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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:
Els1e · 21/04/2021 08:23

That’s terrible. This happened to a friend of mine not long ago. The day before exchange seller suddenly wanted an additional £12k so they could afford the bungalow they wanted. My friend gave a firm no, a week to proceed with the exchange or she would walk. The seller backed down and the purchase proceeded at the original agreed price. Hope it all works out for you. 💐

Chicchicchicchiclana · 21/04/2021 08:25

@CoconutChair

“We’re ready to exchange today at the agreed price” and leave it at that.

I’d also call the estate agent and ask for the list of other available properties to view.

OP has said there is nothing in the area she could afford. It is there in the initial post.
PeanuttyButter · 21/04/2021 08:25

I wouldn't give them a penny more

Doris86 · 21/04/2021 08:26

@Saltyslug

Offering 5k or 10k less then agreed price just seems like playing silly buggers. Just keep original agreed price on table and say no to 33k more
The seller is playing silly buggers though, so tempting to do the same!
Sauvignonblanket · 21/04/2021 08:29

Agree with @Saltyslug - you ultimately want the house so need the exchange to go ahead. Don't sink to their level, stay involved and stand firm.

DuckyMcDuck · 21/04/2021 08:29

We had the same situation, the day before exchange our buyer dropped his offer by about 10%. We told the EA to tell him to take a hike and to put the flat back on the market immediately.

7.30pm he showed up on the doorstep, apparently it was a "misunderstanding" and he was happy to proceed.

RosesAndHellebores · 21/04/2021 08:29

Thinking more about this. They don't desperately need to move. They have tried it on in the hope of getting a better price over summer and the child(ren) will start a new school in September.

Walk.

Clydie89 · 21/04/2021 08:32

So sorry OP. Sounds like they reluctantly accepted your offer and think they've got a bad deal, awful behaviour though.

But just remember, whits fur ye'll no go bye ye Wink

CherryJane · 21/04/2021 08:33

No way..nor would I get into bartering. They are playing games. I would only now exchange on the original agreed price and not a penny more.

I knownits hard after all this time etc but no of I couldn't proceed at the original agreed price I'd be back on rightmove today.

They will need to start over the same as you at this point.

bigdecisionstomake · 21/04/2021 08:33

I would call their bluff and say 'no' OP.

I had this the other way round. I was selling and a couple made an offer. We negotiated a little and agreed on a price that suited us both. Formal offer was submitted and agreed and the valuation, survey etc... took place.

On the morning of the day we were due to exchange contracts the prospective purchasers got in touch via the agent to say they were ready to exchange that day but at 25K less than the agreed offer. No reason why, just a simple 'if you want to go ahead this is our revised offer'. The husband of the couple purchasing had been awful all the way through the process and I just saw red and said no. In fact I told the agent I didn't want to proceed with them even if they came back at the agreed price, I wanted the house put back on the market.

Eventually the agent talked me down (and persuaded them to come back at the original agreed offer) and we did eventually exchange at the agreed price later that day. The agent definitely earned his commission on that sale.

Some people are just CFs and will try anything to get a bit of an advantage.

PegasusReturns · 21/04/2021 08:35

I would demand that they exchange today or you will walk away.

If you leave it open in an attempt to force them to pull out (and possibly incur fees) it will hang over you as an unknown and drive you crazy.

Tell the EA that you’d like to see any other properties they have in your price range and mean it. Although the EA works for the vendor they want their sale for f they see it slipping away they might be able to talk some sense into their client.

Shedbuilder · 21/04/2021 08:36

You need to point out that the house they are purchasing will have risen in value too, so they will have the advantage of moving into a home worth more than they paid for it. It's woeful behaviour and your only option is to refuse.

C8H10N4O2 · 21/04/2021 08:37

Just say no. You will exchange at the price agreed or they can pull out.

OnlyFoolsnMothers · 21/04/2021 08:38

Hell no! Estate agent is going to love them

Madmog · 21/04/2021 08:39

I'd phone your solicitor and estate agent at 9am, telling them you want exchange by noon, no further instructions about pulling out. Don't give them too much time to think about it. You'll provoke a lot of phone calls and panic this morning - not great for your solicitor and estate agent, but most of the time it gets things moving one way or the other (I used to be a legal secretary). If they are serious about the £33k, you'll know sooner rather than later and can make a decision later today/tomorrow - I doubt they're going to find a buyer within 48 hours who'll pay.

