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Vendor wants £30k more
Options
stanmoor
Posts: 32 Forumite
We put an offer in on a 2 bed flat in London for £390k (slightly over asking) at the beginning of January. Vendor has been fairly co-operative until recently, whereas his solicitors have stopped being responsive.
Got through to them today and told the conveyancer is off for the week, which seemed odd. Anyway, this eve, the EA called and said that the Vendor thinks he can get £420k for the property, would we increase our offer by £30k. Said absolutely not, so she said she's fairly certain he will ask them to put it back on the market. She's letting me know tomorrow.
We've paid about £1200 in fees so far, with the solicitors fees still due. I'm absolutely livid. This greedy !!!!!!! bought the property in 2010 for £260k, and now he wants £420k. To top it off, the EA seems to be completely on his side going 'yeah the market's very fast moving, to be fair he can probably get it'.
When we made the offer, we paid £600 over the asking, and won on a sealed bid. So obviously other bidders didn't feel it was worth asking back then, so i'm hoping they won't now.
I'm fairly sure he's done this before as well, the property was first listed last June for £360k, and then re-appeared in December, apparently because the Vendor had an issue buying a property in Chelsea. I'm fairly sure this is BS and he's just done the same thing to us as he did to the previous bidder.
This is his second property, so it's not like he's part of a chain or anything.
Really upset. I know there's nothing that can be done, but just wanted to vent to you guys.
Got through to them today and told the conveyancer is off for the week, which seemed odd. Anyway, this eve, the EA called and said that the Vendor thinks he can get £420k for the property, would we increase our offer by £30k. Said absolutely not, so she said she's fairly certain he will ask them to put it back on the market. She's letting me know tomorrow.
We've paid about £1200 in fees so far, with the solicitors fees still due. I'm absolutely livid. This greedy !!!!!!! bought the property in 2010 for £260k, and now he wants £420k. To top it off, the EA seems to be completely on his side going 'yeah the market's very fast moving, to be fair he can probably get it'.
When we made the offer, we paid £600 over the asking, and won on a sealed bid. So obviously other bidders didn't feel it was worth asking back then, so i'm hoping they won't now.
I'm fairly sure he's done this before as well, the property was first listed last June for £360k, and then re-appeared in December, apparently because the Vendor had an issue buying a property in Chelsea. I'm fairly sure this is BS and he's just done the same thing to us as he did to the previous bidder.
This is his second property, so it's not like he's part of a chain or anything.
Really upset. I know there's nothing that can be done, but just wanted to vent to you guys.
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Comments
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That totally sucks.
They really ought to rethink the whole house buying & selling process in England.0 -
Sorry to hear this. Sadly this is what happens in a fast rising market, some people just don't understand a'gentlemans agreement' and want all they can get.
I do believe in karma, if you treat people badly you will end up being treated badly. I'm not sure that is any conciliation to you though.0 -
That totally sucks.
They really ought to rethink the whole house buying & selling process in England.
I agree it's so unfair that someone can be left thousands out of pocket like the op will be if they walk away now, which is the only option other than upping the offer or hanging on to see if anyone does actually offer the new price. 0 -
Shame on the EA for siding with the seller! Anyone would think that the EA's commission was paid by the seller!
Of course the EA is on the seller's side. The seller is paying the agent to sell the house for him.
I can see you are annoyed but that is what happens in a rising market.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
They really ought to rethink the whole house buying & selling process in England.
I totally agree. The (written) offer should form the initial basis of the contract, and should form some commitment on the part of both buyer and seller.
If you want change, lobby your MP.....
OP, if you don't want or are unable to pay £30k more, it strikes me you can;
Offer something up to £30k, or
State that your offer stands, and if it isn't good enough for the seller, you expect it to be explicitly rejected, in order that you can start looking elsewhere. If the seller decides to proceed with your current offer, you have to outline that you're not prepared to renegotiate on the basis of fluctuations in the local market.....0 -
I agree that these things should be better regulated, but the fact is that at present they are not so the potential buyer has little option but to do as you suggest.I agree it's so unfair that someone can be left thousands out of pocket like the op will be if they walk away now, which is the only option other than upping the offer or hanging on to see if anyone does actually offer the new price.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
I totally agree. The (written) offer should form the initial basis of the contract, and should form some commitment on the part of both buyer and seller.
If you want change, lobby your MP.
What happens if the survey alters how you feel about a house or would you survey before offers which means expense before an offer?0 -
What happens if the survey alters how you feel about a house or would you survey before offers which means expense before an offer?
The offer is either a 'clean' offer
(I offer you £X, with an entry date of dd/mm/yy, subject to the following standard contract clauses),
or a conditional one
(I offer you £X, with an entry date of dd/mm/yy, subject to the following standard contract clauses, and subject to me getting a satisfactory survey on the property - if I don't get a good survey, I reserve the right to withdraw without penalty)
That's an abbreviated and paraphrased version of how it works in Scotland. The survey may be the seller's commissioned survey, or the Home Report survey provided by the seller, but the same principle holds.0 -
The offer is either a 'clean' offer
(I offer you £X, with an entry date of dd/mm/yy, subject to the following standard contract clauses),
or a conditional one
(I offer you £X, with an entry date of dd/mm/yy, subject to the following standard contract clauses, and subject to me getting a satisfactory survey on the property - if I don't get a good survey, I reserve the right to withdraw without penalty)
That's an abbreviated and paraphrased version of how it works in Scotland. The survey may be the seller's commissioned survey, or the Home Report survey provided by the seller, but the same principle holds.
thank you, interesting.0 -
Call their bluff, they might just be lying..:eek:0
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