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?

@BirthdayRainbow

My friend is an estate agent. They do lie. Maybe this isn’t a lie in this case, but they do lie. Even auctioneers lie when selling houses by auction! If someone seems really keen, they’ll take bids “off the wall” which means they pretend to take a bid from someone off in a corner the other bidder can’t see, even though no one is bidding. Just to get the really keen person to pay a bit more.

Everyone lies.

My MIL sadly is the same. Unbeknownst to me, she offered 375k on a house listed for 350. It was previously listed at 375, and dropped 350 a month before she offered. Guide was 350-375 on the brochure they gave her, but just 350 on Rightmove (she hadn't seen it on there). Having never bought a house before, she didn't have a clue. EA totally saw her coming and told her there was loads of interest in the property so she thought she needed to blow the (non existent) competition out of the water.

After I spoke to her, she told the agent she wanted to lower her offer... EA said they'd accept 365, which she still thought was a bargain 🙄 She accepted, but EA (obviously after going back to vendors and telling them they could bleed an elderly lady dry) came back to her and said they wouldn't remove from market for less than 368. Scumbags.

How could the property have interest at a higher price but was on the market for 10 months at a lower price with no interest? That makes no sense!

Exactly.

Who would believe that 🙈

if it is true then it won’t have just been accepted there will be bids, and it will go for even higher.

Well we were hoping to exchange next week and they’ve pulled out. No explanation.

Anyone who said they would mess us about was right. What a waste of money. It leaves us in a massive predicament as we don’t want to go into rented due to cost of two moves, young children, pets… ugh. Furious to have wasted so much time and money on this, plus we really loved the property.

I think the explanation is that guy doesn’t want to sell and probably didn’t think you’d pay the £50k.
Maybe accepted it to save face and then now it’s come to it he has as predicted, not gone through with it.

I bet the wife is fuming.
I guess just get looking elsewhere :) maybe you’ll find something better.

Sorry to hear this @ChompStomp time to move on though, he’s never selling. His poor wife. Hope she’s not the poster on another thread whose DH won’t sell despite an offer at asking!

They're going through an acrimonious divorce.

Learn from this. There was no reason to increase the price. It was to dissuade you from buying. One of them didn't want to sell.

And the next time they put it on the market at an inflated price ... no one will come knocking.

They've lost the best buyers (potential idiots) they will ever have.

You bought with your heart not your head.

It happened to us once. Totally fell in love with an old quirky house - to be our family home. We just loved it. Loved the area. Put in the full asking price, and asked for it to be taken off the market.

Full offer accepted. Cash buyers.

Then inexplicably taken off the market and "potentially" sold to someone else through another estate agent, that was never advertised.

Completely devastated. We'd already planned our future down to last happy detail in that house.

We attempted to put in an increased offer. Rejected without explanatin.

Bought a house in a different area. Sliding doors. Different future. But one I love so much and would never change.

Different catchment area for schools, but all rate good or outstanding. Small market town.

Give yourself time to get over it. A house represents so much more. It's your home. It's your base. It's your future.

But your family brings those qualities to bricks and mortar.

Your family will bring those qualities to your new home. When you find it. You only think right now, you'll never find a home you love so much. But you're probably like the teenagers of house buying, and in the first flush of love.

So give yourself a little time. And hopefully either you or husband, will motivate the other into looking at new opportunities.

And maybe exploit the strong status you have as a cash buyer. We did.

Again a divorcing couple. But this time we beat off the competition by agreeing the asking price and demanding a quick completion. We didn't mess around second time. We didn't mess around with our solicitor, or the estate agent or the seller. We got earliest exchange and completion dates from solicitor, and pushed everyone to our timelines.

It almost worked out perfectly, except day to move in, one of the divorcing parties was still there moving out. We called solicitors and estate agents and gave him an extra 24 hrs.

It wasn't perfect as we had a moving lorry and had to move all our possessions into a freestanding garage. But then again, divorcee moving out was unscrewing every last fixture/light fitting (that was agreed in the sale). We didn't argue about that. We didn't really care about that. He left with his divorce anger in a civil way with us. We moved in.

Never underestimate the unreasonable anger of a couple divorcing. And apparently never expect a single light fixture or toilet seat of a departing frustrated divorced person. And just always bring your own loo roll.

But the really unhappy thing is that he was probably us, when he moved into that home with his now ex.

Hopefully it will go to court and sale is forced through!

It's very annoying and disappointing right now @ChompStomp but it was pretty predictable from your first post. This man was always going to be difficult, sadly.
When you look back at this, months years down the line, I think you will both be relieved that you didn't waste a huge amount of money on this house.

You need to look at this as a blessing in disguise. Offering another 50k on top of asking just because the owner 'felt like it' was madness. He was always going to be difficult and you were never going to get this house. I bet you'll find another house you love soon enough and you'll be breathing sighs of relief that you weren't ripped off by some grumpy and difficult twat.

I think you need to use this as a learning opportunity. When buying, the position and intention of your vendor is as important as yours. Someone selling a house because of divorce is ultimately enabling a settlement. This type of vendor is a more risky seller than a family, who is selling to purchase their next family home. You need to ensure you are dealing with a highly motivated seller. Generally I would ask the agent for explicit details about a potential vendors next moves. Where are they going, why, timeframe, general agenda for their move etc. This ensures everyone is on equal footing during legals.

I am not telling the complete real reason why I am moving as it isn't their business or relevant and there is nothing wrong with the house or area. I am 100% selling and want everything to happen as soon as possible. The vendor doesn't need to know why.

Agree with this - he wanted you to pull out so they weren’t landed with the estate agent’s fees, and it didn’t work so he’s pulled out himself. He was never going to sell to anyone.

His poor wife!

Yes good point about the fees!

Err this. My ex husband was a total bell end but even he didn’t do this

@ChompStomp he doesn’t want the divorce/house sale and is increasing the price hoping you’ll pull out..even if you agree he will drag his heels/do anything possible to stall proceedings.

I’ve no idea what happened. It’s off the market now and apparently is being sold to a friend of the vendors. The agent is furious, and told me that when we were looking at another property with them.

We’ve offered on another house now and while I’m sad about the one that got away and prefer the location of it, the new house is a nicer property with a bigger garden, lighter inside, and far better layout. Just hope this one goes through!