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?

He is just playing games with his ex and will likely need a court order to sell. There will be another, more perfect home. Walk away.

We had similar happen to us many years ago. We never got the house - it was obvious the wife (in our case) was determined not to sell. We eventually found a house we loved, as I'm sure you would.

Haha you’d hope. I’ve been on my house 16 years and it’s still worth about the same as o paid judging by one that’s just sold on the street. We bought and house prices plummeted and I was in around £30k negative equity for the best part of 10 years and it’s only the last few it’s gone back up in value.

Stay firm. Don't cave on price - this is being used as a tactic to sabotage the sale as part of a warring couple's nightmare divorce. If you were to agree to the higher price (which would be foolish) a different delaying tactic would be dumped on you a few weeks later. They won't find a new buyer at a higher price. Keep looking.

Counter with a lower offer x

If you agree then I am afraid you are a complete and utter muppet.
The other side doesn't appear ready or willing to sell and there is no guarantee you will get a return given if you do sell up given you already appear to be paying over the odds.

What are their solicitors saying to your solicitors?

I’d be highly dubious about anything the EA is saying, especially if she is slagging the seller off to you - likely as not the seller has decided to pull out already (because he doesn’t want to sell), and she is trying to get you to up your offer to reel him back in. He may know nothing about the £50k request, and it may have no impact on him.

Or he could ask for £50k now, and another 100k the day before exchange.

I agree with the other posters. Do NOT up your price. He doesn't really want to sell; he is just trying to mess with his exes mind.

You'll find your house, but don't get snookered by this dud.

@ChompStomp I’d withdraw the additional £25k offer then register with the new EA today and ask for a viewing. Then offer your agreed sale price to the new EA. Ideally ask for a viewing without the vendor present. Don’t mention to the new EA you are the buyers from the other agency unless asked directly. What the vendor won’t probably cotton onto straight away (because he probably thinks he’s the cleverest person ever) is that he will then have to pay two sets of agency fees if a sale goes ahead because you will have viewed and made an offer with both. But then again, I am a petty fucker about these sorts of things and these sorts of people.

I wouldn’t be doing this btw because I think it’ll achieve a sale - this chap has no intention of selling. More of an insurance position in case you don’t find anything else. There is always more than one way to skin a cat ;-)

OP I know you're disappointed, but really the vendor pulling out has saved you so much stress and aggravation. I wouldn't have offered more but just said my offer stood, and he had 24 hours to decide to proceed. He would have dicked you about so much! You need nerves of steel for this - I'm pretty soft and nice, but not when it comes to spending hundreds and thousands of pounds.

I know it doesn't feel like it now, but another house you love will come along.

If he's over pricing it it's unlikely to sell. I'd put original offer in.

I suspect he doesn't want to sell and is dragging his heels in which case there's no guarantee paying over the odds will make is difference.

The original EA will need to provide a list of people they have introduced to the house.

I suspect OP you really need to forget this one now, house buying and selling is stressful enough, you have been drawn into a divorcing couple's issues which is not going to end well. You are being used and I do not think you would ever have purchased this house even if you had offered to pay the extra 50K, as that would then have increased to 75k then 100k.

It’s a joint agency agreement not a sole new one. You’d be surprised at how easily disputes would be sorted if all EA’s did this proactively. In reality they don’t and it is a ball-ache for the seller down the line when the LR is checked.

I'd just say that unfortunately your financial situation means this isn't possible.

Our Vendor asked for another £500. It doesn't sound like much but actually we couldn't get a mortgage for part of the extra. They ended up having to do work on the house after our Survey which was worth more than that and we found the money we needed. They needed it to be able to buy the property they wanted. This may have happened with your Vendor or they could just be greedy.

If it's a case of them saying their overpriced house is worth more now, I'd probably assume it's about greed rather than need.

Please stand your ground, always be prepared to walk away, don’t give in to being bullied into it, a house is just a house, there ll be others and he will probs come to regret it. Don’t offer any more that would be crazy, friends of mine were in a similar position, they didn’t want to let their buyers down but a week before completion their vendors asked for an extra £40k, they couldn’t afford it and said they d walk away, they got it for the original price and have now moved in

Don't let him blackmail you, he could pull another stunt like this just before you exchange contracts.

Any developments @ChompStomp ?

I kind of feel embarrassed to ‘fess up but we caved and upped our offer. We really like the house and after looking at a few others the end of last week they just didn’t compare. We spoke to the agent who said at the higher price it was generating interest so the vendor was definitely going to hold out for more and at this stage we thought okay not happy but we were even more unhappy losing the house. I know full well we are idiots and buying with hearts over heads.

Don't feel embarrassed - people have given their advice on this thread but it is easy to set behind a keyboard and look at situations without the emotions involved in purchasing property. No matter how hard headed we all have to be when buying a house, for the majority it is also a home purchase so heart will always be involved.

You have done what you feel is right for your family, nothing wrong in that at all. I hope it all works out for you.

Don’t feel embarrassed- if you and DH are happy with the decision, that’s what matters.

If it was generating interest then presumably other offers would have come in- are you going to end up in a bidding war?

Well I hope you bloody got it. Have you got it?

Fingers crossed he doesn't give you any more shit. Ahem.

We spoke to the agent who said at the higher price it was generating interest

Well obviously this isn't true. Nobody raises the asking price and gets more interest! This is the same agent that told you the seller was being unrealistic and the house was overpriced? They are just telling you whatever they need to in order to keep the sale.

Call his bluff & let him pull out but say to your EA if it goes back on the market you're still interested but will only pay the price agreed in the first offer. If it's already overpriced then I can't see him getting much interest. My concern would be if I agreed to pay the extra 10% would I lose out when I came to sell in 10-15 years time?

I worry for people spending this amount of money and believing this shit.