Is seller being fishy / stringing me along?

ThisIsWeird

Albermarle said:

The equivalent of you trying this on - reducing your offer just before exchange - is called 'gazundering'. No idea if there's an equivalent word for what the seller is doing?

Gazumping is the word you are looking for.

I think gazumping is when another potential buyer out-offers you well into the buying process? I don't think there's a term for when a seller tries to increase the asking price at short notice?

m0bov

Just look elsewhere, its not worth it, the seller is just playing games.

Albermarle

ThisIsWeird said:

Albermarle said:

The equivalent of you trying this on - reducing your offer just before exchange - is called 'gazundering'. No idea if there's an equivalent word for what the seller is doing?

Gazumping is the word you are looking for.

I think gazumping is when another potential buyer out-offers you well into the buying process? I don't think there's a term for when a seller tries to increase the asking price at short notice?

The end effect is the same though. The buyer is asked to increase their offer regardless of the reason, so I would say it is still gazumping, but not worth arguing about 

FlyMeSomewhere79

The thing to bear in mind is that if the change in price impacts your mortgage, it's going to mean reapplying and getting another offer in principle before you can exchange contracts.

Schwarzwald

it's fishy, not normal and not how to do things.
the lack of cash in while selling the property the vendor should have just factored into the intiial asking price.
my vendor acted similarly, turned out okay at the end, but was unreasonable and painful.

I would start looking for an alternate property. Create leverage and a backup options.
Generally dont agree to the price increase, its non-sense.
if the vendor loses you, it will take another 4-6 months to sell it.
But start looking for alternative properties.

iza_belle1

I don't know which part of the country you're in, but I see so many flats for sale lately, and they just aren't shifting quickly, and are often being reduced. I wonder how easy it would be for the Seller to relist and sell quickly at the same/higher price? I suspect as other posters have mentioned it could take months. This puts you in a strong position. I know its disappointing when you've invested time and money already but it's worth looking for somewhere else, in my opinion.  

thegreenone

We had this many years ago when buying this house. 


The vendors suddenly decided they needed an extra 5K just before exchange.  We had already sold our property and were camping in my Mum's dining room, so we told them a firm No.   I've no idea why they needed the extra 5K or if they found it but I think their solicitor reminded them that we were cash buyers and ready to go or walk very quickly away.

I hope you find a resolution.

RHemmings

My entire family agreed ahead of time what response we would give should the sellers of our house decided to try and up the price last minute. It would have been a well known two word anglo-saxon phrase, used in legal correspondence by Private Eye in the past. Seriously, we talked about the possibility and agreed on the response. 

sheramber

He is banking on you wanting the flat and having spent money alreadyso will succumbto his extra demand.

Although you have spent money, can you trust him not to pull out of the sale  at the the last minute before exchange, or if he gets a tenant?

He might just increase the price again as you have given in to this increase.

Is he causing the delay by nor replying to his solicitor/

Tell the agent your offer stands as it is but start  you are looking for another flat  in the meantime. 

ThisIsWeird

Albermarle said:

ThisIsWeird said:

Albermarle said:

The equivalent of you trying this on - reducing your offer just before exchange - is called 'gazundering'. No idea if there's an equivalent word for what the seller is doing?

Gazumping is the word you are looking for.

I think gazumping is when another potential buyer out-offers you well into the buying process? I don't think there's a term for when a seller tries to increase the asking price at short notice?

The end effect is the same though. The buyer is asked to increase their offer regardless of the reason, so I would say it is still gazumping, but not worth arguing about 

Well excooooooos me!