Offer accepted on house, paid all fee's etc, now the seller wants it back on the market for higher

Exodi

To add a tagent to the other posts, I found the OPs starting sentence very interesting.

rachael1105 said:
We have got the mortgage agreed, survey done and paid the solicitor fees, came to an agreed price after the survey came back

This sounds like the OP made an offer which was accepted, formally applied for the mortgage while instructing a solicitor and having a survey done - then on receipt of the survey, reduced the offer.

While not unreasonable on the face of it, I have noticed a trend of first time buyers knocking money off their offers based on the more... questionable... contents of a survey - e.g. recommending complete rewires, replacing all windows with double glazing, insulation, etc. 

I'm obviously reading between the lines here, but if the OP commanded a substantial discount to account for some spurious work that 'needed' to be done, while the vendors were initially accepting, they may have had a change of heart, especially upon realising that the probate process will take a long time regardless - at this point I expect they're just aiming to get the most bang for their buck.

It seems obvious the reason to remarket the property is to gazump the OP.

Unfortunately this is an issue of the UK property process - nothing is legally binding until exchange of contracts... but to get to exchange of contracts, the parties need to chance a grand.

Shaztastic3000

Reduce your offer, stating this reflects the increased risk you now perceive to be associated with this transaction.

caprikid1

"came to an agreed price after the survey came back "

How much did you reduce the price by, feels like you offered an initial price which they may have reluctantly accepted you have now chipped again and have upset on or two of the sellers.

Sometimes to the normal buyer and seller the faults are obvious.. so reducing offers based on obvious faults is a bit of a cheek on the grounds the price has been set based on what you can see, IE the faults.

Exodi

Shaztastic3000 said:

Reduce your offer, stating this reflects the increased risk you now perceive to be associated with this transaction.

Making spiteful gestures like this are good to make yourself feel better, but given that the implication is that the vendors want more for the property, would almost certainly end the transaction - in which the OP is already invested.

Do we even know whether the OP is able to buy an equivelant house for their offer price?

While I'm sure the OP would feel great in the few seconds they spend saying "you want more, well I'm reducing my offer! Haha take that suckers!", we are all adults and we should not always do things just for instant gratification.

jj_43

doesn't sounds like it. The many siblings will more likely want to have a fall back buyer than a better price. And the siblings will be more motivated to get the cash quicker for whatever they want to spend it on. Your in a better place than other buyers.

Exodi

jj_43 said:

doesn't sounds like it. The many siblings will more likely want to have a fall back buyer than a better price. And the siblings will be more motivated to get the cash quicker for whatever they want to spend it on. Your in a better place than other buyers.

This is all just based on assumptions. You don't know how many siblings there are and there's nothing to suggest they would prefer a speedy transaction over a better price - the suggestion that they are remarketing the house to find a 'fallback buyer' is certainly a new concept to me and doesn't seem like a particularly good strategy considering it will almost certainly p*ss the current buyer off. What do you think will happen if the fallback buyer offers £20k more than the OP?

I wouldn't say the OP is in a 'better place than other buyers' either - they are already invested in the property, they lose money by not completing.

movilogo

Let them put on market [you can't really prevent them from doing so].
Now price is falling, so they are unlikely to get higher offers. You can then reduce your offer.