Due to exchange in three days and seller has demanded more money...

AFF8879

Hi guys,

I'd be grateful for any wisdom/advice anyone could offer... I am due to exchange and complete (simultaneously) on my first flat on Wednesday and last night the seller demanded an extra £10k or he would pull the sale and re-list the property. I'm so angry...

Without going into paragraphs, I made the offer on 2nd February and so it was only 6 weeks ago- not as if 6 months have pased in which case I'd be more sympathetic. When I first made the offer I was told he was looking for a quick sale which is why the price was less than it otherwise probably could have been marketed for, but that works for me. I was told 1st April was the deadline- assumed he must have some BTL purchase lined up and wanted to get in before stamp duty changes.

Last week my solicitor proposed a date of 21st for completion. He came back saying it had to be 16th otherwise he would pull out. So, my solicitor has bent over backwards to get everything done and agreed to the 16th- and now he's demanding more money?? I feel like demanding a completion a few days earlier was just an excuse to get more money...

Truth is I could JUST about afford it but it's not my dream flat. Even though it is still a VERY good price, even taking into account the extra 10k. I am just annoyed that he has waited to the last minute to make these demands, as I said I only made the offer 6 weeks ago so it's not as though months have passed.

I am 99% sure I am going to tell him to get lost - it's the agreed price or nothing - or am I just being too headstrong???

I don't think il ever buy again after this is sorted!

amnblog

Tell him not to be silly, and walk away if he does not exchange next week.

My experience tells me your next find, if you need to make it, will be a better deal anyway.

Always the way as first time buyers have their buying vision sharpened by experience of the process.

PasturesNew

He's trying it on, it's your choice to call his bluff.

If it's not your dream flat, then you've not much to lose (except what you've spent so far).

You could even gazunder him and say "£2k LESS than the agreed price, or I pull out; that's for !!!!ing me about you t0sser"

csgohan4

Gazundering....

Karma will bite back

Tell him to exchange or go see foxtrot Oscar

Is it London? If it is, it is quite common

Thrugelmir

All that's required is a one word answer. NO.

Then see what the outcome is. Little point in speculating as to the vendors next move.

ACG

This happened to me when I tried purchasing a property.
I basically said he (the vendor) has until the end of the day to confirm the deal is going through as agreed otherwise I am pulling out as I do not deal with people I do not like/trust (I actually used another word but that was what I meant). A deal is a deal in my mind and you do not go back on it.

The deal fell through, but the property was still up 6 months later, by which time I had found my current place in a nicer area for about £40k less because it needed some work doing on it. I have spent a fraction of that £40k and my house is now worth more than the other and I am much happier where I am.

Amber_87

Laugh and him and pull out. 6 weeks is rediculously quick from offer to exchange and he could be looking at double that should he relist the house

Trying_to_be_good

Call his bluff. And if you're feeling brave, do as the suggestion above says and reduce your offer by 2k for him messing you about. You can always then donate that 2k to charity (with gift aid) - and let him know that's your plan..

Andypandyboy

Do not give in to this tactic. If you walk away I guarantee there is something better on the horizon. It happens for a reason. This is the reality of buying and selling,you get to see the good and the bad of humanity up close and personal. Don't let it put you off buying though.

Flugelhorn

Definitely don't give a penny more - great if you can get away with 2k less. vendor is trying it on and will probably be in more of a mess if he can't complete

27col

He thinks that he's got you over a barrel. But in fact it's you who hold the upper hand. Especially if it's not your dream flat. He's calling your bluff, now you call his bluff. Let us know what happens.