Should I increase the price of my property...

babyblade41

I doubt they demanded, it was more like
"as a gesture of goodwill for the godforsaken wait we have endured because you were a picky !!!!!!, would you leave me the BBQ and pizza oven because whilst we were waiting & enduring your endeavour to find the perfect property we ran out of food due to keeping the cupboard low incase we had to move at a more accelerated pace than the previous 10 months.

As its been sat there in all the elements for this past torturing months  it's probably worth naff all & due to Covid, supermarket deliveries are a little less available & would like something to eat when we finally move in. "

andyf1980

We are in a situation where our buyer has messed us around a bit (mostly by being slow about things like applying for a mortgage). I said that if our purchase falls through we would have to put our house back on the market because prices have gone up so much here. 

I wouldn’t even consider doing it just because prices have gone up. Just feels like a common decency thing to me. 

MysteryMe

Well we only have one side of the story here, none of us were there to see this "demand" for some used appliances or whether it was actually just a request to have them thrown in after an extended wait. The buyers have not pulled out and I am not sure if they have actually indicated they will if these second had goods aren't included. As someone else said it should just be a case of the OP answering yes or no, not reacting as if it was some personal affront. 

No one has lost £50,000, the OP's property is only worth £50,000 more when the money hits his/her bank account so not sure why some are treating it as a matter of fact.  A bird in the hand is worth two in the bush, after quite a search the OP has found a property they want. If the OP's property is put back on the market, their vendors are not stupid, they will notice the new price OP is after so who is to say they wont chose to cash in as well.

It is not the buyers fault that they OP took so long to find somewhere.  If the buyers pull out over not getting the extras then more fool them but unless the buyers actually do pull out I'd just get on with it.  Perhaps in hindsight the OP should not have marketed their property until they had found somewhere to buy, they would have known that the longer it took for them to find somewhere the more likely the market could change during the time from offer to exchange.

anotheruser

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. 

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

But what if they end up getting the £50k more and keeping their onward property?

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

Next time, try and make a balanced view instead of doom and gloom.
Yes, people prefer the status quo but nobody got anywhere by staying comfortable.

lookstraightahead

anotheruser 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. 

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

But what if they end up getting the £50k more and keeping their onward property?

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

Next time, try and make a balanced view instead of doom and gloom.
Yes, people prefer the status quo but nobody got anywhere by staying comfortable.

I said it's how much they wanted to risk it. Surely selling your house and getting on with what you want to achieve isn't doomy or gloomy. 

It's a gamble - it might pay off I agree. I think the odds are against it. That's my balanced view. 

propertyhunter

MysteryMe said:

As someone else said it should just be a case of the OP answering yes or no, not reacting as if it was some personal affront. 

This. 

Sunsaru

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.

Sorry I should have made it clear that I was talking about the OP not the whole situation. We don't know exactly how the buyer sparked this situation the OP is now faced with the choice of honouring the original deal (+/- the added extras) or seeking out a potential £50k.

People seem to be jumping to the conclusion that the buyer(s) are being a-holes when it could have been a cheeky "you don't get if you don't ask".

nicknameless

MobileSaver said:

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!

Or that's hyperbole to justify the thought of demanding a higher price?

I, like others, think it's poor form to consider asking for more, or remarketing when the basis of the acceptance was the buyer waiting like they seem to have done.

God the house buying system in this country needs reform.

JReacher1

tooldle said:

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

Yes I remember this thread and thought at the time that the seller was right to increase the price. It’s ridiculous to think you can buy a house at a price agreed ten months ago. 

Also as your link shows the property was relisted end of feb and on the 5th March (about ten days later) it wasn’t marked as STC on Rightmove. Not 100% convicted this is a reliable indication to say that it’s impossible to sell a house for a higher price than agreed 7/8 months earlier (as in the OP’s situation) anywhere in the UK. 

In my own area for instance I bought a house for £220k in July and my next door neighbour (identical house in every way) has sold for £260k. It is ridiculous to think I should still have paid £220k if I was still going through the buying process. 

nicknameless

JReacher1 said:

tooldle said:

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

Yes I remember this thread and thought at the time that the seller was right to increase the price. It’s ridiculous to think you can buy a house at a price agreed ten months ago. 

What a load of rubbish.  Seems you're advocating for my tongue in cheek suggestion of paying market value at point of completion then?  Loads of transactions take that long.