Sale agreed on my house 7 months ago, but could get more now. What should I do?

ukri

Why would you sell 20k below market value? Don’t worry about the niceties, you need to do what’s best for you.

However long it’s been, there’s no commitment on either side until exchange, that’s how the house buying system works in this country.

ssparks2003

If you pull out now, re-market at a higher price how quickly will you then go and find a house to buy? Will you be sitting there this time next year thinking "oh, the market has gone up, perhaps I could get more, again" before you do anything I would seriously consider if you are committed to moving because at the moment you appear fairly uncommitted. 

sheramber

You have  offered £20k over asking price and been outbid.

You say houses have gone up in price by about £25k

Are these houses selling for that or are they going for £25k over the asking price as before.

In which case you  could still be outbid.

lookstraightahead

ukri said:

Why would you sell 20k below market value? Don’t worry about the niceties, you need to do what’s best for you.

However long it’s been, there’s no commitment on either side until exchange, that’s how the house buying system works in this country.

There is absolutely nothing in this thread to state that the market value of the ops house is £20k more.

Lavendyr

If we were your buyers we'd absolutely be looking elsewhere after 7 months with no movement from you. I'm amazed they haven't pulled out, frankly. As to spending money, why would they until they have a idea that things are actually moving along i.e. you have found an onward purchase?

By all means, pull out. You may get a higher offer. You may also get far less patient buyers while you continue to fail to find an onward purchase. Have you considered breaking the chain and moving into rented while you look - if you offer that when remarketing you might be more likely to get a better offer. But the housing market is dipping post STLD holiday. 

[Deleted User]

HNHN said:

I really think that the house buying/selling process in England has to be changed - so many people have been messed around by the other party and surprisingly, a lot think that it's ok to do so.

The lesson learned from this thread is never ever agree to wait long after the offer has been accepted. I would give 1 month max but I personally would not bother to make an offer on a house if the owner hasn't found anywhere to move yet.

The OP could remarket it, then find a new buyer and maybe a few months in, the buyer pulls out as the price is dropping, then the whole chain is collapsing and the process would start all over again. I believe in Karma.

Then you’ll have a hard time finding a property to buy. For your vendor to have an offer accepted on a property they want to buy your vendor needs to be proceedable. That means having a buyer lined up for they property they are selling.  If you are only prepared to make an offer on a property where the vendor has already found somewhere to live that will leave you with a very small pool of properties to buy. 

lookstraightahead

Lover_of_Lycra said:

HNHN said:

I really think that the house buying/selling process in England has to be changed - so many people have been messed around by the other party and surprisingly, a lot think that it's ok to do so.

The lesson learned from this thread is never ever agree to wait long after the offer has been accepted. I would give 1 month max but I personally would not bother to make an offer on a house if the owner hasn't found anywhere to move yet.

The OP could remarket it, then find a new buyer and maybe a few months in, the buyer pulls out as the price is dropping, then the whole chain is collapsing and the process would start all over again. I believe in Karma.

Then you’ll have a hard time finding a property to buy. For your vendor to have an offer accepted on a property they want to buy your vendor needs to be proceedable. That means having a buyer lined up for they property they are selling.  If you are only prepared to make an offer on a property where the vendor has already found somewhere to live that will leave you with a very small pool of properties to buy. 

HNHN said 'move' not 'buy'. I appreciate for some renting is not an option (although even for a lot of those people, they just 'absolutely won't even consider renting').

where there is a real need to move, people will find a way. It's just that because it's a sellers market at present, they want to have their cake and eat it.

most of us are sellers and buyers, and everyone should put themselves out to get transactions moving along. Those who wont will ultimately miss out. I've broken all my chains, with kids, pets, distance, schooling, and no end of other responsibilities. I would generally expect my vendors to do the same. If they don't that's their choice, I just move on.

Irishpearce26

Morally is pretty bad but legally you can do what you want.

If you do decide to up your price you will lose this buyer, you will then need to re-market the house and content with more viewings. Then there is the negotiation factor once surveys are done. People who will have to pay stamp duty may not view your house as being worth the additional £20k.

Also important to note that they will see that you had the property advertised at £xxx and then remarketed it £20k more so they will see that you are out to make more money and whats to stop you shafting them. You would be classed as an unattractive seller in my opinion.

stressedout45

What’s that saying, a house is only worth what somebody will pay for it. 

I hope karma comes back on you on this one if you do pull out!! 

AliceBanned

When I sold my flat last year, the conveyancing dragged on for so long that I nearly lost my buyer. She was a good and keen buyer from the start, and I hadn't found anyone else so certain they wanted the flat. She was a first time buyer who was renting. My flat was shared ownership, which isn't always easy to sell. I reduced the asking price as selling it was more important than maximising profit, and I was clear what I could afford for the onward purchase, which I had to compromise on due to funds. This was partly causing the conveyancing delay, as there were queries over a small gifted deposit, so I had to scrap that and re-apply for the mortgage. None of this was my buyer's fault but she waited patiently. There was also a long chain with her at the bottom.

She started to push towards the end - 8 months later - so I moved out and rented for two months whilst waiting for the chain. It was extremely difficult and stressful, with most of my stuff in storage, no family or friends' support due to Covid restrictions, but I was so keen to get the flat sold that I made the decision that would be the best way to go. I stayed in AirBnBs, it was such an inconvenience and expense, but I'm still glad I did it. Now I have a much better investment. it's not my forever home, but for me just getting on the next part of the ladder was essential at a time of rising prices, just getting something reasonable and affordable. So sometimes splitting the process can be an option, not saying it's easy. Also my vendor accepted my offer 9 months before completion - the value went up by around £20-25k during 2020-early 2021. They didn't mind, they had their next step arranged and we were lucky that a chain of 9 didn't collapse, though my poor conveyancer came close to causing it to.