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Original poster

Anyone asked more before exchanging?

47 replies

HouseHunting · 07/09/2009 14:17

We sold our house in early May & since then houses similar to ours are flying off the market at a higher price & mostly above asking price. We are due to exchange in 2-3 weeks time & DH is thinking we should ask our buyers for more money to reflect the rise in the market. I am feeling uneasy about this as I would hate for it to happen to me if I was a buyer - but then again I do understand DH's point in that we would get up to £20k more if we put our house back on the market should our buyers refuse. Ho hum I am feeling stressed!

OP posts:

FabBakerGirlIsBack · 07/09/2009 16:01

When we put our house up for sale the EA told us he had 74 people on his books looking for a house just like ours. 3 months later he still hadn't sold our house and in the end it took from June to October and another EA sold it. \the first EA also put it on way too high.

Original poster

HouseHunting · 07/09/2009 16:32

It's not a different EA it is the EA we have sold through. It also well known around here that this type of property are selling within days of going to market & the majority above asking price. But I am only asking for your opinions & tbh I do agree with you that it is not fair to increase the price. I need ammunition (sp?) to convince my DH you see!

OP posts:

SomeGuy · 07/09/2009 17:03

I don't see why the EA would do that. He has got his commission already by selling the house. If you sell it for an extra £20,000 he makes an extra couple of hundred. I don't see that is worth the risk/extra work, etc.

FabBakerGirlIsBack · 07/09/2009 17:05

How about just telling him no.

CarGirl · 07/09/2009 17:11

I think it sounds as though you really need to consider if you can afford to sell and move into rented if the market is rising that quickly.

It does sound as though you need to ask for an extension to the completion date in order to find a home to buy. Is buying something with the potential to extend and option if the 3/4 beds are in such short supply?

brettgirl2 · 07/09/2009 18:05

We're in the same situation.

My feeling is that rather than feeling bitter about it we have our buyers over a bit of a barrel. Surely it means that your buyers aren't going to pull out?

You agreed to sell at that price so morally you should stick to the agreement.

aJumpedUpPantryBoy · 07/09/2009 20:39

Someone did this to us - they wanted £20,000 more, telling us on the day of exchange.
We walked away on principle. I think it is a dreadful thing t do to anyone.

Sadly, I get great pleasure from knowing that two years later their house is still for sale.

Umlellala · 07/09/2009 20:46

I'm with brettgirl, we think our buyers are unlikely to pull out as they have a good deal... Don't do it!

If the house we are buying asked for more, we would flatly say no (we can't afford more anyway but it would piss me off and make me want to walk away).

aJumpedUpPantryBoy · 07/09/2009 20:50

We could have found the extra money (would have been a struggle) but I was so furious that we didn't even consider it.
I think the people we were buying from were convinved that we wanted the house so badly that we would find the money.
I did love the house, but lets face it, there are lots of other properties out there.

As it turned out the house we bought was even nicer and cost less money so what seemed like a tragedy turned out to be a blessing

saltyseadog · 07/09/2009 21:03

We would walk away if a vendor did that to us - on principle. I just wouldn't want to do business with them.

We sold our house in April - and yes, maybe we could have eked out an extra £20K. However, the only properties selling in our area are realistically priced, and I suspect the market will slow down again with the onset of autumn and winter. Bird in the hand and all that - plus I believe in karma - what goes around comes around.

Original poster

HouseHunting · 07/09/2009 21:07

We are looking at everything that could possibly work for us - recently bid on a 3 bed house that we could do a double storey extension to but we didn't get it as the OP only needed a 5-10% mortgage. Wow!

UPDATE Have spoken to DH & told him I do not feel we should ask for more money & that if it happened to us we would be devastated, esp if we could not afford the house. I told him that we should try to negotiate an extended completion date & say that we are well aware that the market has risen but we will not be asking for more money & would like an extended completion date b/c if we move into rented accommodation it would cost us double our current mortgage payment in rent (our mortgage deal has run out so we are only paying the variable rate - yay!). I think this is the best solution all round & thankfully DH agrees. Thanks guys for your input

OP posts:

CarGirl · 07/09/2009 21:10

result

Umlellala · 07/09/2009 21:11

Yeh, good plan! And hopefully good karma!

Original poster

HouseHunting · 07/09/2009 21:12

I feel less stressed now as I am well aware that what goes around comes around & if we did ask for more money I just know we would get our repercussions

Another question - do you think asking for 3 months for a completion date from exchange is taking the p*ss?

OP posts:

brettgirl2 · 08/09/2009 08:06

It is quite a long time but it doesn't mean that it isn't worth asking, remember as they would have to pay more to buy another house you have power over them. Maybe they'll pull out!!!!!

susie100 · 08/09/2009 09:44

We asked for and agreed 6 months but this was part of the deal upfront when accepting her offer. We also have the option to rent the flat back from the vendor as she was buying it as a buy to let, not as a home.

In answer to someguy the EA is obliged to tell you if the market has moved and you are now underselling your home, they act for you, not the buyers.

Roastchicken · 08/09/2009 10:01

Three months from exchanging is OK. Our vendors asked for it and we're fine with it. Basically, if you pulled out, it'd be a minimum of 3 months before they could find something else. I don't think its unreasonable to even suggest 6 months as that would make it less pressured to find somewhere.

PortAndLemon · 08/09/2009 10:10

They've farted around for four months between offer and exchange, so I don't think it's unreasonable for you to also want some time to play with.

susie100 · 08/09/2009 10:13

Four months!! That is ridiculous. Seriously I would consider getting the market value for your home if you are going to be significantly disadvantaged by not doing so.

Original poster

HouseHunting · 08/09/2009 14:35

PortAndLemon yeah they have farted around - they work shifts & have been a nightmare to get hold of. They also turned up unexpectedly with their parents to look round the house again when I was expecting the roofer - fortunately the house was tidy. Phew! DH & I are going to speak to our EA & tell him about our want for an extended completion date - also going to sound him out about the current value of our house. but we won't be asking for more money, instead use it to back up our case for the extension.

OP posts:

susie100 · 09/09/2009 12:03

My blood pressure is rising just reading this as we have just had a n offer accepted on a wreck and the memories of doing up our flat are flooding back.

God it was an absolute nightmare. Our builders actually put a second hand pump in the shower rather than the really expensive one we had ordered (and no doubt sold on) and we had terrible water pressure for years until we discovered their fraud.

Best of luck with this am really keeping fingers crossed.

susie100 · 09/09/2009 12:03

sorry wrong thread!

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