House vendor keeps asking for more cash - What to do?

dominoman

After a long and painful year spent house hunting in SE London we finally had an offer accepted on a house in early January.

The house went to "last and finals" and we ended up getting it after bidding around 20k over asking. Four days later we received a call from the agent saying someone else had offered 20k more, the vendor had accepted, and would we like to increase. We were upset and angry as it was supposed to be last and final offer, but in the end decided to match their offer and add a couple of k on top to secure the house.

That was over three months ago and we still haven't exchanged because the vendor is in a chain (we are chain free). Then today the agent came back saying that the vendor is happy to move into rental to free up the chain so we can move in, but he wants us to pay another 2k to cover his rental costs.

I feel quite aggrieved. We are already paying well over asking price and have increased the offer twice after him agreeing it. We've been ready to move since January and are chain free. Now it just feels like he is taking the mick by asking for even more money, just because he hasnt found a place until now.

What should I do? Should I say no to the extra 2k or just pay it. I do feel he's pushing too hard, even in this sellers market.

Pandilex

Agree, then just before contract exchange change your offer to 20k less due to 'market instability' and tell him to **** himself.

pinkteapot

I'd say no, with a reminder that as there's no progress you're still looking, and will only go ahead with the purchase if nothing better and more proceedable becomes available before the chain is complete.

Take back some of the power.

dgtazzman

If the vendor did that to me, I'd probably be ticked off to the point that I'd just walk away. Sounds like the type that is never satisfied. First it was 20k extra, now it's 2k extra, what's he going to demand the day before exchange?

Draw a line, tell him he's getting all he is going to get and if he's not happy about it, you'll be walking. You sound like an ideal buyer, so the vendor would be an idiot if he/she let that happen.

EDIT: where is the 2k for rental coming from anyway? Most AST's are 6 months minimum, which I would imagine to come in nearer to 4k. Sounds like he's just pulled a random number out of a hat. He can't have his cake and eat it.

dominoman

Thanks all. I feel inclined to say yes to the increase and then drop it later, but I do still want the house if I can get it so I don't want to do that just to get my own back and spite him!

For now I will remind him what good buyers we are, that we are keen to move, but that we will start looking again from this weekend unless he can give his word that it will proceed and he will complete by end of June (2 months more should be plenty) even if that means he moves into rental.

That is 6 months from offer, so doesn't seem unreasonable to me.

Principia_2

dominoman wrote: »

Thanks all. I feel inclined to say yes to the increase and then drop it later, but I do still want the house if I can get it so I don't want to do that just to get my own back and spite him!

For now I will remind him what good buyers we are, that we are keen to move, but that we will start looking again from this weekend unless he can give his word that it will proceed and he will complete by end of June (2 months more should be plenty) even if that means he moves into rental.

That is 6 months from offer, so doesn't seem unreasonable to me.

Is there any reason why you have to give him the £2k before completion? If not then just make the payment subject to completion (or exchange if you have to compromise). After all he'll be living in the place until completion.

teabelly

Walk away. There is no such thing as a seller's market. If they treat potential buyers like crap you walk away. Simple. Everyone does that then sellers have to be have like reasonable human beings.

If you're not in a chain then look for repossessions and auction properties. You'll probably find something much better value. Most are 28 day completion so you won't have anywhere near the amount of nonsense.

By coming up with more money previously you've proved you can be taken for a mug which is why the seller is trying this on now.

I'd guess that if you walked now they will come crawling back. Then you knock them back down to your original offer while they're in a much weaker position

jaylee3

What a cheeky !!!!!!. I would pull out personally, but it's not easy to do that if you really want it. He is taking the p1ss though. And am I right in understanding that you offered 20K over the odds in the first place? Are you sure about this?

xylophone

What is to prevent this greedy vendor from changing his mind and asking for even more money?

This will go on for as long as you are prepared to let him call the shots?

bouicca21

The market in SE London is not nearly as hot as it was. Walk away.

notanewuser

jaylee3 wrote: »

What a cheeky !!!!!!. I would pull out personally, but it's not easy to do that if you really want it. He is taking the p1ss though. And am I right in understanding that you offered 20K over the odds in the first place? Are you sure about this?

£42k over asking price at last count. :eek::eek: