Seller asking for 7k more days before exchange/completion?

magga2000

Had a call from estate agents on Friday, saying that our seller is frustrated
by the slownines of whole process(no chain running since october ) and her family member being in hospital causing them stress they now hoping to get 7k more then her original asking price we offered in October 118k.

The estate agent said houses there sold for more then what we offered? (some did some not). And she now needs 124,9k to cover her bank loan? Or she will have
to hand the keys to the bank for reposesion? Is this common practice? Or just a cheap scam to get more money of young FTB? She would be much faster responding to calls from EA and solicitors if there was a risk of repossession?

Seller had been v.slow responding to all enquires (1 month for initial one) and some all still not responded. But we would probably still go ahead as the house was the best we could find for this money but not a a higher price the bank evaluated the property at 117k?

We would probably walk away or give her a contra offer of 115k as there are
now few minor issues we spoted CH problems in the property , and a small leak in the roof. I said no to estate agent asking for 124 and we should hear from them next week if they still want to exchange at 118k? Any advice?

We had spend some money on the mortgage and solicitors (650GBP for this house) but would be still able to get something else.

Milliewilly

I would not increase my offer. Your offer was accepted and the seller cannot renegotiate now to cover their loans. Let her hand the keys back to the bank and buy it from them instead.

Cannon_Fodder

Don't fall for it. Oldest trick in the book.

If she is frustrated now, she will truly know the meaning of the word in another three months...

DVardysShadow

Hard ball?

Tell the EA that talking about family members being sick is just shabby. Set a deadline for exchange of contract with your solicitor's advice on how long it should reasonably take to reach this point after which your offer is reduced to say £110k. [But be prepared to walk away]

Silly woman knew how much she owed when she accepted your offer. Bank loans do not fall on people from the sky.

Ulfar

If they are selling for enough to cover the mortgage and they make the bank aware of this the bank will hold off on repossession most of the time. There are exceptions but that isn't your problem.

The relative being sick also isn't your problem.

Buying a house is a business transaction, I wouldn't pay the extra. If it got repossessed I would look up the outstanding mortgage and who the bank is on land registry, then make them an offer.

GDB2222

Prices are up a tad since October though, according to the house price indices.

misskool

Just remind her politely that some queries are outstanding and the length of time it took for the initial queries to be returned.

Tell her politely that because of that, you won't be upping the offer

N1AK

magga2000 wrote: »

Had a call from estate agents on Friday, saying that our seller is frustrated
by the slownines of whole process(no chain running since october ) and her family member being in hospital causing them stress they now hoping to get 7k more then her original asking price we offered in October 118k.

I can only say what I'd do in this situation which is make out to the estate agent that I cannot believe they are trying to play me like this, and tell them I'm not buying (and I'd mean it). Then I'd either keep looking elsewhere, or if they chased for the sale agree to buy it but only for less than originally agreed.

typeractive

GDB2222 wrote: »

Prices are up a tad since October though, according to the house price indices.

Without sounding rude - so what? The agreed deal was the agreed deal. As others have said, it's either a typical trick to con some more cash out of the deal or the person selling can not care for their own finances. As someone else stated they will definitely know the meaning of frustration when they are struggling to sell it further on down the line.

It's still a buyers market (well I imagine it is). If you're lined up and in a good position to progress then use that as your reasoning to put this issue to rest. Failing that, as much as it hurts pull out from the deal. However if your plans should not work and they will definitely not accept your current offer, whilst you still desperately want it? Then I guess you'd have to fork out for it. My point I'm trying to make is - it's not so much the prices are rising or falling for that matter, the property is only worth what someone is willing to pay for it. What are you willing to pay? ...I'd certainly not like to do business with someone that deals in such a manner.

As much as nobody likes to see others with financial problems (if that bit is true), are you in a position where you can just hand over the extra 7k? Because if you are I really need some capital to help finance my kitchen. I'm a nice guy...

princeofpounds

Although I think DVardys has precisely the tone of reply they deserve, I would go for a less emotional style of hardball and leave out the bit about sick relatives!

Just say no. The offer was made in good faith and verbally accepted at that level and as far as you are concerned that was the deal. The seller should have been aware of their financial circumstances at all points, and I wouldn't even mention the nonsense about the sick relative (which should have no bearing at all on a business transaction - it's hardly a selling point for the property!).

They are clearly trying to squeeze you and who knows how far they will push it if you give in.

Take it or leave it should be the approach, especially as it sounds like at the raised price it is not a unique opportunity. Plus add a deadline (doesn't have to be tight) for the offer to be removed. If they are not able to conduct adult negotiations than you don't want to be wasting time on them.

poppysarah

Her bank loan, her problem.

I'd be tempted to offer less - it won't help the situation but this seller is playing mean using sick relatives etc as excuses