Well, that's a new trick to try...

AdrianC

My mother's been trying to sell her place since May '14. Two purchases fallen through, one at the eve of exchange, then a big lull. Finally, this October, another buyer...

So she needed to find something sharpish - and places that tick all her boxes just don't exist.

Then, back in November, she found something ALMOST there. Overpriced, but within budget. It'd been on the market with two agents previously, for over a year. The agent immediately before, it'd been on a lower price, then a MUCH lower price, before being withdrawn. The market's fairly static round these parts.

She put in an offer. Rejected. Another offer, a compromise, and hands were shaken.

Then we found fairly substantial structural cracks. A trusted builder was brought in to look around, probably original settlement (built '80s) and a rough figure given. A reduction was requested and rejected. A smaller reduction, and a compromise.

Except, a few weeks after the original offer, it'd turned into a probate sale. Not a difficult one - the old lady lived with her nephew and his wife, who were sole execs and sole beneficiaries. They were still keen to sell, they wanted to be nearer kids/grandkids, and would be finding somewhere to rent. Time dragged. Rather than risk her sale, the chain was severed, and temporary accommodation was found.

Cut to this weekend. Her sale exchanged, with completion booked for today. Still no news on the probate, so no exchange on the purchase. Then, on Friday, the removal vans were just putting the last of her stuff into containers for storage, when she had a phone call.

Probate is through! Great.

...but...

The sellers have changed their minds, and will now only accept the original asking price. Yes, seriously. Not just the reduction based on the condition. Oh, no. The asking price.

A damn-near half million quid deal being thrown away - potentially days before exchange - over not much more than ten grand. Sheer greed.

The EA (who we're always told are on the side of the seller, since they're being paid by them) are incandescent with rage, calling them all the names under the sun and... refusing to deal with the vendor any more. They'll be having a quiet chat with other agents in the area, too... Mum's not 100% definite that the deal's off, but the EA seemed to be trying very hard to get her to view other places...

The property market, eh? Who'd want to be part of it?

Thrugelmir

Always best to exchange and complete concurrently. Always a risk that something could happen to cause the sale to collapse.

marksoton

Ouch, sorry to hear that.

I've long said the housing process in England is a disgrace. As is the rental one.

Why oh why successive governments have got away with ignoring it is beyond me. Especially as it affects virtually every one of their constituents.....

bigfreddiel

"A damn-near half million quid deal being thrown away - potentially days before exchange - over not much more than ten grand. Sheer greed."

Surely you would pay the £10k to save the £500,000 deal? As a percentage it's tiny!

cheers fj

ognum

AdrianC wrote: »

My mother's been trying to sell her place since May '14. Two purchases fallen through, one at the eve of exchange, then a big lull. Finally, this October, another buyer...

So she needed to find something sharpish - and places that tick all her boxes just don't exist.

Then, back in November, she found something ALMOST there. Overpriced, but within budget. It'd been on the market with two agents previously, for over a year. The agent immediately before, it'd been on a lower price, then a MUCH lower price, before being withdrawn. The market's fairly static round these parts.

She put in an offer. Rejected. Another offer, a compromise, and hands were shaken.

Then we found fairly substantial structural cracks. A trusted builder was brought in to look around, probably original settlement (built '80s) and a rough figure given. A reduction was requested and rejected. A smaller reduction, and a compromise.

Except, a few weeks after the original offer, it'd turned into a probate sale. Not a difficult one - the old lady lived with her nephew and his wife, who were sole execs and sole beneficiaries. They were still keen to sell, they wanted to be nearer kids/grandkids, and would be finding somewhere to rent. Time dragged. Rather than risk her sale, the chain was severed, and temporary accommodation was found.

Cut to this weekend. Her sale exchanged, with completion booked for today. Still no news on the probate, so no exchange on the purchase. Then, on Friday, the removal vans were just putting the last of her stuff into containers for storage, when she had a phone call.

Probate is through! Great.

...but...

The sellers have changed their minds, and will now only accept the original asking price. Yes, seriously. Not just the reduction based on the condition. Oh, no. The asking price.

A damn-near half million quid deal being thrown away - potentially days before exchange - over not much more than ten grand. Sheer greed.

The EA (who we're always told are on the side of the seller, since they're being paid by them) are incandescent with rage, calling them all the names under the sun and... refusing to deal with the vendor any more. They'll be having a quiet chat with other agents in the area, too... Mum's not 100% definite that the deal's off, but the EA seemed to be trying very hard to get her to view other places...

The property market, eh? Who'd want to be part of it?

And the vendors will only get 60% of the extra as they will have to declare an increas d price to HMRC and they will tax the increase, if the vendors are honest that is!

dc197

Are the vendors trying to hike the price just before completion, but after a lower price was contractually establish at exchange?



"Always best to exchange and complete concurrently."
Surely you would want a couple of weeks at least, in order to book removals, print new address cards, etc?

borkid

dc197 wrote: »

Are the vendors trying to hike the price just before completion, but after a lower price was contractually establish at exchange?



"Always best to exchange and complete concurrently."
Surely you would want a couple of weeks at least, in order to book removals, print new address cards, etc?

I think they mean the sale and the purchase exchange and completion being concurrent.

DTDfanBoy

At this stage it shouldn't cost your mother anything extra to play them at their own game, agree to the increase in price then on the day of exchange drop the offer by £20,000 :beer:

ScorpiondeRooftrouser

bigfreddiel wrote: »

"A damn-near half million quid deal being thrown away - potentially days before exchange - over not much more than ten grand. Sheer greed."

Surely you would pay the £10k to save the £500,000 deal? As a percentage it's tiny!

cheers fj

That's what dishonest, greedy scum like this rely on. And the more people cave in to them, the more of them will crop up.

Rest assured that the reason this bunch are asking for this is because they have heard of a case of someone of your opinion giving in to it before.

ScorpiondeRooftrouser

dc197 wrote: »

Are the vendors trying to hike the price just before completion, but after a lower price was contractually establish at exchange?



"Always best to exchange and complete concurrently."
Surely you would want a couple of weeks at least, in order to book removals, print new address cards, etc?

I have always exchanged and completed on the same day. Removals can be cancelled and printing change of address cards costs about fourpence, if you really want to do it.

KerrBearrxo

Sounds like a scare mongering tactic to me... I doubt they would let the sale really fall through based on the amount...

Although saying that.. I had a woman that would refuse to drop even £1,000 off the asking price even after the home buyers report came back with rising damp, cavity wall tie failure and warped floorboards...

Some people are greedy and selfish. Tell your mum to tell them to go stick it up their a**. Plenty more houses out there!