Will the vendor raise the house price?

leftieM

I hope someone has experience of this situation....
Our buyers pulled out last week 2 months after we had agreed the sale of our house. Our vendor gave us a week to find new buyers. So we put the house back on the market at the price we had sold at before. Yesterday we got another buyer. The wierd thing is that we got a lot more for the house this time (27k!!). There were 7 bidders. I wonder if our vendor will try to take that extra profit from us. Will she even know we got so much more? Is it normal to tell a vendor? In fairness our vendor is a lovely lady and doesn't seem to need more money, and we gave her 40k over the asking price to begin with so we really hope we can use this windfall to bring down our mortgage. However we can't celebrate this apparent good fortune just yet.
I know no one here can tell me what will happen in our situation. If you have any related stories or can offer an outsider's view of what might happen I'd love to hear it.
We are walking around in shock to be honest. I knew on paper our house was worth more now but I thought that, as we only had a week, we wouldn't get more.

furndire

Well done getting a better deal for your house. Its nothing to do with anyone else what you got for the sale of your house. All that your vendor will know is that you have another buyer. I hope everything goes well next time a round.

shelly

I'm not a regular to the property board but might be soon as we are looking to sell our property and buy bigger.

I don't have much advice about your query OP but just had to say something....:D

I really don't know what its go to do with the person you are buying from how much your house sells for.....maybe I'm missing something but I wouldn't discuss it with anyone other than the people I have to....i.e my own EA, solicitor etc.

leftieM

We have the same EA. I wondered if they would encourage our vendor to look for more. I think I'm looking for worst case scenarios.
We feel a bit grubby getting so much more in 2 months. The market here is nuts.

Alan_M_2

What you get for your house is nothing to do with the vendor, and in reality she needn't know you've got more for it at all, especially if you met her time scale.

leftieM

Okay you're all in agreement. Maybe we can believe this has happened. Maybe what was a bad thing - our buyers pulling out - has turned into a good thing in that we can have lower monthly mortgage payments.

pawpurrs

I wouldnt have thought that the agent will let the vendor know that, as there are no guarantees that her house will sell for more this time, just hope that it all goes through for you this time.

Still nice to have a 27k less mortgage! Fingers crossed for you.

real1314

if the EA was to tell your vendor about your better offer then it would breach the data protection act, and probably their professional code of conduct (?) and their contract with you.

you could sue their ar*e off.