Seller asking for more money

sugarpants_2

We are currently in process of buying our first property.

We are awaiting the completion date and then suddenly out of the blue the eastate agent calls to say our sellers are asking for more money as the house buyers they are buying have recieved a higher offer and could gazump them.

Is this right? We have done all the mortgage application for the price we offered and its all gone through fine and valuation etc. WEve been waiting for 4 weeks now and was hoping to be be recieveing a completeion date for next month not all this stress and confusion? Especially after EA said its a very small chain which will be straight forward as he was selling 2 out of the 3 properties.

So stressed, Hubby is calling the EA back today to tell them we are extremley unhappy and will pull out and walk away if this carries on:(

Browntoa

Yes stick to your guns , make it clear to the estate agent that your are not prepared to raise your offer at all , push the pressure back saying that you will walk away unless you get a completion date by early next week

richy999

Hi,

Are you sure that you mean completion date and not exchange?
If you where waiting on a completion date, that usually means you have already exchanged... is this the case?

Foxy-Stoat_3

How you exchanged contracts?

Anything can happen until then and the deal is far from done.

Walk away or start negotiating again, I would stick to your price and remind them that you are near to exchanging contracts.

sugarpants_2

Great advice thankyou.

WE are currently in renting so we are ready to go asap. Also we have 3 school aged children so wanted to get into a property by June so we can apply for school places fo rthem to start in September. Will contact hubby and tell him to say we want a completion date asap!

Cant believe the cheek of asking for more money due to THEIR sellers recieveing a higher offer on the house THEY want? If they wantedthe house so much surely they can get a few extra cash from somewhere. Why shoudl we suffer and have to play more money and then re apply for mortgage etc...:mad:

Browntoa wrote: »

Yes stick to your guns , make it clear to the estate agent that your are not prepared to raise your offer at all , push the pressure back saying that you will walk away unless you get a completion date by early next week

sugarpants_2

Sorry exchange I meant.:beer:

richy999 wrote: »

Hi,

Are you sure that you mean completion date and not exchange?
If you where waiting on a completion date, that usually means you have already exchanged... is this the case?

sugarpants_2

Thanks were sticking to our guns. WE will walk away though and look for another house hopefully with no chain next time. :mad:

Foxy-Stoat wrote: »

How you exchanged contracts?

Anything can happen until then and the deal is far from done.

Walk away or start negotiating again, I would stick to your price and remind them that you are near to exchanging contracts.

SplanK

It maybe cheeky, however your seller clearly wants a house and is seeking every avenue possible to raise extra cash to get the house they want and to try and keep the chain together. Maybe they have exhausted other avenues and the only other option is to ask for more from you.


If they fail to raise this money and your sellers sellers go with the higher offer, it could mean the whole things collapses anyway due to not being able to offer what their sellers want.


How much are they asking for?

JencParker

sugarpants wrote: »

Great advice thankyou.

WE are currently in renting so we are ready to go asap. Also we have 3 school aged children so wanted to get into a property by June so we can apply for school places fo rthem to start in September. Will contact hubby and tell him to say we want a completion date asap!

Cant believe the cheek of asking for more money due to THEIR sellers recieveing a higher offer on the house THEY want? If they wantedthe house so much surely they can get a few extra cash from somewhere. Why shoudl we suffer and have to play more money and then re apply for mortgage etc...:mad:

Although not so likely in this market, this situation can occur when prices are rising and the legal process is taking some time. A friend sold their house and by the time the had found a suitable one to buy the house prices had gone up considerably. As she was spending more than she had originally anticipated due to the price rise, the estate agent did go back to the buyers and ask for an increased offer. This they agreed to quickly as comparable houses and increased considerably so had they pulled out they would have had to pay more for another property anyway. Is this the case with you? Even in the current climate, I would think Berkshire is still a strong market.