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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:
Stressybetty · 23/04/2024 14:32

Difficult situation, if you give in and agree he could still try something else down the line or ask for more later. If he's being irrational then this could drag on for months, he could wreck the house, reconcile with his ex, cancel the sale at any time. I'd have a good look around at what else is available.

TheYoungestSibling · 23/04/2024 14:34

In a similar position I told the estate agent to let the vendors know that my offer remained on the table "as is" while I looked at other properties and if I found something I liked, my offer would come off the table in favour of the other property.

It focused their mind and they accepted within 48 hours. In fact used my offer to convince their onward purchase that they had a sale proceeding, which enabled them to get their offer accepted.

Stay strong if you can, he's just chancing his arm.

Carrotsandgrapes · 23/04/2024 14:35

Normally, for a long term, really dream house, I'd consider negotiating to meet the seller half way, with caveats around a speedy progression.

However, as others have said, the challenge here is that's he's not negotiating with you, he's actually "negotiating" with his ex. And quite possibly, it's not that he wants to sell the house for more money, it's that he doesn't want to sell the house full stop.

So to a certain extent, your response doesn't matter. He's trying to get a response out of his ex, not you.

I'd tell the agent your offer is on the table for another X days, and I'd also start looking at other houses (ideally with the same agent to get the message across)

GoingOnHol · 23/04/2024 14:37

Would you even get a mortgage if you pay more? If it’s already overpriced the bank May say no to increasing it further….

MissLucyEyelesbarrow · 23/04/2024 14:38

WoolyMammoth55 · 23/04/2024 13:20

Hi OP,

You've had plenty of advice already but here's mine, FWIW.

First up I'd call the EA and say you're on the point of pulling your offer.
Say you're concerned that the husband isn't after money, his intention is to prevent the sale.
Therefore even if you agreed to this 10%, or to meet him halfway at 5%, there's not going to be an end to his demands.
And eventually he'll prevent the sale.

The problem isn't the money per se; it's that he's against selling.

Then ask if the EA can contact the wife, find out if the sale is court ordered yet or not, and if she's prepared to get that order issued now or in the future.

From there you'll most likely have the information you need.

I am afraid that if you have a vendor who is reluctant to sell and there's no court order in place then this process is going to be very expensive, very stressful, and most likely will eventually end in you not buying the house.

Find out where you stand and walk away if you have to - better sooner than later!

Best of luck.

Generally good advice, but I wouldn't trust the EA. Never forget that they work for the vendor, not the purchaser.

OP, ask your solicitor to reach out to the solicitor(s) of the vendors, to say what @WoolyMammoth55 suggests.

80smonster · 23/04/2024 15:04

I’d say we ‘We believe our original offer, the vendor accepted, to be a good offer that is reflective of current market pricing for the property. We will not raise our offer, our bank has performed its valuation which is in line with our offer, so this is also a matter of mortgage financing that we have in place. We would urge the vendor to reconsider and leave our offer in the table. We were hoping to exchange and complete on x and y dates. Please advise. ‘

GatherlyGal · 23/04/2024 15:06

Are you buying with a mortgage? If the price goes up your mortgage offer will no longer be valid so you have to start again and depending on LTV that might be tricky.

C152 · 23/04/2024 15:06

I would start looking for another property, if you haven't already. My mother was in a similar situation. Exactly what she wanted, so she offered the asking price, which was accepted. Seller stalled and eventually said they wanted more, my mother offered the increased priced, which was accepted, seller stalled again and eventually pulled out. The property was taken off the market then put back on again several months later. As she was still looking, my mother again offered the asking price, which was again accepted...and you can see where this is going...seller stalled, estate agent said they were desparate for family to buy the place, but no one wanted to...eventually my mother gave up on it as it was clear the seller was just dicking around.

I wouldn't pay more. If the seller doesn't really want to sell, they'll wait until the last moment and probably mess you around again. Say that you aren't pulling out, you are proceeding on the terms already accepted. If they wish to pull out, to let you know.

Mirabai · 23/04/2024 15:15

Hold your nerve and say no. He’s trying to pull a fast one.

yikesanotherbooboo · 23/04/2024 15:32

I would offer £20-25 K more and insist on a short timeline if I really wanted the house. This is all about him though trying to make life difficult for his ex.If I wasn't absolutely set on the house I would pull out.You shouldn't buy a house in the expectation of it increasing significantly in value , buy it for what it is worth.

