Seller pulled out

Daisies

Stand firm, put in writing to the EA that you're standing by your original offer, and that it will be withdrawn next week (set a date) unless you agree a date to exchange.

And definitely ask the EA for details of other houses! If it does all fall through (and I bet the seller is trying to call your bluff) at least you have some idea what else is on the market then.

Good luck!

MJMum

so am i right in thinking that he's wide open to private sale offers after that?

Yes, but not from you. You have been introduced to him by the EA. If he subsequently sold to you without paying the EA, he would find himself in court pretty sharpish. EAs are pretty hot on this. Most contracts also stipulate that if EA fees are not paid on the day of completion (or within some reasonable timescale ie a few days) then a punitive rate becomes due (eg instead of the usual contract rate of say 1% of the sale price, then 5% becomes due, to cover the additional cost of recovery).

CharleneUK

I'm sorry to hear this happening. It's a buyers worst nightmare.

This happened to a friend of mine, and it turns out the seller decided, since the asking price was offered, the property must be worth more.

She backed off completely, and found the property still on the market 2 months later.

kitegirl

Well we went to see him - to be fair he's had a survey which we saw, that's valued it as is for £298 - £305k. He's willing to meet us inbetween the original price (which we always knew was a great low price) and the £300k so do we accept it and take it?

Poppy9

kitegirl wrote:

Well we went to see him - to be fair he's had a survey which we saw, that's valued it as is for £298 - £305k. He's willing to meet us inbetween the original price (which we always knew was a great low price) and the £300k so do we accept it and take it?

Your OP said it wasn't worth 25k more than you were paying so why are you now considering upping your offer. Why did the seller have a survey done at a cost to himself? Did he know you would fall for it? If he's paid for the survey then he may have dictated the value.

TBH he now knows you are new to this game and will pay him more so he may hold his nerve for a few weeks, can you hold yours? Did you find out why he suddenly didn't need a quick completion?

I would not pay the extra but hey I'm not moving house again!!!

EdInvestor

This is a typical negotiating tactic, which often crops up just before exchange.Everyone should always expect this kind of thing and have a plan to deal with it if/when it happens.

IMHO the best approach is to stand your ground assuming the local market has not moved up a lot since your offer was accepted and the sale process has not been unusually long.

Of course it depends on how much you want the property, as there are no guarantees.

It often happens the other way - buyer has survey done, tries to negotiate reduced price based on minor imperfections found by survey ( this is why surveyors always find minor imperfections).These days it seems the surveyors have found a new target market

pingua

Stand your ground.

He wants to sell. Probably does not really want the hassle of other buyers who would probably be in a chain and need to sort the morgage etc out. All takes time and may fall through.

You are in a strong position.
I would do as previous poster said and view other houses - even if not intrested and sweat it out a week or so.

Poppy9

Can you update us?

david29dpo

i dont think you did yourself any favors going to see him. he now knows you are desperate and has you more over a barrel that before. you and only you can decide what to do next. i do feel for you, but if is was me, i would stand my ground and not fall foe his blackmail.

chant1l

Surveys are only opinion. Given that it is not an exact science it is fairly easy to get a low or a high survey comissioned. Just think , how did your surveyor arrive at exactly £275, not £270/ £276?
Pay what you think its worth and ignore both surveys. Or find another house.