Estate agent and Vendor trying it on....

[thebraketester]

Any thoughts on this?

They have called back today saying they now want 307.5K.





I supposed they are allowed to do that even though we have the offer accepted in writing? Seems a bit unfair.


Thanks

Rich

Edited by thebraketester on Thursday 12th January 17:23

[AndrewEH1]

Perhaps you're about to be gazumped and they are offering you a chance to meet the other potential buyer's offer?

Rules in England (and Wales?) are mental compared to the rules in Scotland.

(I'd maybe remove your name from the letter too...because PH)

[Wacky Racer]

Depends how badly you want the property.

They could ask for another 30k if they wanted.

Play hardball and tell them that is your final offer and they have 24 hours to accept.

I don't think they would miss the sale for such a trivial amount, but stranger things have happened.

Be prepared for a bumpy ride with this one.

[KrazyIvan]

How much do you want the house?

Is 5K more going to push you over budget?

Or you can tell them the offer is staying at 302K and they have XXXXXX amount of time to confirm.

Offers are exactly that, an intention, nothing more, you can pull out, lower/increase your offer at any point until contracts are signed.

[DuraAce]

I'd tell them to shove it. Give them 5 days to accept your original offer and move forward or you'll reduce it 5k.

I just couldn't bring myself to pay a penny more in that situation as I'd always feel the seller had done me over. I would happily walk away and buy something else. There is always another nice place just waiting to be discovered.

[FrankAbagnale]

Agent takes their clients instructions.

They wouldn't agree a deal at the original figure, send offer acceptance letters, inform solicitors and then off their own back try and renegotiate for more money.

The extra commission in the negotiators pocket by doing that will be somewhere between £1.50 and £15 i'd think.

At a guess, vendor has got greedy. As someone said above, be prepared for a bumpy ride. They're not to be trusted.

Edited by FrankAbagnale on Thursday 12th January 17:26

[AndrewEH1]

FrankAbagnale said:

Agent takes their clients instructions.

They wouldn't agree a deal at the original figure, send offer acceptance letters, inform solicitors and then off their own back try and renegotiate for more money.

Which is why I think another buyer has turned up and offered more. Who knows, maybe the other buyer has offered £10k more but the owners are willing to split the difference with OP?

[FrankAbagnale]

AndrewEH1 said:

FrankAbagnale said:

Agent takes their clients instructions.

They wouldn't agree a deal at the original figure, send offer acceptance letters, inform solicitors and then off their own back try and renegotiate for more money.

Which is why I think another buyer has turned up and offered more. Who knows, maybe the other buyer has offered £10k more but the owners are willing to split the difference with OP?

In that situation, i'd be very surprised if that wasn't just explained to the OP.

Be interesting to see how the convo with the agent went.

Vendors often think they've sold too cheap it a) a buyer offers guide price straight away or b) the sale is agreed very early on.

Edited by FrankAbagnale on Thursday 12th January 17:32

[AndrewEH1]

FrankAbagnale said:

In that situation, i'd be very surprised if that wasn't just explained to the OP.

Be interesting to see how the convo with the agent went.

I'm just guessing from the little the OP has. Either way OP certainly needs to try and work out why they suddenly want more money, and then decide if it's worth the extra £5k.

[Sir Bagalot]

Have they told you why they want an extra £5K?

BTW what was the asking price?

[thebraketester]

Its my sister in law buying... so not exactly sure how the telephone conversation went.

I doubt that there are any other offers. Lets face it, if someone offered them 310-312 for it then they would surely just take there offer and not try to do a secondary negotiation with my SIL.

Just seems madness how you can get an offer accepted in writing from the estate agents with the vendors backing and then have them move the goal posts. If we had time to piss about I would recommend she offers the 307.5, and then right before exchange reduce the offer back down to 302.5.


Thanks for your advice everyone.


edit... they have offered 305 now as a take it or leave it offer.

[thebraketester]

Sir Bagalot said:

Have they told you why they want an extra £5K?

BTW what was the asking price?

Asking was 309

No reason given as far as I can tell. Seems they are just greedy s.

[FrankAbagnale]

thebraketester said:

Sir Bagalot said:

Have they told you why they want an extra £5K?

BTW what was the asking price?

Asking was 309

No reason given as far as I can tell. Seems they are just greedy s.

At a guess.

Went on the market on the 12th December - i'd think they had very little interest in December and told the owner January would bring new life to the market. Second week back and they have an offer which they jump at, only to get greedy as it's the "beginning of the spring market" and they've come to the conclusion overnight they've accepted too lower offer when the market is about to boom in the new year!

Edited by FrankAbagnale on Thursday 12th January 17:49

[Muncher]

I'd get back in touch and ask them how they would feel about £297,500 now.

[thebraketester]

Muncher said:

I'd get back in touch and ask them how they would feel about £297,500 now.

Tempting. :-)

[thebraketester]

FrankAbagnale said:

thebraketester said:

Sir Bagalot said:

Have they told you why they want an extra £5K?

BTW what was the asking price?

Asking was 309

No reason given as far as I can tell. Seems they are just greedy s.

At a guess.

Went on the market on the 12th December - i'd think they had very little interest in December and told the owner January would bring new life to the market. Second week back and they have an offer which they jump at, only to get greedy as it's the "beginning of the spring market" and they've come to the conclusion overnight they've accepted too lower offer when the market is about to boom in the new year!

Yes. I think that sounds plausible, and probably exactly what has happened.

[FrankAbagnale]

thebraketester said:

FrankAbagnale said:

thebraketester said:

Sir Bagalot said:

Have they told you why they want an extra £5K?

BTW what was the asking price?

Asking was 309

No reason given as far as I can tell. Seems they are just greedy s.

At a guess.

Went on the market on the 12th December - i'd think they had very little interest in December and told the owner January would bring new life to the market. Second week back and they have an offer which they jump at, only to get greedy as it's the "beginning of the spring market" and they've come to the conclusion overnight they've accepted too lower offer when the market is about to boom in the new year!

Yes. I think that sounds plausible, and probably exactly what has happened.

If it is the house that was listed on the 12th December, having a very quick look at comparables it seems to be toppy on price anyway. Take that with a pinch of salt as I don't know the area but a 30% increase in value in two years seems punchy - even if they have improved the kitchen.

If it isn't the house that was listed on the 12th, ignore the above!!!

[TA14]

FrankAbagnale said:

At a guess, vendor has got greedy. As someone said above, be prepared for a bumpy ride. They're not to be trusted.

Yes. This could be a popcorn thread. If it were me I'd walk in to the branch and have a good chat with the agent; I find it much more informative than a 'phone call or e-mails.

[Borroxs]

Perhaps their target property has raised their price and they are trying to pass it down.

[thebraketester]

It has been ( i think) taken off rightmove.

From what I can gather, zoopla does read low for the area, by about 25-30K compared to what houses are being listed for. I think this one is at 291 on zoopla.