Seller wants more than agreed price

Whodat19

I went to someone directly that was selling their house. I explained I'm putting in for a mortgage that week and we negotiated on an agreed price that we were both happy with. They told me to keep them updated on the mortgage progress in the mean time.

Got word I'll know hopefully by end of next week if mortgage approved. Rang the owner today to update them and they said they now want nearly 20k more than we agreed on. I told them we agreed a price a couple of weeks ago and they never mentioned it even last week when I was talking to them. They said they got another auctioneer in since and they told them this is the amount they should be looking for as their previous auctioneer advised (even though they were happy to go a bit under asking price a couple of weeks ago).

I'm so annoyed at this. It really is a all for themselves game.

amcalester

Nothing is agreed until contracts are signed.

Samuel T. Cogley

The counterpart to Gazumping is Gazundering. A very good reason not to deal with private sellers, they rarely know what they're talking about.

My sympathies OP but there is nothing you can do.

Whodat19

I know. I'm just more annoyed that they only telling me now then when we were talking originally

James 007

Offer them €20K less than your previous offer and walk away.

Carlos Orange

James 007 wrote: »

Offer them €20K less than your previous offer and walk away.

Not much point doing that. Just reiterate the agreed price and say you aren't interested in waiting around 6 months to get back to the same point you are at now.

Whodat19

So if my mortgage is approved and I go straight to auctioneer, should I offer original price we agreed or will I offer lower?

daheff

Whodat19 wrote: »

So if my mortgage is approved and I go straight to auctioneer, should I offer original price we agreed or will I offer lower?

Offer original price

limnam

Whodat19 wrote: »

So if my mortgage is approved and I go straight to auctioneer, should I offer original price we agreed or will I offer lower?

I'd just start looking at other houses tbh


The last thing you need to be dealing with when trying to buy is an idiot owner.

Whodat19

limnam wrote: »

I'd just start looking at other houses tbh


The last thing you need to be dealing with when trying to buy is an idiot owner.

Ya I was thinking of putting down offer and still looking for other houses around. Hopefully others will come up soon.

colm_mcm

How is the house priced relative to other similar ones?

Whodat19

colm_mcm wrote: »

How is the house priced relative to other similar ones?

To be honest, other houses for sale in the locality are like mansions compared to this one, so at least double the price. I heard of other houses like the one I was interested in coming on the market during the summer, so I'll have to wait until then.

davo10

I've a good bit of experience in buying and selling properties, if this happened to me I'd tell him to cop on and either accept the agreed price or shove it up you know where. It's bad form, but if he thinks it is worth more then he probably can't resist the temptation.

Op, you will have to look at this pragmatically, if you really want this house and the price is still within the going range for it, then you might have to suck it up. On the other hand, there is no gaurantee that he won't do this again, or even pull out if he thinks he can get an even better price. I wouldn't be overconfident about other house coming on the market, there may be more interest in them and when the sellers see what your house is on the market for, it's inevitable that theirs will be on sale for that price or more, never less.

I'd suggest if you are going to stick with this house, don't waste time, get on to the bank and your solicitor hurry up.

wirelessdude01

So am I reading this correct, you approached the seller directly, bypassed the EA and are now getting shafted?

Whodat19

wirelessdude01 wrote: »

So am I reading this correct, you approached the seller directly, bypassed the EA and are now getting shafted?

I kind of knew them as we from the same area. I know the owners neighbour and they said to approach them as the EA wouldn't entertain me without having a mortgage approval, which is fair enough. I went to the owner to know how much to apply for with mortgage as it is on the market for over a year. That's when they told me price they would be happy with and they would contact their EA to let them know if I come with mortgage approval, to let me have it.

Now, they want more as their EA telling them they can get more for the property, even though it's been on the market for over a year. Must be due to the boom is back they are thinking.

stimpson

Whodat19 wrote: »

I kind of knew them as we from the same area. I know the owners neighbour and they said to approach them as the EA wouldn't entertain me without having a mortgage approval, which is fair enough. I went to the owner to know how much to apply for with mortgage as it is on the market for over a year. That's when they told me price they would be happy with and they would contact their EA to let them know if I come with mortgage approval, to let me have it.

Now, they want more as their EA telling them they can get more for the property, even though it's been on the market for over a year. Must be due to the boom is back they are thinking.

I bought a house recently that had been on the market for 18 months and fallen through a few times. I was told they would accept 35K less than the previous offer due to work being required on the roof. I offered 50k less and we agreed a sale at 45k less. My engineer said the roof was fine.

If it’s been on the market for that long then you’d wonder why. I can see the logic of the price going up 20K in a year, but I can also see the vendor getting frustrated and wanting it sold. If it was me, I’d stick to my guns while looking at other houses.