Been asked to chip in extra cash

sheramber

Beeblebr0x said:

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

Obviously.

Or, that everybody is keen to get the house they have offered on, as was the case I was acquainted with. 

If they don’t want to proceed then the chain collapses unless the  originator backs down.

It doesn’t really matter what anybody else thinks. It is up to the people concerned. 

If you don’t want to pay it, just say no. 

No need to debate the whys and wherefores. 

Zerforax

Might be relevant how much the house price is. If the house is being bought for 50k or 1mil may make a difference of being asked for another 1k. 

FreeBear

Zerforax said:

Might be relevant how much the house price is. If the house is being bought for 50k or 1mil may make a difference of being asked for another 1k. 

Sorry, but if the property at the top of the chain is in the £1M bracket, and they can't afford an extra £50K, then I'd suggest they are overstretching themselves.

At the other end of the scale, a £50K purchase that needs an extra £50K....

sheramber

FreeBear said:

Zerforax said:

Might be relevant how much the house price is. If the house is being bought for 50k or 1mil may make a difference of being asked for another 1k. 

Sorry, but if the property at the top of the chain is in the £1M bracket, and they can't afford an extra £50K, then I'd suggest they are overstretching themselves.

At the other end of the scale, a £50K purchase that needs an extra £50K....

As it is £1000 from each buyer, are you assuming 50 people in the chain? 

m0bov

Moving house is stressful, I want a holiday so everyone chips in for a cruise. Or I don't move, where does it end.

david29dpo

Has the most money grabbing unprofessional of professions offered anything? ie the agent?

ExEstateAgent

I had experience of this exact situation in my time as an EA. 

It's probably a case of someone in the chain having a down valuation on their mortgage survey/offer due to works that are required on the property and having run out of funds to make it work, so the option is for the EA's to talk to their respective clients in the chain and see if between them they can make up the difference OR let the chain collapse and start again. It may be that one or two say no, or can't, and the others say yes and do what's necessary between themselves. It's all negotiation. 

 

Worth asking for more info (what exactly needs doing and what has the vendor of the property offered to drop their price by etc) and if the EA's are contributing too by way of reduced fees but it is probably a case of a sum of cash is required to enable the relevant party to make up the difference between the mortgage offer/deposit and selling price. 

If chipping in a sum of money (assuming you are able to) keeps the chain together that's probably better than possibly losing the home you're wanting to buy and/or incurring more costs on survey's and legal fees to buy another place.