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Seller demanding £33k extra on exchange day

999 replies

Firecat84 · 21/04/2021 05:01

After weeks of harassment from our sellers about the process going too slowly (it's been about 5/6 months due to us losing one set of buyers halfway through - we've been chasing solicitors like crazy trying to speed everything up) we were due to exchange yesterday. On the day however, we received a message via the vendors' solicitor saying that house prices had gone up so much in the time it had taken the deal to go through that they wanted an extra £33k (they gave a whole bunch of other vague reasons too, which I think boil down to they've had to pay for an extra term's private school fees?!!) Obviously we don't have this money and even if we did we don't want to give in to such horrible tactics. The vendors aren't in a chain going up - I don't know where they're moving after this.

The house had been on the market for a while when we made our offer and had been reduced twice. I believe we were the only offer (it has potential but needs quite a lot of work). We offered £8k under the lowest asking price. At the time there was plenty on the market in the area and now there is nothing we could afford. All the houses available are bigger and nicely finished, which does give the impression prices have gone up, but I think it's a bit misleading.

We are financially stretched to our limit as it is but are in a flat with a baby and desperately need more space. We've spent so much time and energy (and money) on this move and we're just exhausted and depressed by it all. My family want us to walk away and not give any money to such horrible sellers. What would you do?

OP posts:
SD1978 · 21/04/2021 06:36

I know it's tough, and you're cramped, but like others have said- you most likely need to walk away. At most I'd offer the 8K to come up to the asking price- but I also think that it will probably always leave a really bad taste regarding the house. Can you still move out to accomodate your buyers?

itsme1978 · 21/04/2021 06:37

Our buyers did this on Dday......wanted £20 k off as changed their mind about price?!

I was so angry I couldn't speak......

Anyway told them to go elsewhere and within seconds said ,oh ok we'd like to still go ahead

Total chancers with no shame

custardbear · 21/04/2021 06:38

God no! I'd walk away, in fact I'd ring their estate agents and ask to view another house 😉

nancywhitehead · 21/04/2021 06:38

What a sh*tty thing to do.

It sounds difficult being in a small flat with a baby but I really couldn't give in to this.

Walk away if they won't sell for the agreed price.

ZenNudist · 21/04/2021 06:40

Agreed price or walk. They will likely stick with agreed price otherw9stand to have a lower price after stamp duty holiday ends

PJsEveryday · 21/04/2021 06:40

Greedy wankers, not walkers ffs. , their behaviour is so so vile I'd be tempted to withdraw and explain why , but seriously, whther you walk away or keep to original offer, don't mention not being able to find the money because the issue is their behaviour NOT your finances.

OnTheBenchOfDoom · 21/04/2021 06:41

@CeeceeBloomingdale

I'd play hard ball. Make it clear to the solicitor and estate agent it's exchange today at the agreed price or the deal is off. They are chancing it, if the deal falls through they will be back to square one.
This, but tell them you do not have nor is there any way you can raise that extra money so that it is clear this isn't a timing issue.

It is appalling behaviour by the seller.

isitjustlockdown · 21/04/2021 06:41

Walk away. They know exactly what they are doing, and are quite frankly arseholes.

MaMaD1990 · 21/04/2021 06:42

@PJsEveryday

Greedy wankers, not walkers ffs. , their behaviour is so so vile I'd be tempted to withdraw and explain why , but seriously, whther you walk away or keep to original offer, don't mention not being able to find the money because the issue is their behaviour NOT your finances.
YES to this - keep it simple as a yes we'll pay or a no we won't.
Froggie456 · 21/04/2021 06:43

I presume you are using a mortgage to purchase this property? It’s not as simple as you finding more money down the back of the sofa. You would have to go back to your mortgage company as your Loan to Value ratio will have altered. I guarantee they won’t value the house 33k more.

Our buyers said they wanted a 20k discount on exchange day. They were foolish cause if they had asked for 10K we probably would have begged and borrowed 5k, but 20k was just a non-starter. We said we exchanged by 12 pm at price agreed or back on market. They came back and exchanged at agreed price.

This family either can afford to sell as agreed or they can’t. Don’t be drawn into negotiations. You exchange at agreed price or walk away. Try and take the emotion out of this (I know hard). If a friend was in this situation I guarantee you would tell them to say exchange at agreed price or walk away.

MitheringSunday · 21/04/2021 06:43

Don't walk away completely yet, just make it very clear that it's the agreed price or nothing. Then walk if they won't agree to that.

CoffeandPancakes · 21/04/2021 06:44

Definitely threaten to walk. Your answer is no, that's it.

Hopefully they're just being utter dicks trying their luck and will come crawling back.

Moving house in this country is an absolute nightmare! We moved last year and were part of a really large chain and I'm pretty sure it put 10 years on me. Every day some enormous spanner was thrown in the works.

Fingers crossed for you OP.

BlueLobelia · 21/04/2021 06:45

@LionLily

Walk. Otherwise you'll forever have a nagging thought in your mind that your mortgage should be £33k less, or your savings £33k more.

You could rent a property and look for something else for much much less than £33k...heck, you might even end up with something better, and no negative feelings. What's for you won't go by you, as the saying goes.

