Been asked to chip in extra cash

MEM62

Sparky200004 said:

One buyer needs extra work on their new house after a survey, and the estate agent called asking if we’d chip in £1,000 — apparently everyone in the chain is being asked. He claimed this is common practice.

The only thing common about it is the fact that the estate agent is taking the mickey.  The words I would use to reject the request I could not repeat here.  

MysteryMe

I've come across instances of this and in fact I think this happened to me many years ago. It's basically a way of keeping the chain intact when other options have failed. It's a judgement call really, everyone chip in and everything proceeds or people don't chip in and the chain collapses with the possibility of losing out on the property/costs already incurred.

Albermarle

jimbog said:

Negotiate. Offer £500 and ask for all the estate agents in the chain to forgo £500 of their commissions to keep the chain intact 

This .

Ask the EA how much they are planning to chip in.

Beeblebr0x

sheramber said:

Beeblebr0x said:

The party whose property needs work doing to it should revise the selling price if they want to keep their buyer. It's not anyone else's problem.

If everyone is keen  to move and not lose money on costs  already incurred, it might be their choice.

In the case I knew of, that was certainly the case. 

*Just like someone being prepared to pay over the value of a house because they are keen to buy that house.

*No, that's between the buyer and the seller. 

sheramber

Beeblebr0x said:

sheramber said:

Beeblebr0x said:

The party whose property needs work doing to it should revise the selling price if they want to keep their buyer. It's not anyone else's problem.

If everyone is keen  to move and not lose money on costs  already incurred, it might be their choice.

In the case I knew of, that was certainly the case. 

*Just like someone being prepared to pay over the value of a house because they are keen to buy that house.

*No, that's between the buyer and the seller. 

Each member of the chain pays more the their seller  because they want to buy that house.  The money goes up the chain, with each parson pitching in their share so the top of the chain  gets the total from the second of the chain.

The estate agent is merely the gobetween, passing on the information.

When I sold some furniture with my house the estate agent acted as the gobetween but the deal was done between my buyer and myself, once agreed.

Beeblebr0x

sheramber said:

Beeblebr0x said:

sheramber said:

Beeblebr0x said:

The party whose property needs work doing to it should revise the selling price if they want to keep their buyer. It's not anyone else's problem.

If everyone is keen  to move and not lose money on costs  already incurred, it might be their choice.

In the case I knew of, that was certainly the case. 

*Just like someone being prepared to pay over the value of a house because they are keen to buy that house.

*No, that's between the buyer and the seller. 

Each member of the chain pays more the their seller  because they want to buy that house.  The money goes up the chain, with each parson pitching in their share so the top of the chain  gets the total from the second of the chain.

The estate agent is merely the gobetween, passing on the information.

When I sold some furniture with my house the estate agent acted as the gobetween but the deal was done between my buyer and myself, once agreed.

That's assuming everyone can afford to pitch in more

pinkshoes

So there is a person in the chain that cannot afford the house they want to buy?

I'd tell the EA that you'll pay £500 with a guarantee in writing that the chain completes then they pay the other £500 from their commission.

MeteredOut

I'd be questioning why its such a nice round number...

Murphybear

MEM62 said:

Sparky200004 said:

One buyer needs extra work on their new house after a survey, and the estate agent called asking if we’d chip in £1,000 — apparently everyone in the chain is being asked. He claimed this is common practice.

The only thing common about it is the fact that the estate agent is taking the mickey.  The words I would use to reject the request I could not repeat here.  

Here’s an idea.  If the EA is keen for people to chip in, presumably they don’t want to risk losing the sale, then suggest that the EA pays 😹

Sparky200004

sheramber said:

Is it £1000 total or is it £1000 from each person in the chain?

1k from each person