FTB Offer accepted but then....

Missbeexx

Hi guys, I'm new to the forum so apologies if I am doing anything wrong/in the wrong place.

Me and my partner are first time buyers and have found a property we really like, got our AIP in place and went to view it and it is exactly what we are looking for. It is on the market for £130,000. We put in an offer for £125,000 which the vendor rejected so we revised our offer to £127,500 to which the vendor accepted - happy days!

We proceeded to make an appointment with a mortgage adviser and discussed our budget, happy with the outcome we got our mortgage illustration and paid the fees for the surveyor to visit the property.

However, 2 days before the surveyor was due to go out the EA called to say that the vendor is having issues getting their mortgage on the property they are buying and to hold off on the surveyor going out, which I have done.

The EA then asked me if there was any chance I could increase my offer?!! My offer what I am willing to pay has been accepted!!! So basically because the vendor is struggling to obtain their mortgage because of costs they weren't expecting they are asking me if I can increase my offer £1,000 more as it "would help them greatly" so basically I have to help fund them so they can get the property they want, is that an actual joke??:eek: Has anyone heard this before? i am sticking to my accepted offer as I do not wish to pay any more and I am satisfied with the mortgage I have been offered. My mortgage advisor also agrees on this.

Has anyone had this before?? Are they trying it on with me?? Any advice would be greatly appreciated.
Thanks

Marvel1

It's what usually happens when people wish to upgrade their current home, normally don't say in so many words mind.

If they cannot get their mortgage they want, they pull out.

G_M

You coul increase your offer. This might help your seller afford the property they want and smooth the way towards Exchange of Contracts.

Or maybe it would just help them have a nice holiday to celebrate. Who knows!?

Or you could stick at the agreed price. Maybe miraculously your sellers would find the money they need elsewhere, or find a cheaper property. Or maybe they'd have to start looking again and your purchase would go on hold for a few months, and/or collapse.

Who knows?!

Danny9

Hi,
I'm a mortgage broker and had a client only last week where this happened. She increased her offer by 1 k which was then accepted but unfortunately, until the purchase/transaction has legally had the contracts exchange, the vendor can pull out or request more money. This isn't typical but it does happen from time to time.

It's unfortunate but I would say that if you love this property, perhaps just bite the bullet.

warby68

I get you're a FTB but you really need to take things a little less indignantly and personally. ALL manner of requests and renegotiation can be seen when purchasing a house because of the system we have where the deal is not done until contracts are exchanged. This one is early in the process so you can take or leave it relatively easy and you have been warned to hold off incurring more expense which is not always the case either.

The REAL message here is that your purchase is under threat and you have to decide if its worth a £1k more AND if you still have confidence in the vendor (in that regard, I wouldn't hold it too much against them in these early stages while they're also trying to secure a property - later on the process and they start it again? Then I'd probably be looking to pull out)

In an ideal world , you shake on a deal and its done - you're just getting over the shock the house buying and selling is a lot more shifting sands - always has been, nothing unusual here unfortunately.

And for the record, what your mortgage advisor thinks is not overly relevent.

Davesnave

What he/she said ^

nimbo

Id be worried that the survey may then note something that could have left you wishing to knock something off the price offered.

I haven't got to the offering stage - so could well
Become the indignant person in a while. But you need to do what you think will make you happiest in 5 years. Will the extra 1k become a chip on your shoulder - or do you love thins hails enand need it to make you happy?
(I made someone laugh out Loud in Asda as I wanted the decorated toilet roll - and when asked why as we had loads of loo roll at home said 'but it'd make me happy' they snorted and partner made me put it back ��)

Is there another house? You need to do what is right for you now - and at least it's happened before you've invested in surverys etc.

cloo

Now that more people are having difficulty landing their mortgage, this could just be a new agents' trick for getting more money out of buyers. I suppose it could be their offer is falling short - our lender would only lend us £2k less than was agreed in principle, but we were in a position to absorb that. Could well be that your vendors are too, just they'd rather get you to pay it than them, so I guess you have to consider how you feel about that.

Look, if you really want the house you should go ahead and offer up if you can, it's not a massive sum in the scheme of things. If you're having second thoughts, walk away.

Sadly people can demand more money any time they like until exchange of contracts (which may be months away), and it could be that the next place you go for they demand another £5k on the day you're due to exchage, you just have to take your chances.

hazyjo

If someone in a chain needs to drop their offer price after say a survey, it is quite common for that amount to be shared along the rest of the chain. Doesn't sound like this is the case, but it's also really not that unusual to try to squeeze every penny out of buyers - in the same way that people try to reduce offers just before exchange.


I am pretty sure I'd not pay a penny. If the chain were about to collapse because someone had to find say £10k which they didn't have and there was a chain of 5, maybe if everyone else agreed to pay an extra grand or two, I'd consider it, but I would not be happy - and tbh I'd probably not be able to afford to as I'm not someone who moves house with money in the bank!


Jx

Petite_Anglaise

Hi OP

At the end of the day, it's up to you how much you think the property is worth and how long you think you will live there for.

It's a small amount in the grand scheme of things, but equally, who knows if the seller will ask for more a bit further down the line?

I would be inclined to say no and keep looking at other places. Effectively, it sounds like the seller cannot get the mortgage they need to trade up to a bigger/better place and so they are looking to you, the buyer, to finance this for them but more for their home.

Petite_Anglaise

* by getting you to pay more for their property! despite you both having agreed on a price recently.