Should I increase the price of my property...

eidand

I think that the best way to proceed is this, say no to everything they asked for. Give them a week to to decide whether they want to continue with the purchase or not. 

If not, re-market at the higher price, job done.

lookstraightahead

GDB2222 said:

simon_or said:

I know this is an unpopular opinion, but I don't blame the OP for thinking this way. This is a function of the way the English house buying system is set up. An 'offer' or its 'acceptance' has no meaning at all. Anyone can become an EA and spout any nonsense re valuations that they wish.

The way things work, the housing market is a dog eat dog environment and not a world of unicorns and rainbows where people are willing to gift tens of thousands of pounds (whether perceived or real) to a stranger without being legally bound to do so. Blame the system and property culture we have in England, it's human nature for people to adapt their behaviour to it.

I totally agree. All the people here saying to 'do the honourable thing', would they do that if it were their £50k? 

What £50k? They could end up losing their onward property and not getting the £50k. Or not even selling. But they will get to keep their BBQ I suppose. 

It's how much they want to risk the downside for the possible upside. 

If I had £50k in my pocket it would be different, but at present it's a figment of the imagination. There's no sale at that figure, no buyer, no lender willing to lend. 

JReacher1

babyblade41 said:

GDB2222 said:

simon_or said:

I know this is an unpopular opinion, but I don't blame the OP for thinking this way. This is a function of the way the English house buying system is set up. An 'offer' or its 'acceptance' has no meaning at all. Anyone can become an EA and spout any nonsense re valuations that they wish.

The way things work, the housing market is a dog eat dog environment and not a world of unicorns and rainbows where people are willing to gift tens of thousands of pounds (whether perceived or real) to a stranger without being legally bound to do so. Blame the system and property culture we have in England, it's human nature for people to adapt their behaviour to it.

I totally agree. All the people here saying to 'do the honourable thing', would they do that if it were their £50k? 

I feel it's a lot of risk on a maybe , possibly , might, could sort of situation

Is it a lot of risk? Everyone I think agrees house prices have gone up quickly in the last 12 months and the rewards from the risk are high. 

It’s absolutely mental that people think the OP should just walk away from £50k plus.  

JReacher1

lookstraightahead said:

GDB2222 said:

simon_or said:

I know this is an unpopular opinion, but I don't blame the OP for thinking this way. This is a function of the way the English house buying system is set up. An 'offer' or its 'acceptance' has no meaning at all. Anyone can become an EA and spout any nonsense re valuations that they wish.

The way things work, the housing market is a dog eat dog environment and not a world of unicorns and rainbows where people are willing to gift tens of thousands of pounds (whether perceived or real) to a stranger without being legally bound to do so. Blame the system and property culture we have in England, it's human nature for people to adapt their behaviour to it.

I totally agree. All the people here saying to 'do the honourable thing', would they do that if it were their £50k? 

What £50k? They could end up losing their onward property and not getting the £50k. Or not even selling. But they will get to keep their BBQ I suppose. 

They sold it in three days. Very hard to see why they would struggle to sell it a second time. 

lookstraightahead

JReacher1 said:

lookstraightahead said:

GDB2222 said:

simon_or said:

I know this is an unpopular opinion, but I don't blame the OP for thinking this way. This is a function of the way the English house buying system is set up. An 'offer' or its 'acceptance' has no meaning at all. Anyone can become an EA and spout any nonsense re valuations that they wish.

The way things work, the housing market is a dog eat dog environment and not a world of unicorns and rainbows where people are willing to gift tens of thousands of pounds (whether perceived or real) to a stranger without being legally bound to do so. Blame the system and property culture we have in England, it's human nature for people to adapt their behaviour to it.

I totally agree. All the people here saying to 'do the honourable thing', would they do that if it were their £50k? 

What £50k? They could end up losing their onward property and not getting the £50k. Or not even selling. But they will get to keep their BBQ I suppose. 

They sold it in three days. Very hard to see why they would struggle to sell it a second time. 

There's really not enough information to plot a pattern there. Different time, different price, different prospective buyers, different lenders. But yes it could happen. 

I didn't think people believed valuations anymore anyway?

Sunsaru

So put quite simply this is a choice between money or honour...

tooldle

JReacher1 said:

lookstraightahead said:

GDB2222 said:

simon_or said:

I know this is an unpopular opinion, but I don't blame the OP for thinking this way. This is a function of the way the English house buying system is set up. An 'offer' or its 'acceptance' has no meaning at all. Anyone can become an EA and spout any nonsense re valuations that they wish.

The way things work, the housing market is a dog eat dog environment and not a world of unicorns and rainbows where people are willing to gift tens of thousands of pounds (whether perceived or real) to a stranger without being legally bound to do so. Blame the system and property culture we have in England, it's human nature for people to adapt their behaviour to it.

I totally agree. All the people here saying to 'do the honourable thing', would they do that if it were their £50k? 

What £50k? They could end up losing their onward property and not getting the £50k. Or not even selling. But they will get to keep their BBQ I suppose. 

They sold it in three days. Very hard to see why they would struggle to sell it a second time. 

Not sold, but has been under offer since October ‘21. There was a similar thread not so long ago, where a vendor having been under offer for months decided to ask the ‘buyer’ for a significant chunk of extra money citing the rising market. The vendor in that case, just like this case, was the cause of the delay. Initially the buyer accepting the increased cost. Several days later they thought better of it and pulled out. IIRC the buyer updated some time later to say the property was still on the market at its ‘new’ price, without interest. Here is the link in case the OP is interested. https://forums.moneysavingexpert.com/discussion/6333463/seller-increases-asking-price-after-10-months-when-they-have-caused-the-delay-in-exchange/p1

MobileSaver

Sunsaru said:

So put quite simply this is a choice between money or honour...

For the buyer, yes it was and they chose money rather than honouring the original deal.

As the buyer has backed out of the agreed deal, the OP can now they can make a decision based purely on what's best for themselves with no qualms about the buyer.

HampshireH

MobileSaver said:

Sunsaru said:

So put quite simply this is a choice between money or honour...

For the buyer, yes it was and they chose money rather than honouring the original deal.

As the buyer has backed out of the agreed deal, the OP can now they can make a decision based purely on what's best for themselves with no qualms about the buyer.

But the buyer hasn't back out of the original deal. They have asked for extras.

Surely that's just a questions which requires an answer?


Depending on whether they like the answer may lead to them backing out or the OP pulling the sale

MobileSaver

HampshireH said:

MobileSaver said:

Sunsaru said:

So put quite simply this is a choice between money or honour...

For the buyer, yes it was and they chose money rather than honouring the original deal.

As the buyer has backed out of the agreed deal, the OP can now they can make a decision based purely on what's best for themselves with no qualms about the buyer.

But the buyer hasn't back out of the original deal. They have asked for extras.

The OP says the buyers have demanded extras, if that's not backing out of the original deal then I don't know what is!