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Original poster

How to deal with greedy seller wanting more money?

193 replies

ChompStomp · 23/04/2024 11:53

Hello

Currently trying to buy a property. It's been a complicated purchase because the vendors (a divorcing couple at loggerheads) have been as difficult as it is possible to be.

We were proceeding at asking price but now the vendor has come back (after a month) and said he wants an extra 10% as he feels the house is worth it although has no basis for that. The house next door sold at a the same price we have agreed to purchase at in early 2022 and is pretty much identical but with a much bigger plot as it has a small field with it, so arguably we are already overpaying. The Estate Agent has said that he is completely unrealistic, and told us that if we agree we will be paying too much for the property. It's over £500k so an extra 10% is a considerable sum, but we could stretch to it (just).

We really love the property and there is nothing else similar on the market. It has been on the market 10 months without a single offer and only a handful of viewings in all that time (because as the agents said to us, it started off overpriced and we are the only people to have shown any interest). He has said he will pull out the sale if we don't agree and the EA said he is totally serious about that and doesn't really want to sell it anyway.

We don't know what to do but would be gutted to lose it when we could stretch to it but it feels so silly to be held to ransom like this. We don't want to mess our own buyer around, and it is perfect for us. We will probably stay there 10-15 years. Over that amount of time does an extra £50k make a massive difference?

OP posts:
Geebray · 23/04/2024 11:56

What is it worth to you, OP?

£2.5K a year, which you will make back, doesn't seem a lot for your perfect house.

rainingsnoring · 23/04/2024 12:00

You need to pull out.
This will continue to be a nightmare if you don't. It's very disappointing but these sellers don't want to sell or are going to continue to disagree and cause problems for everyone else in the chain. The demand for a 10% hike for no reason is ridiculous. It sounds as if you are already overpaying by a large amount if they have had barely any interest and no other offers in 10 months. You would be crazy to agree to their demands.

@Geebray how do you know that the OP will make anything back? These sort of assertions are wrong.

Rebusmyfire · 23/04/2024 12:01

Go looking at other properties for the next couple of weeks. It will help you decide what to do.
But if the seller is being difficult now, they will be until the day they leave the house.

Hedgerow2 · 23/04/2024 12:02

Not sure I'd trust the EA. So vendor doesn't want to sell but an extra £50k+ would make him change his mind?

I'd stand your ground. Either he wants to sell, in which case he'll proceed at the original price when he's had no other interest. Or he doesn't want to sell in which case he may continue to mess you about even at a higher price.

Do you think he's doing this to be difficult with his soon to be ex-partner?

HollyBollyBooBoo · 23/04/2024 12:03

Don't even entertain it, pull out

Phoenix1Arisen · 23/04/2024 12:03

In your shoes, if this is your ideal house, I'd offer half with the proviso that contracts are dealt with like yesterday!

Be aware though that he might agree now but come back at you the day before exchange with some other silly expectation.

Perhaps the EA should be advising the wife that she has the option to take this into court and if he loses, he will be compelled to foot all her costs of the thwarted sale. It might focus his mind a bit. Good luck.

HappiestSleeping · 23/04/2024 12:03

A house is only worth what someone is prepared to pay. If the negotiations have been extended, I would be tempted to counter by lowering your offer by 10% on the basis that the purchase is taking longer and has been a difficult process.

TheYearOfSmallThings · 23/04/2024 12:03

Just say no, and make clear that your asking price offer will be withdrawn tomorrow if they don't want to proceed.

He probably doesn't want to sell, or wants to dick his wife around by drawing the process out, or prove he is "better" by getting a higher price - either way fuck that.

KievLoverTwo · 23/04/2024 12:04

You have to weigh up the risk of further stress later on down the line, i.e. agreeing to an extra 50k, only for them to pull out at the final hour because they've decided to stay together, or one of them can't find a home that's good enough for them.

That's what would make me back away - not the money.

Chances are, they've both started house hunting, and realised they can't get x2 decent places for c500k, so he's blagging it and saying the house is worth more.

It's a crappy situation for everyone involved. Good luck.