So I would be ringing the estate agent and giving a firm "exchange by midday or not at all, having discussed it overnight another acceptable
option has become available to us. Of course we'd prefer to go ahead but if that's not possible we can deal with that".

I agree with this post.

What bastards the vendors are. FWIW I am a landlord and we rented to tenants in a similar situation. We did a quick 6 month tenancy for them with option to extend. They did not need to extend. The rent was nothing like 33 k, clearly! It gave them some breathing space.

I hope it works out.

Oversize · 21/04/2021 06:45

Definitely don't get into a discussion about it.

Hellocatshome · 21/04/2021 06:45

I would say its original price or no sale and leave it up to them to decide if they would like to go through this whole rigmarole (sp?) again with a new buyer.

HopeHappy · 21/04/2021 06:45

Agreed with all of the above.

Message to the EA:

"We are unable to agree to the price increase. If we do not exchange today we will be pulling out of the purchase at 3pm and looking for another property. If your client wishes to spend another 12 weeks waiting for another deal to go through (which will unlikely complete before the end of the stamp duty holiday) , then that's their choice but we simply cannot afford any more than the current agreed price."

joystir59 · 21/04/2021 06:45

They don't expect you to come up with the extra £30k, they want you to walk away so they are free to accept a much higher offer. Dreadful behaviour and I know how stressful this is for you. The system of buying in England is so bad! You must walk away as you don't have the funds any way. I'm so sorry this has happened to you.

SD1978 · 21/04/2021 06:48

@joystir59 - you've probably hit the nail on the head there. They reckon the increases prices in the area means they can sell for higher now- by asking fir the extra amount they're not backing out, the OP is if they refuse.

mummabubs · 21/04/2021 06:49

I'm so sorry this has happened OP, it's such a shitty move to pull. It definitely looks like they've waited until now in the hope that you'll be desperate enough to agree. Echoing what others have said- offer to go through at the agreed price or you walk away. I'd bet they'll suddenly decide that they can stomach proceeding at the original price... especially as it sounds like even during the market boom they found it hard to sell if they had to reduce the asking price twice before your offer came in. Fingers crossed they see how stupid they're being and agree to exchange.

FruitBadger · 21/04/2021 06:49

Call their bluff, exchange at the original price or they pull out. I'm an ex mortgage advisor and used to work in an Estate Agent too. Don't pull out yourself, there will be a clause in their Estate Agent's contract that means they will be liable for their fees provided they have introduced a buyer in a position to proceed. If they pull out, they will still be liable for the Estate Agent's fees Wink

BlueLobelia · 21/04/2021 06:50

@FruitBadger

Call their bluff, exchange at the original price or they pull out. I'm an ex mortgage advisor and used to work in an Estate Agent too. Don't pull out yourself, there will be a clause in their Estate Agent's contract that means they will be liable for their fees provided they have introduced a buyer in a position to proceed. If they pull out, they will still be liable for the Estate Agent's fees Wink
OOOh! Good inside info. :)
Roselilly36 · 21/04/2021 06:51

They are trying it on, just say no, the agreed price or you will pull out, I am pretty certain they will see sense.

Good luck, stress you could do without, buying & selling is so stressful, we have moved recently, so handhold from me, I can empathise.

Bathmatt · 21/04/2021 06:54

OP the exact same thing happened to us when we were in the process of buying our house. Constant chasing for weeks and before exchange the seller called me directly asking for an extra £20k because he owed some relatives some money. I told him his debts weren’t my problem and that we would only be exchanging for the agreed price. He did all of this without going through the agent or his solicitors so after the call I told my solicitors and his agent and they were shocked.

He agreed to sell for the agreed price in the end but these CF will try anything. No doubt they have seen the news about house prices going up and want more money. Stand your grand. If they want more then they can go through the hassle of trying to sell all over again. Sorry OP, I hope it works out. If the sale falls through maybe it will be a blessing in disguise.

Firecat84 · 21/04/2021 06:54

@FruitBadger

Call their bluff, exchange at the original price or they pull out. I'm an ex mortgage advisor and used to work in an Estate Agent too. Don't pull out yourself, there will be a clause in their Estate Agent's contract that means they will be liable for their fees provided they have introduced a buyer in a position to proceed. If they pull out, they will still be liable for the Estate Agent's fees Wink
Thanks, I didn't know this!
OP posts:
SchadenfreudePersonified · 21/04/2021 06:56

You have two options

a) Walk away

b) Reduce your offer by £5,000 - let them walk away (or accept what you are offering)

Do not give in to blackmail, no matter how desperate you are. Your family is right. Yes, you may be cramped at the moment, but you don't want to spend the next umpteen years struggling to pay you mortgage and unable to improve your home. You'll get through this bit. It's awful having spent so much money, but sadly, that's life, I'm afraid. You can't just throw more after it like this.

They also sound the type to remove all light fittings , door handles etc, and leave the house looking like a midden, not to mention have half their stuff still in there when you try to move in.!
They are arses.

Don't forget, they are buying a house, too - if you walk off it affects their purchase. Don't kowtow to their demands - they are shameful.

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