimatum and give them 48hrs to state they're continuing with sale at the agreed price otherwise you'll go ahead with your (potential) 2nd choice. I bet they will get cold feet that you'll pull out and things will continue as planned.

I know it is not great, but in particular markets in the SE there are reasons why this happens.

In many parts of London estate agents will not even let you view a property unless you are under offer. If a seller is looking in those very popular areas, they are potentially going to be affected by rapidly climbing prices. That is why people sometimes need to go back to their buyers and ask for more...or, worst case scenario, might need to put their place back on the market.

It sounds to me as if you are getting a bit of a bargain, so I think paying the 10K is the best solution.

Given the speed that the market is moving at, if you really want it I'd make the extra £ conditional on them signing an exclusivity contract ie make them contractually liable for your purchasing expenses (survey fees, conveyancing etc) if they don't go through with the deal.

Whereisshe Interesting in theory, unworkable in practice. The buyer would need to sue to recover their money and that would take 18 months or more.

You could ask for a holding deposit to be exchanged by both parties, to be kept in escrow or by each party's solicitor until the purchase completes.