Can they raise price after offer accepted?

pagetta

We put an offer in on a house - it was accepted on the condition that they found somewhere to live - so they were basically saying that they aren't going to move out to please us and we shouldn't get solicitors or surveyors involved until the chain was in place. Fine.

So, this was three weeks ago. Today estate agent calls to say Vendors can't find anything they like that they can afford and they need more money from the house to buy, so they're raising the price. This isn't official yet but is pretty likely.

Are they allowed to do this given they've accepted our offer (albeit conditionally)?!

We're so angry - we have been looking since january, we wasted a month on a house that turned out to be subsiding, just started looking again and now this. They've wasted three weeks of our time, and although time wasn't pressing before it is starting to be an issue as my husband will be moving away with work from september, so will only be around 2 weekends a month - we ideally wanted to be settled in before then.

Someone PLEASE help me find a damn house!:mad:

PasturesNew

They can raise the price at any point up to exchange... and you can drop the price or walk away at any point up to exchange.

pagetta

thanks for the reply - we're first time buyers and don't know much about all of this except that it is hugely frustrating!

suisidevw

How much have you put into this house purchase so far?

Seems pretty scummish but I'm no expert.

PasturesNew

They're either idiots or greedy really. Either way, it doesn't help you that they're indecisive and annoying.

Just phone their estate agent and book some more viewings.... he'll panic when he realises he's about to lose a sale/commission.... if asked, say "no" to the price rise unless it's REALLY worth the extra and you know you can raise the extra.

Blacksheep1979

If they raise their price by £5k drop yours by the same, see how they like that. They're really taking a chance with the way the market is, they might not find another buyer for months and prices may have fallen further.

suisidevw

Listen to the above OP!

pagetta

cheers for the advice - we canont go any higher we already stretched our absolute maximum by 3k to get it so we can't go any more. We haven't put any money at all into it as we lost £800 on the subsiding place so didn't want to risk it with this until chain was in place. I think you're right blacksheep - if they officially raise the price we will drop our offer and if they won't take it then we will walk away. we have some viewings booked but there's SO little on the market plus we're now on holiday for a week - AGH!

Just SO frustrating.

picardygirl

pagetta - i agree with what pasturesnew says, go back to the agent and say sorry, we cant afford anymore, and ask to see what other houses are on the market - whether you want to look or not, but dont tell the agent that though !

They may be trying to pull a fast one, or they may be genuine and need extra money for their house in order for them to move on - but as blacksheep says in this current climate its a more difficult time to sell as is.

Have you got a decision in principle or similar for your mortgage, go back to the agent and say you are first time buyers, with a decision in principle, you are in a position to proceed and this is our first and final offer - and see what they say? Be prepared though, you may get a no, but you might get your offer accepted again. Doesnt sound like you've paid out any money yet though, so thats a positive side to it, if they do backout, i know thats not what you want to hear, but it is a possibility.

Beware though, vendors can promise the world when you put in an offer for a house, and it can be stressful, i've been there too, so know exactly where you are coming from . All the best x

picardygirl

sorry pagatta didnt see other posts, phone rang x

Tea3

Be wary as they may decide to leave the price as it is for just now (if you threaten to walk or drop your price) however once you have paid out for surveys etc they may then try to increase the price to get their extra cash. Hopefully it wont happen but just wanted you to be aware that it could incase they do try it on. I hope it all works out for you and you get your dream place