Ok, so who else has been "gazundered"?

slopemaster

I am not a legal expert but think you are wrong to say there has to be consideration as you can have a contract under seal and it is binding once signed (sealed and delivered).
they manage OK in places like France and Scotland where, once an agreement is reached and signed, it is binding on both parties.

slopemaster

Binding unless something nasty is discovered that is. I once signed a contract to buy a house in France but then it came out that the neighbour had a right of passage THROUGH THE HOUSE I was buying. So my deposit was returned, and AFAIK the house never sold and is still empty and gently rotting. (It hadn't been touched since 1950s)

QTPie

themanbearpig wrote: »

I will definatly "try it on" when I eventually buy property, as it could save me money. I wouldn't really care whether the other party is happy or not, as really they are perfectly entitled to decline. I well timed counter-offer is just a very good tactic to use for the buyer to get a better deal.

Which is why I think there should be something in place to help deter this: maybe at least a £250/£500 payment, to cover legal expenses etc, from each party at the time that the offer is made/accepted. If either party defaults on the offer - without good reason - then the money goes to pay off any expenses incurred by the other side.

Ok it wouldn't stop gazundering/gazumping, but it would make people think a lot more seriously at the offer stage... it will also mean that the person who is gazumped/gazundered doesn't have to be financially out of pocket on top of everything else...

QT

QTPie

slopemaster wrote: »

Binding unless something nasty is discovered that is. I once signed a contract to buy a house in France but then it came out that the neighbour had a right of passage THROUGH THE HOUSE I was buying. So my deposit was returned, and AFAIK the house never sold and is still empty and gently rotting. (It hadn't been touched since 1950s)

Wow (glad that was discovered BEFORE final purchase!)

silvercar

themanbearpig wrote:

I will definatly "try it on" when I eventually buy property, as it could save me money. I wouldn't really care whether the other party is happy or not, as really they are perfectly entitled to decline. I well timed counter-offer is just a very good tactic to use for the buyer to get a better deal.

So the sellers turn down an offer you up it to an acceptable level. They then spend money on arranging their house purchase and legal costs of the sale to you. At which point you turn round and drop your offer to the rejected level. So they have wasted money directly as a result of your actions, you have also wasted money on your purchases and you really don't care!!!!!!!

I hope the same thing is done to you one day.

QTPie

silvercar wrote: »

So the sellers turn down an offer you up it to an acceptable level. They then spend money on arranging their house purchase and legal costs of the sale to you. At which point you turn round and drop your offer to the rejected level. So they have wasted money directly as a result of your actions, you have also wasted money on your purchases and you really don't care!!!!!!!

I hope the same thing is done to you one day.

That sounds about the sum of it.... as a seller (who doesn't "have" to sell), it sort of makes you want to back away from the market rather rapidly...

As I posted in another thread, hopefully karma exists somewhere

QT

Swipe

QTPie wrote: »

Which is why I think there should be something in place to help deter this: maybe at least a £250/£500 payment, to cover legal expenses etc, from each party at the time that the offer is made/accepted. If either party defaults on the offer - without good reason - then the money goes to pay off any expenses incurred by the other side.

Make that £1.5k and I'd agree. £500 is peanuts.

QTPie

Swipe wrote: »

Make that £1.5k and I'd agree. £500 is peanuts.

Sounds good to me!

QT

tommy75

QTPie wrote: »

As I posted in another thread, hopefully karma exists somewhere
QT

Well when houses prices get back to a stable 3 to 3 1/2 average earnings like the long term average and everybody working has an affordable life again I hope so too. And if we do manage to get through this one unscaved this time maybe we will have something put in place by this usless government (or the next) which stops these bubbles ie a cap on prices to earnings based on location, size, extentions etc inturn stopping gazumping and gazundering. I'm sure something like this could be done.

FelOn_2

You're all idiots, when it's a buyers market (now) gazundering is the norm, when it's a sellers market (around 10 years from now) gazumping will be the norm...live with it, until the law changes:p