Geebray · 23/04/2024 12:04

rainingsnoring · 23/04/2024 12:00

You need to pull out.
This will continue to be a nightmare if you don't. It's very disappointing but these sellers don't want to sell or are going to continue to disagree and cause problems for everyone else in the chain. The demand for a 10% hike for no reason is ridiculous. It sounds as if you are already overpaying by a large amount if they have had barely any interest and no other offers in 10 months. You would be crazy to agree to their demands.

@Geebray how do you know that the OP will make anything back? These sort of assertions are wrong.

In fifteen years' time, £50,000 today won't seem much when the house will have doubled in value, roughly.

WarshipRocinante · 23/04/2024 12:08

If you really want it, then offer 5% but I really wouldn’t. There are other houses.

rainingsnoring · 23/04/2024 12:15

Geebray · 23/04/2024 12:04

In fifteen years' time, £50,000 today won't seem much when the house will have doubled in value, roughly.

Show quote history

That is nonsense and is a dangerous thing to say. There is absolutely no guarantee that house prices will have doubled in 15 years. You may or may not be correct in nominal terms (if they destroy the currency) but it's very unlikely in real terms.

LaurieFairyCake · 23/04/2024 12:15

He's trying to fuck over his ex and keep the house

He won't sell to you

Heronwatcher · 23/04/2024 12:16

How much do you want it? I’d agree with making an offer of a bit more money but saying that contracts need to be exchanged within a couple of days.

Problem is that whilst lots of sellers can be batshit, most generally have the objective of selling the house as quickly as possible. In this case though it seems that there might actually be a (not so hidden) agenda on the part of the seller to try to wreck the sale, so you can’t rely on him seeing sense. It might be worth checking in with the estate agent and checking that his ex wife knows what is going on (does she also agree with raising the price?), whether there are any court orders in place for the sale of the house? Or asking this question directly via solicitors- because if he does keep trying to wreck the sale then eventually the court will order it to be sold and he should be made aware of this by his own solicitors.

Geebray · 23/04/2024 12:18

rainingsnoring · 23/04/2024 12:15

That is nonsense and is a dangerous thing to say. There is absolutely no guarantee that house prices will have doubled in 15 years. You may or may not be correct in nominal terms (if they destroy the currency) but it's very unlikely in real terms.

Show quote history

Depends where you are. London or the South East - £50,000 in 15 years' time will seem like a good investment for having enjoyed a fantastic, ideal home.

ivs · 23/04/2024 12:19

HappiestSleeping · 23/04/2024 12:03

A house is only worth what someone is prepared to pay. If the negotiations have been extended, I would be tempted to counter by lowering your offer by 10% on the basis that the purchase is taking longer and has been a difficult process.

Me too

Fuck - you want to play silly fuckers? lets go

BaconCozzers · 23/04/2024 12:20

Stand your ground op. Don't encourage cheeky fuckery like this. There are always other houses, and the chances are he'll blink..

TTPD · 23/04/2024 12:21

I would pull out given everything you've said. He's asking for an unreasonable price rise, and doesn't really want to sell, so I imagine he will make the whole process a nightmare.

Fulshaw · 23/04/2024 12:22

There is always another house.

mondaytosunday · 23/04/2024 12:22

I'd call his bluff. Say no.

BaconCozzers · 23/04/2024 12:24

How close to exchange are you?

TheFlis · 23/04/2024 12:24

Unless you are a cash buyer it’s unlikely you will be able to pay way more than it is worth as the mortgage valuation won’t match up.

0ddsocks · 23/04/2024 12:26

If you don't agree to pay the extra (I wouldn't) I'd be prepared he might try the same trick on the day of exchange.

Personally I'd say no, and also keep looking around in case he pulls out anyway (he doesn't sound motivated to sell...)

Jazzjazzyjulez · 23/04/2024 12:26

Unless you have a full cash purchase - it is not an extra £50k, it is much more than that with mortgage interest...

Tupster · 23/04/2024 12:27

I agree with the people that say pull out. This is not really about the money, it's just that this is a major red flag for the kind of arsing about that would go on throughout the sale with these people.

Plus I think the estate agent is sensible to warn you - you'll have the mortgage valuers undervaluing the property, which even if you have an LTV where you can work round that, it's likely to add a world of complication to your purchase.