Vendor asking for more Money !?!

timba_2

Having had my full asking price offer accepted on the 18th March and instructed solicitor, done survey and searches and accepted a 10k below asking price offer on my flat.

The silly vendor rang the ea to instruct to ask for 5K more because they think they are selling their house too cheaply.

I am hopping mad as they have the cheek to do such a thing but the market here (Brighton area) is red hot and prices have moved up so they would have no problem reselling the property for more if I pulled out.

I am sort of prepared to re-negotiate the extra money but am worried that the vendor's will pull a similiar stunt just before exchange and really stuff me !

Is there any way I can make sure they don't do that (not holding out much hope)?

cheers

Melissa177

It's an old trick in a seller's market, I believe.

Not a very nice one.

You could call their bluff by saying that you will pull out of the purchase - it might work.

I hate greedy vendors who change their minds about what price they will accept - you offered asking, and now they want more!

Not sure what else you can do, really...

amcluesent

>done survey and searches...<

What can you find in the search that could be interpreted as a problem with the property that will cost £5k to fix, and negotiate from there?

Mutton_Geoff

With your survey/searches done, presumably mortgage arranged, you are in a much better position than anyone else they may care to sell to. You're also 6 weeks ahead.

Personally, I'd put on your best angry voice, ring the agent and tell them you're pulling out. Your perception of the market being "red hot" is probably only from your personal angle. Be strong and make all the noises of walking away from the deal (and the agent).

Within 24 hours, they will be back on the phone to put the sale back on the rails and then you can come back with items in the survey that mean you now want £5k off the price. If you can play the game with as little emotion leaking through as you can muster, you can turn the vendors greed into your gain.

Good luck.

Tiger_greeneyes

I would only threaten to walk away if you are prepared to do so.

It's an old trick and I've been on the receiving end of it twice now. The first time I was asked for £5,162.50 extra. I tried everything and the vendor even insisted on the final 50 pence

The second time it happened to me, I walked away - but they came crawling back to me.

It depends on how much you like the property, at the end of the day. If you pulled out, the other properties in the area would have increased by a similar value, you'll be starting from scratch again too - timewise and solicitors/searches/surveyors etc. Bear that in mind in any calculations you get involved with.

If you want to open negotiations, offer to go halves (£2,500) and say it's as much as you can afford. See what happens. You could always 'find' more later - assuming you actually can, of course

Good luck

timba_2

Thanks for your replies !

Would love to call their bluff but this is a property with a very good selling feature for the price (direct sea view) and they are not desparate to sell as their new build flat (downgrading to go mortgage free) is not ready till October.

Am going round on Tues for a 3rd viewing to check out how honest the Vendor is and will have the survey in my hand.

devils_advocate

Tell your solicitor to back pedal on any work to be done on this property. in the meantime llok around again and then go for whatever you fancy. When the vendor gets desperate, pull out.

amcluesent

Put the word out amongst the local heavies that someone's been silly and needs a smack

MJMum

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nelly_2

Buy forty cans of expanding foam and fire them through their letter box in the middle of the night. It wont get you 5 grand knocked off........

but by christ it'd be funny

plane_boy2000

Had the same thing happen to me a few years ago. Looking for a house for a few weeks and found nothing. Walked in the local agents office and while having a chat another agent walked in who overheard our conversation and said I have just been and looked at a house that sounds what you are looking for. Anyway, it was 10K less than anything else we had looked at but was what we were after - agent took us there the following day and commented that it was really nice and better than his colleague had led him to believe. We offer £500 under the asking price which was turned down so upped it to the full price. Vendor took 1 week to think about it! He then came back and said that he wanted £5K more than the asking price as it thought he had undervalued it because he got an asking price offer so quick!

I was all ready to tell them to stick it, but my better half did point out that it was what we wanted and it was cheaper than anything else we had seen and didnt even like - based on this we did agree that it did look to cheap. After some conversation we agreed to split the difference and paid 2.5K over the asking price. I wasnt happy, but as a consolation Vendor agreed to move in with his GF and complete when we wanted and we still reckon that we got it for a good price. Anyway, what I am trying to get to is that you should do some research on what other properties are selling for that are a good comparison - maybe view a few more (the agent will feed back that you have been looking at other stuff) It may be that if you pull out then you may not be able to get something the same for the same price.