Should I increase the price of my property...

babyblade41

I'd be sure you'd lose your onward purchase, your onward purchase has risen in value too, you can say no to leaving outside kitchenette .

EA's say what they want to get a sale so  a 50k - 75k price increase is quite a wide margin, you may only get 30k more, factor in paying the legal fees already done plus additional ones for a new buyer then the stress of going through it again with a risk of it falling through at the last minute then I wouldn't entertain it.

My property has been going through a sale & has taken nearly 5 months... I won't suddenly say at the last min"oh it's worth 20k more now, so either up your offer or I'll re-market" I think they'd quite rightly tell me to go swing & pull out 

propertyhunter

Are you willing to risk your onward purchase? If that falls through you're not better off because you'll end up needing to buy a house that costs 50-75k more (or whatever, as it's all relative if the same area).

Remember too that the market to find a home you like is not the same as 6 months ago - such limited supply. 

Badger14011401

I'm sure my purchased property value has increased, but it's land so the increase % will be lower but eitherway my thoughts are that it's their prerogative to increase it and then it would be my choice to decide if if was willing to pay it. I would be annoyed but I'd also understand (through gritted teeth) 😉. 

I get what you're saying @kyrae and it is the honourable thing to do, but would you give £50-75k to someone because it's the honourable thing to do? 

The valuation (that mattered) was through an independent valuer/surveyor @babyblade who was no gain. It just happened to be exactly where 2 of the EA's where. There was another EA but they valued it way too high, clearly to get a sale. Even if you just based it on current UK standard house rises at 9-11%, it's worth over £50k more now. And I completely understand if you don't want to rock the boat on your sale, it's your choice. As I said, if it was just a £20k increase I wouldn't bother either. If you found out your house had increased 50-75K ,you wouldn't even consider it? 

My current thinking is to say it's going up but meet in the middle at £35k so there's a bit of ouch either-side. I'd rather not but it's not an amount I can just easily ignore. But you're right @propertyhunter, is it worth the risk to be no better off IF it all falls through.

babyblade41

I'm afraid if you were my seller I would say to you  foxtrot Oscar & pull out

Badger14011401

and then I'm afraid you'd be back on the market looking for another house that's £50k more and potentially not as nice in a potentially worse area 🤷‍♂️. 

genericn17

It's attitudes like this that make the English house buying process so horrible. You went with a buyer who was willing to wait - with it being entirely forseeable that house prices would rise in the meantime - and are now trying to take advantage of that to get more money than you agreed. Thoroughly dishonorable. If you don't want to give them the additional items, just say no.

babyblade41

Badger14011401 said:

and then I'm afraid you'd be back on the market looking for another house that's £50k more and potentially not as nice in a potentially worse area 🤷‍♂️. 

Maybe not , but I would have lost trust in you as a seller which would  cause me a lot more stress & not worth the hassle.

I think you know it's wrong especially as they waited but ..if you think it will work go for it , I was just saying I wouldn't stay in the game & you will possibly lose your onward purchase, which for me would be karma 

sidneyvic

I would put it back on the market. The buyers caused this problem trying to squeeze extras out of you. I did exactly the same once when a supposed "cash" buyer then needed a bank valuation 10 weeks in and resold for + 20k within days.

propertyhunter

sidneyvic said:

I would put it back on the market. The buyers caused this problem trying to squeeze extras out of you. I did exactly the same once when a supposed "cash" buyer then needed a bank valuation 10 weeks in and resold for + 20k within days.

That's 10 weeks in so fair play, not 6 months like we're talking here. It's the OPs onward purchase that could be scuppered.

Spiderroo

I think most buyers would pull out when asked to pay more due to working to your timeline. You could have waited to put your house on the market and have got a higher price but instead you chose to get a buyer who would wait for you, making it easier for you to secure the right house when it came along. 

If you’re relying on your sale to purchase somewhere new and they pull out, you risk collapsing the chain. Is it really worth it?! Just tell them to pay for the extra stuff or they won’t be included, asking them to pay for your decisions seems a bit a rich for me.