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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:
merrygoround88 · 21/04/2021 09:00

We had this in reverse. The buyers on the week of closing demanded a 15k reduction
Our estate agent advised us to hold firm. They bought it anyway but we were prepared to walk away and if I was in your shoes I would do the same

ThumbWitchesAbroad · 21/04/2021 09:01

I agree with the many voices saying "No".
Either they exchange at originally agreed price, or you will walk away.
Leave it in their hands to make that decision - they're the ones pulling the plug because you won't succumb to their blackmail, not you.

Daisydoesnt · 21/04/2021 09:03

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

I’m another who thinks the vendors have a touch of seller’s remorse. They’ve seen prices continue to rise over the past six months and they now want to try their luck on the market again. It’s dishonest and immoral but £££ make people do awful things.

A house in our village went under offer last September for £850k. The sale It dragged on very slowly and finally fell through this March (so similar length of time to OPs). The vendors put the house back on the market - it went to sealed bids and sold for £1.1m.

That’s the kind of thing the vendors will have in mind.

ElMacchiato · 21/04/2021 09:04

We also has the reverse as per merry, but for less money. We held fast and they bought anyway.
I would hold fast. They sound unpleasant.

Bigfatpicnic · 21/04/2021 09:05

@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
Brilliant! Every day is a school day on here.

😀

savethegrannies · 21/04/2021 09:07

I am probably in a minority here but I would actually say you now want a 10k discount on the agreed price for the stress their underhand tactics have caused you. They won't want to lose the sale after all this time and may end up going for it. The only way to deal with twats like this is play proper hardball.

Divineswirls · 21/04/2021 09:10

Walk away of course

I'm loving the idea of you now putting in a lower offer so please do that first before you do walk away.

Keep us updated and stand firm and do not pay a penny more.

tiredmum2468 · 21/04/2021 09:10

Walk away that's terrible
I really feel for you
If you have a buyer for your place still sell yours and go into a rental place while you gather your thoughts and come up with a plan.

If you don't have the extra £33k anyway it's all a bit academic isn't it they want the money you can't afford it so just say I'm sorry we're pulling out

EverythingRuined · 21/04/2021 09:11

You post is worded oddly? Did this happen yesterday or some other day? If so what happened? You are asking fir advice but surely it must have already resolved itself one way or another?

VodselForDinner · 21/04/2021 09:12

@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
Just be careful that you’re utilizing the EA correctly here. Tell him it’s either a sale with contracts exchanged today, or you’re pulling out.

If he wants his fee, he’ll need them to cop on and sign.

EverythingRuined · 21/04/2021 09:12

Actually. Scrap that. It was me reading the post wrong. I see it happened yesterday. Sorry.
So what did you do or say?

Fieldsofstars · 21/04/2021 09:12

They’ll go up even more in the time it’ll take for them to find another buyer and then wait for all the legal stuff to be done again.

I’d probably counter off a reduction in price for them to retain you for exchange.

PickAChew · 21/04/2021 09:12

Say no. Let them face another term of school fees while their house isn't sold.

BarbaraofSeville · 21/04/2021 09:13

Tell them you want to exchange today at the agreed price. If they say no, tell them you need to think about it until tomorrow.

Then if you can pay more and can't find any comparables and still really want this property and think it's worth more to you, you can tell them tomorrow that you've managed to scrape together an extra £5-10k or whatever and that's you absolute best and final offer that they can take or leave.

Because if you lose this sale you'll have lost all your buying fees, and will then need to find somewhere to rent, unless you want to pull out of your sale too and then continue to live in the small flat.

So that's something else to think about. If your purchase fails, do you want to pull out of the sale and stay put for now, or do you want to move into rented and then try to find a new purchase at your leisure, which should be less stressful as you will be at the bottom of a (hopefully very short) chain.

CovidCorvid · 21/04/2021 09:19

Could you offer them something in the middle, like an extra 15k?

I know it's really shit and you shouldn't have to but if you're saying there's nothing else you can afford what's the alternative?

You'll either not be able to buy, or end up with a house costing more than 33k extra or end up with a smaller house or in a worse area.

HoneyRose87 · 21/04/2021 09:19

I would honestly just walk away.
What sort of people would do that, that’s terrible.

Mildura · 21/04/2021 09:20

@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
It's highly likely (although not entirely impossible) that this is incorrect.

25 years working in the property industry and I've never seen such a clause, nor heard of one being enforced.

GlitterBiscuits · 21/04/2021 09:22

Please ring their estate agent and ask to view other houses ASAP.

oohmama · 21/04/2021 09:25

Fecking bastards

IdblowJonSnow · 21/04/2021 09:25

Walk away. Don't offer them an extra penny. They are likely chancing it. I can imagine how stressful this is and I'm sorry.
Why shit like this isn't illegal, I've no idea.

DeclineandFall · 21/04/2021 09:26

Agree with others that say they are wanting you to pull out so it doesn't cost them. Otherwise why would they wait until day of exchange and want enough of a sum that most people wouldn't have readily available. FS.

Aprilshowersandhail · 21/04/2021 09:26

Offer 33 bags of chocolate beans. Cheeky, nasty fuckers..

Roszie · 21/04/2021 09:28

They know most people won't have £33k sitting around and want you to pull out. They've probably heard the market is booming.

Tell them you'll offer not a penny more so they can pull out and pay the fees.

Don't tell them you haven't got it, just that you'll not be increasing your offer. You don't owe them an explanation of your finances.

Sstrongtn · 21/04/2021 09:28

What awful people! I couldn’t agree to that.

Wizzbangfizz · 21/04/2021 09:30

Awful that the law allows this!

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