How to deal with greedy seller wanting more money?

[ChompStomp]

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?

Never pay the blackmailer!!!

He's nothing more than a bully, and you are falling for his tactics.

Walk away. If he does happen to come crawling back, you go back to the original accepted offer. Don't be paying more than that, it's crazy.

Get a mate to go for a viewing and suggest to the seller a 10%. Less than asking offer….he’ll be back running.

you did the right think op but it’s hard to see a dream fall through

what a great idea!! Even better if you have a couple friends go at different time and all put in low offers

That was a mistake.
As the majority of posters have said, he doesn't want to sell and will continue to behave in an unreasonable way and you will be caught up in the fallout between him and his wife. Apart from that, he is blackmailing you and you are making decisions with your heart not your head. It's a business transaction and you will only regret it if you overpay.
It's v upsetting for the two of you but that is the awful UK system and people can get away with pulling totally unethical stunts like this. Sadly, you need to put this down to experience. Something else will come up; it always does.

Oh goodness do not pay more. He’s just a random guy at the end of the day - would you pay £50k to someone trying to rip you off in another situation? You need to take your emotions out of it. The market has dropped since a year ago - and if he already had no offers within 10 months it sounds like it was overpriced at asking price! It will likely be worth even less now.
I can see this all ending up in court. Walk away! Fast!

He's done you a favour. Walk.

Can he speak to the other seller and see where they are at in terms of taking it to court to force sale?

This person may never intend to agree to a price and play silly buggars.

Tell them that it's only worth an extra £50k if they have a willing buyer prepared to pay more. Suggest you can both take a 7 day pause during which you will look at other properties in your price range and they can see if they can get a better offer and you can both decide in 7 days whether to carry on with this sale. It's much more likely that you will find another house just as great as that one than that he will find another buyer just as great as you but with more money to burn

Don't send too many people to make pretend offers or he'll think there's genuine interest and it's worth holding out (he sounds like the type to cling to anything to prolong the process! And a stream of viewers all making offers, albeit, low ones, will just convince him he was right to re list!! )

I'd say fine and cancel. It's just a house. It's tainted now and since he doesn't want to sell he will come up with something else to delay.

Agree with @littlemousebigcheese creating fake offers and interest in the house is madness.

If you are buying with a mortgage your offer will no longer be valid if the price changes but more important than that this guy does not want to sell!

Walk away OP buying a house with a motivated and helpful seller is stressful enough but if you have someone deliberately sabotaging the process it's just not worth it.

There's only more misery to be had by pursuing this purchase. You don't want to deal with this horrible seller. Do no invest any more time or money in this purchase.

You will find somewhere else.

Does your husband realise you will most likely go into negative equity if the bank have already given a lower valuation.

For goodness sake, that was a mistake. He's no intention of selling, he is pissing his wife about, as others have said.

If you up it to the 50k he wants, I guarantee you he'll try again, delay things and end up pulling out over some spurious reason just about on completion day.

He's not a serious seller and this is pointless. Go find another house. There will be one eventually. You are not going to get this one, whatever you do and however much you crawl. It's not a question of saying 'fuck it, we'll pay the extra'.

He doesn't want to sell it.

Where in the country do you want to move to?

I am going to be selling, not on market yet so could avoid all hassle. A deal to be had!

In all seriousness, your dh is being daft. Don't buy this house. It is a big mistake.

OP, I really hope you and your partner aren't contemplating offering this git yet another 25k after he's re-listed it, but just in case you are, consider this: I've seen folks posting on here that their house purchases were so stressful that even years after getting their keys, they absolutely hated living there.

A bad buying experience can almost permanently embitter you towards a house, it seems O_O

If they hadn't had any interest for 10 months, I think I'd hang tight.

Tell the EA that your original (not the extra £25k) is on the table and if they ever want to reconsider to get in touch. And then leave it.

Start viewing other things and put this house out of your mind. No house is perfect. And if it's meant to be it'll work out. And even better house might be being uploaded onto RM as we speak...

This is outrageous!

Do you need a mortgage? If so, there’s a chance that the bank won’t want to lend if you’re paying over asking price

they sound awful to deal with

actually an EA recently told me they won’t touch a sale if the couple are divorcing because it can be a long hard process

I honestly think house prices are dropping. Not rising

although plenty of sellers in my area seem to be deluded

This happens more often than you think where there is a divorce going through, especially if one party is less keen to split than the other or it ended acrimoniously. It is often done to spite the ex.

Do not proceed. Regroup and rethink. But this vendor will continue to mess you around. There will always be other houses even if not right now. And if this house is meant to be if you are patient the market and the legal process behind the split might force the vendors hand anyway.

WTF! How cheeky. Walk away. Say you are paying the agreed amount and that’s it. Do it through your solicitor.

Pull out

Say no and give them 48 hours to proceed at the original agreed price.

This probably has more to do with their divorce, and putting roadblocks in their divorce than seeking more money.

There's no other buyer on the scene.

Seriously if you think flinging 50K away is no big deal, you're either very naive, don't have children or someone else is paying the bills.

THIS
We once looked round a house owned by a divorcing couple- it was pretty obvious that one of them didn't want sell
The place was a complete mess, including unmade beds and pots pilled high in the sink.
(Update they got back together and took the house off the market)

Makes me suspicious about what other demands they will be making. If another house nearby comes up with good sellers and a better deal you will be kicking yourselves. I'm sure me and DH would say forget it, call their bluff, as there will be more hassle. Up to you of course, only you know what you're willing to do. Have been in a similar situation before and at the last minute they pulled out TWICE so lesson learnt. Xx