Property gone sale agreed but significant jump in sale prices may mean a change of mind.

kingvagabond said:

Yes a sense of integrity has to feature in all of this for me.

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That really is the key point. You made an agreement, you keep the agreement.

If prices had declined you would be annoyed if they sought a reduction in the price.

However...

If there is any messing on the other side, then you are legally and morally well within your rights to pull out of the deal.

For example, if they get a survey and then try to beat down the agreed price or if they or their solicitor fail to meet the deadlines in exchanging contracts.

Brendan

I'd use it to get the sale completed quickly.

Too many solicitors act far too slowly on conveyancing for no proper reason.

6 weeks and no contract signed is just ridiculous unless there are serious issues with documents.


Get your solicitor to inform the buyers solicitor that there have been several new enquiries and the property is being opened back for viewing and if a higher offer comes in you will be withdrawing from the sale.



Btw, I think the pressure is coming off prices as certainly in some areas that I'm looking at for an investment property, houses are on the market much longer than they were in march and April.

peemac said:

I'd use it to get the sale completed quickly.

Too many solicitors act far too slowly on conveyancing for no proper reason.

6 weeks and no contract signed is just ridiculous unless there are serious issues with documents.


Get your solicitor to inform the buyers solicitor that there have been several new enquiries and the property is being opened back for viewing and if a higher offer comes in you will be withdrawing from the sale.



Btw, I think the pressure is coming off prices as certainly in some areas that I'm looking at for an investment property, houses are on the market much longer than they were in march and April.

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To be fair from what I understood from the OP’s information is that it’s their solicitor who is currently holding things up as they are on holidays but I could be wrong there. I’m that case the purchasers aren’t doing anything to mess the OP around. If anything the OP should be lighting a fire under their own solicitors to get the finger out.

@kingvagabond So how did this work out in the end? Did you manage to get the sale closed off?

Eireog007 said:

That’s completely understandable wanting to get the best price for your property but as you said it can come down to the luck of the draw sometimes how the bidding will fall.
In the end just getting the sale through and completed will be well worth it as opposed to spinning the wheel again.
Best of luck either way.

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Yes Eireog007. I kept my word and the sale went through with little or no issues. Glad its all over. It was a boring enough process.

kingvagabond said:

Yes Eireog007. I kept my word and the sale went through with little or no issues. Glad its all over. It was a boring enough process.

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Glad to hear it all went well for you. I just moved into my own first house 2 months ago as well. The sale had dragged on since March which was frustrating but it was all worth it once we were able to move in. I had half wondered if we were on opposite sides of the same deal at one point haha.

Eireog007 said:

Glad to hear it all went well for you. I just moved into my own first house 2 months ago as well. The sale had dragged on since March which was frustrating but it was all worth it once we were able to move in. I had half wondered if we were on opposite sides of the same deal at one point haha.

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I was wondering the same but no I searched your messages (way back) and you do not fit the profile of the people who moved in!

Read this thread as a guest so far, but registered to say that I’m glad that you decided to keep your word. We were on the other side of a similar situation. We got a sale agreed on a lovely house in May, but obviously also noticed the rising prices over the last couple of months and were very concerned about that. It’s an awful feeling as a buyer and you don’t really get a peace of mind until the contracts are finally signed. I know, my words are not worth 5k, but it’s nice to see, that there are decent people out there, who honor a deal.

Cateye said:

Read this thread as a guest so far, but registered to say that I’m glad that you decided to keep your word. We were on the other side of a similar situation. We got a sale agreed on a lovely house in May, but obviously also noticed the rising prices over the last couple of months and were very concerned about that. It’s an awful feeling as a buyer and you don’t really get a peace of mind until the contracts are finally signed. I know, my words are not worth 5k, but it’s nice to see, that there are decent people out there, who honor a deal.

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I thrashed it out on here and did struggle with knowing what to do. After weighing it all up we decided it wasn't worth it for a number of different reasons. One of those being keeping my word. But there were others too. So it wasn't as straight forward as it looked. Since the amount wasn't hugely significant (10k) it was easier. If it was more I think I would have pulled the plug. I'm sure if there was a significant drop the purchasers would have been onto me looking for a reduction in price. Both parties need to come away feeling good. Nobody on either side of the deal wants to leave the table feeling robbed. Then its not a good transaction in my opinion.