Sale agreed few months, can i ask for more

ArthurMcB

Registered User
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133
Hi,

I am sale agreed 5 months to sell my house in north county dublin. The delay is due mainly to the buyer being abroad, needing finance and being just slow.

Given that house prices have increased x% in those 5 months, is it appropriate for me ask the buyer to pay an extra amount in line with the pro rata % increase in that area or to compromise re same?

I was happy at the time with the agreed price but now i think i would possibly get a significant amount more.

I appreciate that i run the rsk of loosing the sale but at this stage im so frustrated with it that id nearly go back to the market.

What would people with experience advise?

Thanks,
A
 

PaddyBloggit

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3,607
Have contracts been exchanged?

If they haven't, you are free to pull out of the sale and put it up for a higher price.

5 months seems like time wasting on their part tbh.
 

ArthurMcB

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133
Thanks PaddyBloggit

I agree, i think there has been a lot of time wasting.

No contract exchanged yet so I know im free to do as I please.

As far as I can see its close to completing but iv been thinking that 2 months ago.

Given the way house prices are moving im half inclined to say to buyer that as its taken so long, unless they can pay the increase im going back to market. Its risky though.

If they really want the house, might they see merit in me asking for a fair increase in light of market conditions and length of time since sale agreed?
 
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jpd

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2,494
What is risky - going back to the market to get a better price?

Every house sale transaction has a willing buyer and a willing seller at the price agreed. If you are not happy with the price, then walk away and put it back on the market. If they really want it, they will bid again
 

Bilbo1

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46
It's their due diligence to have the finance ready to go when they bid. I would be annoyed with them at this point.
If you put it back in the market and they bid at a price you like, would you offer it to them again?
 

ArthurMcB

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133
It's their due diligence to have the finance ready to go when they bid. I would be annoyed with them at this point.
If you put it back in the market and they bid at a price you like, would you offer it to them again?
I may have been duped by an eager sales agent at the time, eager for my business and the sale. I say that, as I was led to believe it woukd be a quick and seamless sale but it has been anything but.

To your question, if they were to bid again then i would accept but i would ask for demontrable proof that progress is made within a week or 2 in terms of closing or im out. As far as i understand they are close to drawing down funds.

I was thinking of going to two other agents in the area to see if they have any underbidders that might be interested. If i got 6%+ more id take it as long as, again, i was reasonably comfortable that the sale would proceed swiftly.

Would this be a good strategy?
 

nad

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269
Has any of the delay been on your side..as one delay can have a knock on effect..also how do you think you would react if the property prices were failing since sale agreed,,would you expect the buyer to keep his end of the agreement..
I suppose it depends on what a person's word is worth....it's reminds me of the Celtic tiger era..ie..gazumping...
 

ArthurMcB

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133
Fair perspective Nad.

None of the delay on my side. Im not in a chain. House is vacant and iv been keen for quick sale from day 1 and very responsive in that regard.

If prices had fallen and delay was down to me I would understand buyer looking for a discount. Wouldnt be happy about it though! But if i really wanted the sale amd the discount was reasoned then I woukd consider it.
 

noproblem

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2,520
Did you sell it yourself or go with an auctioneer? If an auctioneer, just go back in and tell him to do a few more viewings and see if there's any offers. Without contracts the property is not sold. Then again, if you agreed with the buyer? You gave them your word (as they say) Personally, if I give someone my word, then that's it.
 

ArthurMcB

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133
Went through auctioneer. I hear you @noproblem and I would be of same mindset re giving my word. However, we agreed at the time (and this was explicit) that i wanted a quick smooth sale (who doesnt). I didnt even go to market it was an investor that the agent knew. Theyve dragged this out and left me frusrtrated that I would, at this stage, consider breaking my word and going to the open market. In particular, as the indications are that I would get significantly more that I have agreed with the investor. Its a tough one though. I know that in some ways the safer option is to just wait it out now.

Good idea re asking agent to have more viewings.
 

twofor1

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1,500
I was thinking of going to two other agents in the area to see if they have any underbidders that might be interested.
Careful with this one.

Check the contract you signed with your current agent, there are usually termination conditions with time limits.

You could end up paying double as your current agent might still be entitled to his commission even if the new agent sells the house.
 

noproblem

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2,520
Went through auctioneer. I hear you @noproblem and I would be of same mindset re giving my word. However, we agreed at the time (and this was explicit) that i wanted a quick smooth sale (who doesnt). I didnt even go to market it was an investor that the agent knew. Theyve dragged this out and left me frusrtrated that I would, at this stage, consider breaking my word and going to the open market. In particular, as the indications are that I would get significantly more that I have agreed with the investor. Its a tough one though. I know that in some ways the safer option is to just wait it out now.

Good idea re asking agent to have more viewings.
Good idea maybe, if the pair of them are not in cahoots ;)
 

MrEarl

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2,187
Why not tell the buyer you are cancelling the sale, if they don't complete in 14-21 days - see what the reaction is?

If they tell you they want a notable extension to that time line, tell them you want a fee, paid in advance, if you are to agree.
 

LS400

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685
Given that house prices have increased x% in those 5 months, is it appropriate for me ask the buyer to pay an extra amount in line with the pro rata % increase in that area

Absolutely, I’m all for your word is your bond etc, but from what you have described, the potential buyer has basically froze the sale price while they dithered.

Had the market gone differently, the buyer having bought excessive time would have the ability to renegotiate to his advantage.

I pulled a sale recently, days from contract signing, for a particular reason, having ironed out my problem, I re-engaged the buyer for first refusal at the agreed earlier price before putting back on the market. The point being, this was my problem, I’m no saint, but it wouldn’t sit well not to have done it. Buyer was delighted, and should close shortly.
 

NoRegretsCoyote

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3,013
Forget about movements in the market. The bigger issue is that you have an opportunity cost of an empty house. You are also paying bills, insurance, etc, in the meantime

You have a buyer who is dithering for whatever reason. Five months is far too long from sale agreed. Give him a short deadline for contracts or you pull the plug.
 

nad

Registered User
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269
Arthur,,....from reading y our replies through this thread,,it does seem that the purchaser is well aware of the situation and if anything his relationship with the EA..ensures that..so maybe tell the EA that you will be taking the property off the market if the deal hasn't progressed to a certain by a particular date..probably be wise to speak to your legal before hand to see what they think.
 

Nutso

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589
You have kept your word but they have not upheld their side. I would have no issue pulling it or giving them a deadline at this stage.
 
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