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Seller increases asking price after 10 months when they have caused the delay in exchange!
Comments
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The EA just wants a sale, after a year on the books. The extra commission to them is no more than £360 on a £4640 deal, it's relatively trivial.theoretica said: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?
If I was the EA I'd be encouraging both parties to negotiate to reach a mutually acceptable compromise.
Obviously the OP wants to pay no more than the accepted offer. What they are now actually prepared to pay over and above is something only they can decide. You don't pull out just to spite the vendors, but because the deal is no longer acceptable to you.No free lunch, and no free laptop
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Read the subtext. The delay, and the failed purchases at their end, are because they do not want to sell their home. The adult kids are the drivers here, but you don't have a purchase agreement with the kids, so you have no control over this situation at all. You've already told us the agent was embarrassed, and this means the seller is ignoring their advice.
Go back to the agent and say: This property was valued by the bank at £464k and we are not willing to purchase it at £500k, and if the buyer would like a sale then the £475 offer stands. In the meantime could you take us to see some of your other properties please?
The agent will relay your information but it's likely to fall on deaf ears. You already know this. The reason this has dragged out for so long is that so far, there is no awful consequence for the sellers - they've got to stay in the house they don't want to leave! They're winning. This reality check might wake the kids up, it might not. They might remarket the house and get offers, they might remarket and realise they were wrong. They might come crawling back to you. You might get to set firm conditions next time. You might have already found somewhere better.
Either way you were right to emotionally disengage, so now you should practically disengage too.
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I think I would agree, look for somewhere else then drop it back to the original price at exchange.0
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If you're going to agree to this tell them at £500k then you exchange in 2 weeks and complete a week later or the price drops back to £475k or even pull out.
Is there anything else available that you like?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)2 -
Whatever you decide, please do keep us updated, it's useful for others who might find themselves in a similar sad situation. Good luck x
Thrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time7 -
My initial response would be to say " I will have to think about it" and do nothing. Go AWOL Then wait to see what their response is.7
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definitely a good move - don't answer calls from the EA, let them go to voicemailScotbot said:My initial response would be to say " I will have to think about it" and do nothing. Go AWOL Then wait to see what their response is.2 -
I'd be tempted to string them along while looking elsewhere.5
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There's no need to be petty with the EA. Just be straightforward and polite. The EA is there to take the emotion out of the conversation between the parties.Flugelhorn said:
definitely a good move - don't answer calls from the EA, let them go to voicemailScotbot said:My initial response would be to say " I will have to think about it" and do nothing. Go AWOL Then wait to see what their response is.3 -
Thrugelmir said:
There's no need to be petty with the EA. Just be straightforward and polite. The EA is there to take the emotion out of the conversation between the parties.Flugelhorn said:
definitely a good move - don't answer calls from the EA, let them go to voicemailScotbot said:My initial response would be to say " I will have to think about it" and do nothing. Go AWOL Then wait to see what their response is.
Exactly - just tell the EA you are still thinking, and is the seller prepared to exchange yet?
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll2
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