Remarket house at higher price if you have a buyer?

Sadajaka

I accepted an offer on my house last year. Divorce proceedings have prevented me from offering on a house to move in to. In the last 4 months I believe the price has increased by £25k along with the properties I would be interested in buying. Can I ask estate agent to remarket my house at a higher price? I accepted the offer in December but have not yet instructed a solicitor. I know this sounds unethical but my budget so far as buying after divorce has become impossibly tight with rising prices.

eddddy

There's probably nothing to stop you doing what you describe.

The EA might be annoyed, because they have to start their job all over again. (And obviously the buyer will be annoyed.)


Also, check your EA contract to see if you've agreed to pay the EA fees if they introduce a "ready, willing and able buyer". If it does, they may claim that the current buyer is ready, willing and able.

kinger101

I suspect as eddddy indicates above, it's likely that you'll be billed by the Estate Agent as they've done their job.

Are you sure it's worth an extra £25K? Prices don't usually run away from people in the space of a quarter.

googler

Sadajaka wrote: »

I accepted an offer on my house last year. Divorce proceedings have prevented me from offering on a house to move in to.

The latter has nothing to do with your buyer, who made their offer in good faith that you would accept it.

Sadajaka wrote: »

In the last 4 months I believe the price has increased by £25k

How do you arrive at this conclusion?

Sadajaka wrote: »

Can I ask estate agent to remarket my house at a higher price?

Yes, if you reject the current offer.

Sadajaka wrote: »

I accepted the offer in December but have not yet instructed a solicitor. I know this sounds unethical

It doesn't just 'sound' unethical.

You do realise there's every possibility that you won't get an offer as good as the current one if you do remarket it?

lush_walrus

As others have said really. There is nothing stopping you from doing as you wish, other than your own morals. Your buyers have probably already guessed you are messing them around by the lack of any progress so it might not come as any surprise to them. I hope in your own quest for money you haven't wasted theirs on letting them survey?

If your area has risen £25 in a few months you will need to move fast to find somewhere to buy as it's clearly a sellers market. Maybe find the place you want to move to first and then put your house up for sale. If it really is increasing in value to that degree you will sell yours quickly. Risk is without a complete chain the house you want to buy may do the same as you intend to do.

frugalsmurf

Have you accepted the offer and have they proceeded(e.g. got mortgage offers etc)

You can do anything you like, but I don't think you'll be popular with the EA or the buyers.

You'll possibly have to pay the EA Bill twice too.

There's no guarantee you'll get 25k extra or even if it will sell again. (Karma may bite you !)

Ozzuk

One thing worth considering - this is an extremely popular time of the year for people to list their property so you could be seeing an artificial increase as people chance their arm or cash in on the time of year. If you cancel/relist and don't sell immediately then you are into summer, prices usually more stagnant then for a few months.

Tread carefully, a good sale versus a 'possible' 25k.

melstar11

Yeah, just because asking prices seem higher doesn't mean people are actually getting them. You could well still be going through the process of selling and buying rather than a period of inactivity if you had found somewhere: would you consider doing this then? If I were your buyer I would be extremely angry with you - you haven't found somewhere so now you want more money for your house. Mind you, I probably would have lost patience by now.