Poorlykitten · 21/04/2021 08:40

No way would I accept this. There will be other houses, if the worst comes to the worst, but I imagine it’s just CF stuff and they are trying their luck.

LouiseTrees · 21/04/2021 08:44

I would take the 33k, deduct your salaries at your work rate on the time it’s taken you, deduct 5k for stress, deduct additional legal costs. I think you’ll find you have nothing to pay them. I’d have your agent tell their agent that house prices of well finished houses have gone up, people are not looking for projects, they’ve been inside enough as it is. If you really want it and could afford it I’d maybe offer them the 8k but if I’m honest I’d walk away.

Chloemol · 21/04/2021 08:46

I would advise that you have a mortgage agreed, can’t change it so if they don’t sell at the agreed price you will walk

TakeYourFinalPosition · 21/04/2021 08:46

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

This isn’t true anymore. The legality of those clauses is weak, weakened further by the court cases around what qualifies as an “introduction”, and they’re really uncommon now.

It doesn’t matter, but don’t be relying on this. We were told these clauses were challengeable and dying out when I got my law degree, and that was in the 2010s... even MSE says not to accept an EA contract that contains this clause or anything like it.

cathybates · 21/04/2021 08:48

I’d call their bluff and say no. If they’ve had to incur an extra terms fees then they’ll probably have to incur a further extra terms fees if you pull out by the time they get a new buyer. Plus they’d be very unlikely to complete with new buyers now before the new SD deadline which may mean it’s not as easy to sell as they first thought

cathybates · 21/04/2021 08:50

My buyer asked for 15k off price just before exchange. My estate agent didn’t even ask me if I’d accept that, they just said no and if you don’t proceed it’s going back on market by midday. Funnily enough we completed

Sssloou · 21/04/2021 08:53

Get the EA and solicitor to do the work.

They are professionals and have seen this tactic and these characters a million times - they know what to do - no need for you to reinvent the wheel.

It is in the EA interest to get this over the line - especially as it has been a long slow process of price reductions before it was even under offer - the EA has probably spent months and months more work on this property than any other. They want their commission now and it gone.

Talk with the EA. They will know this character and the triggers.

The school fees argument is a lie.
The time to exchange is an exaggeration.
Everyone’s potential price will have increased, decreased or stayed the same depending on the dynamics of the market at any given time between offer and exchange.

Are they going to claim this every time they come to exchange.

It’s incumbent on people like us not to buckle under people like them - other wise the world just becomes dog eat dog.

Keep calm. Set a deadline. Exchange as agreed by noon today or walk.

Do not entertain any to-ing or fro-ing chipping away at the £33k all day.

Give them zero info to hook on. It’s a simple “No. 12 noon exchange or we are gone” - rinse and repeat.

Hold your nerve don’t let them stress you.

purplebagladylovesgin · 21/04/2021 08:55

40 years ago in the middle of the shark like 1980's we had this......from the estate agent who decided he wanted double fees the day before exchange.

Outrageous!

I told him that it was his responsibility and not mine to call the solicitors for both sides and explain why the sale was falling through. That we didn't have the extra cash and had budgeted and borrowed based on what we had agreed.

The sale went through after an apologetic phone call from his manger. Ive not trusted estate agents since, regardless of caliber.

memberofthewedding · 21/04/2021 08:55

As a business woman I agree you should push to get as much as you reasonably can for an asset. However once a price is agreed I will walk away from (and dump) people who continue to haggle because it shows they are fundamentally dishonest. How many more ways do you think they may be trying to scam you?

Call their bluff and walk away.

CliffsofMohair · 21/04/2021 08:58

@Quincie

I'd offer them 5k, if I had it, otherwise nothing. We had a seller who demanded more when we offered but we couldn't pay more - they took all carpets and light fittings with them. The 5k might keep them sweet.
You should have had legal recourse if the carpets and light fittings were listed as part of the sale particulars
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