Last minute price rise

Homehunter123

Hi

Getting very close to completion on a property we're purchasing as FTB. Had the valuation 6 weeks ago and vendor lowered price to match valuation (£10k lower).

We're really close to exchange and 5 pm on Friday the EA calls to say that they want another £10k as the market is rising and the proce should have gone up £10K in the last 6 weeks (on and £240k property?).

Is it worth going back to the bank to ask them to revalue? We certainly dont have an extra £10K sitting in our pockets and I don't want to a) pay over the market rate and b) give this person a reward for greed.

Should we just walk away?

Cheers.

Dan-Dan

Tell them to GTFO !!!!

Strapped

Tell them, "good luck with that then" and watch them come crawling back.

Leon_W

Always a difficult one this.


You have to put yourself in the shoes of your vendor and work out what the motivation is. For example, if they are in a chain and you know they are desperate to move then it is very unlikely that they would pull out as they would also have incurred fees.


If they are not bothered about selling then it could be very likely that they would pull out. They would still have to go back to the drawing board and start the whole sales process again though.


I would imagine that the estate agents would be on your side however and try and get your purchase through. They have invested a lot of time in this and don't really want to see it all go pear shaped for the sake of an extra £100ish commission. They would have to go through the whole remarketing rigmarole and spend the same amount of time finding a new buyer.


On balance, if your vendors have got something lined up, and are in a chain, I would say they are calling your bluff.

Homehunter123

Good to know its not just me thinking they're being unreasonable!

MGCP

I would point out that as always a price was agreed at the time the offer was accepted.

If they wanted to pin the purchase price to some external factor (ie market performance) that should have been made clear so that you could agree on an appropriate measure and consider risk (and of course it may have given you the opportunity to reduce the sale price in the event the market dropped). In the absence of any such agreement they should stick to the price that was agreed upon by both parties.

Homehunter123

I think the vendor is in a pretty strong position, they were renting it out and it is now sitting empty. I expect they will re-rent and wait for the market to pick up more.

Shame they couldn't stick to their guns on price earlier and save us all this hassle and cost.

lee111s

Personally I'd tell them you can only afford to proceed if the price remains at the agreed sale price otherwise you'll look elsewhere. Greedy, greedy people.

How will they ever sell? When the next person offers £240k and takes 6 weeks to be ready for exchange will they want another 10k on top of that as the market has risen? Scumbags.

soak

If it's empty it's costing them money. I wouldn't say they were in a strong position.

DigForVictory

So no chain?
So no leverage. Ouch.

And from the sounds of it, no morals, scruples or other chinks in their armour.

Live well - it seems like it may be your only revenge.

hazyjo

Nothing 'difficult' about it. A flat no from me. Go whistle.

Would they be dropping the price if the market had dropped?!

Selfish, greedy w*****s. I would probably cut my nose off to spite my face and tell them where to stick it. Friends and family would probably get to me beforehand enough to calm me down though lol!

I definitely wouldn't be paying a penny. So annoyed when sellers do this.

One tried with me once (long time ago). Their house had been marketed for months with several agents, we offered, offer accepted, transaction started... and then they decided they were putting it on for £10k more as the market had picked up slightly. We walked.

Be prepared to lose it if you don't pay. And then pray to the God of karma!

Jx