SoupChicken · 23/04/2024 15:35

Personally I’d walk away, £50k isn’t going to magically make him behave, he’ll probably ask for more money just before exchange.

BusyMummy001 · 23/04/2024 15:40

SoupChicken · 23/04/2024 15:35

Personally I’d walk away, £50k isn’t going to magically make him behave, he’ll probably ask for more money just before exchange.

And, being sensible, £50k is a new extension that will add value.

My experience is that as much as you love a house, there will be another around the corner that you will love as much, if not more - and you can invest that extra 10% of funds into the purchase price or extending that instead.

ivs · 23/04/2024 15:45

Ask the EA to send you new proprties

Reddog1 · 23/04/2024 15:45

You’re a pawn in the marital squabble. He sounds infantile.

FinallyHere · 23/04/2024 15:45

Just say that won't be possible. Simples.

Hedgerow2 · 23/04/2024 15:46

yikesanotherbooboo · 23/04/2024 15:32

I would offer £20-25 K more and insist on a short timeline if I really wanted the house. This is all about him though trying to make life difficult for his ex.If I wasn't absolutely set on the house I would pull out.You shouldn't buy a house in the expectation of it increasing significantly in value , buy it for what it is worth.

OP can insist all they want - that isn't going to make it happen!

AloeVerity · 23/04/2024 15:52

Say no. Never buy from a couple divorcing. They play too many games! Found this out the hard way when our sellers pulled out just before exchange. He was paying part of the mortgage for her and she had no incentive to leave at all. Found out later that she’d done the same to another family. Both of us had paid for surveys etc.

Baileyqueen · 23/04/2024 15:54

I’d just withdraw my offer completely. But I’m a t* who couldn’t be on with that kind of nonsense. He’s shown you already what a nightmare this purchase will be. Run.

Delphiniumandlupins · 23/04/2024 15:58

There's a reason people are told not to pay blackmailers.

I would carry on looking at houses, if I were you. Leave your offer on the table if you want, or withdraw or reduce it. There is no guarantee this seller won't find other ways to hold up the sale, if that's his motivation.

PoppyCherryDog · 23/04/2024 16:00

I’d say no and if the vendor pulls out so be it. Id refuse to be blackmailed like this. I’m also not convinced they really would pull out if you don’t agree so I’d call his bluff.

Greywitch2 · 23/04/2024 16:01

I would pull out. I would instruct the estate agent to tell him he can put the house back on the market as it is clear he is playing silly games and is not seriously intending to sell the house. You will look elsewhere.

And I'd mean it. He's going to be an utter prick to deal with, and will keep moving the goal posts. He's not a serious vendor - you will be caught up in his acrimonious divorce and used as a weapon. Fuck. that. shit.

Itradehorses · 23/04/2024 16:04

Just hold at the agreed price. Make him the one that has to officially back out. He wants you to do it for him so he can claim to ex it's not his fault as it was your decision.

Atethehalloweenchocs · 23/04/2024 16:06

I have bought two houses through a local estate agent. In both cases the seller came back at some point after my offer was accepted asking for more money. From asking around, I find out that this is really common through this estate agent, but people using the other ones in town dont seem to encounter this nearly as often.

In both cases I told the EA no way was I getting into a negotiation. If you start, he will keep going. As others have mentioned, this is about getting at his wife.

Pink39tree · 23/04/2024 16:16

Itradehorses · 23/04/2024 16:04

Just hold at the agreed price. Make him the one that has to officially back out. He wants you to do it for him so he can claim to ex it's not his fault as it was your decision.

Definitely this, he’s being unreasonable so you pull out. I would stick at your price and if he wants to pull out he can. Is his wife aware of him asking for money?

whatsappdoc · 23/04/2024 16:29

If you really love the property it's a tricky one. I would call his bluff and say no. If he then puts it back on the market I would agree to 10k being put in a protected pot (there's some name for this) which will be given to him (them) if the purchase goes ahead with no more hitches. If there are further delays and threats then retrieve your 10k and walk away.