Seller increases asking price after 10 months when they have caused the delay in exchange!

Ramouth

It’s a terrible thing for the seller to do - particularly as it sounds like you did everything you could to get things moving and have been so patient.  In your position I would have a look at what else is available and asses whether 500k is good value in comparison as if you were seeing it as a new to market property.  Even though they have treated you terribly there is no point in pulling out of this one if the equivalent is going to cost you 525.  I also would have no reservations in continuing to look at other properties and dropping them if you find something better - you owe them nothing.

[Deleted User]

I'm sorry this is happening to you, OP. Considering the sellers are apparently so stressed and finding the process of selling very difficult, they don't appear to have the emotional bandwidth to comprehend how this would impact you, as buyers. Obviously you don't want to cut off your nose to spite your face, but I'm inclined to agree with what others have said: pull out and explore your other options. They are putting the price up in line with the current market! As far as I'm aware, that isn't how things operate after accepting an offer. Perhaps it is possible but with greed comes the possibility of losing very accommodating and patient buyers. Enough is enough. 

Doozergirl

Flugelhorn said:

I hate messing people about but if this happened to me I  would be so tempted to agree to the 500K and then on the day of exchange knock it back down to 475K 

Yup.  

It sounds like it's your turn to string people along, OP and I think you're entitled to look elsewhere whilst keeping this one on the burner. 

Say yes now, be prepared to pay it if needs be, but I would definitely renegotiate nearer to exchange whilst remembering that the mortgage offer would need to be redrawn to reflect the final price, so maybe don't be getting the full £500k offer until you have done that negotiation.  

I can't remember ever saying this sort of thing on this forum, but whilst almost all of my transactions have been relatively okay, the ones when you do get someone who behaves badly, you don't gain anything at all by being nice to them.    You either pull out or play them at their own game. 

lookstraightahead

Flugelhorn said:

I hate messing people about but if this happened to me I  would be so tempted to agree to the 500K and then on the day of exchange knock it back down to 475K 

Me too - they're obviously not nervous and scared.

op, I wouldn't even want the house now. But I would string them along.

Stay nice though, we need nice people to make up for dire ones.

UnderOffer

They have no intention of moving, I would guess they want you to pull out so they can they say to family and friends “oh our buyers let us down” and not the real issue of them not comfortable or ready to really move and commit to a new property. 

TripleH

Tell them, "thank-you for your generous offer but we can't accept a £25k discount so will keep it at the current price' to confuse them.

That or, 'well when we offered, there was a stamp duty reduction in place that due to youvdelaying, has ended. Tell you what, we'll pay £500k if you cover the difference in stamp duty we'll have to pay from when we originally put our offer in.'

Flugelhorn

TripleH said:

Tell them, "thank-you for your generous offer but we can't accept a £25k discount so will keep it at the current price' to confuse them.

  excellent

theoretica

It also sounds as though the estate agent might not be entirely on their side - does the EA actually think they would get a higher offer?

Mahsroh

Flugelhorn said:

I hate messing people about but if this happened to me I  would be so tempted to agree to the 500K and then on the day of exchange knock it back down to 475K 

Absolutely this!! I would never normally suggest it but these people sound like they deserve it. 

Agree to £500k. Meanwhile look elsewhere and if you find something else dump them at the last minute. If you don’t find something else before it gets to exchange then simply “change your mind” the day before and tell them it’s £475k or nothing at all. 

eidand

Do not pull out, you already did everything, wait until exchange day and then state your offer is 450k ( or 475k if you are feeling generous ). I think 450k is reasonable, they went up 25k, you can also go down 25k.

In the meanwhile, start looking at other properties.