Ok, so who else has been "gazundered"?

QTPie

tommy75 wrote: »

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.

That would require governments to be full of clever people who learn from history... probably doubtful!

QT

bluejake

themanbearpig wrote: »

On the topic of stopping the practise of "gazundering", I cannot be done unless there is a new act of parliment (statute law), or a new precendent that fundamentally changes the way contracts are formed, which will not happen imo!

If you view a purchase of a house as simply as a formation of a contract, then guzundering is simply a counter-offer before any contract has formed. Only if consideration is given after the first offer (ie a deposit), will that offer be binding. So to change this basic principle, would be difficult unless there were to be a new specific law prohibiting this, but it will have many more disadvantages over the advantage of eliminating gazundering.

I personally don't find guzundering or the inverse of it, to be particulally immoral. Its the right of anyone entering into a contract to make a counter-offer, and tbh, im suprised that it isn't done more often.
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.

I wouldn't bat an eyelid about gazumping or gazundering to get the best possible deal. It isn't 'trying it on' it is just normal business practice and entirely fair and ethical. People should grow up and stop being blinded to reason by their own self interest. Gazumping and gazundering is simply the market working to arrive at the correct price for both parties or no deal is reached. Happens every day in business.

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.

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

People should stop being big babies and grow up. The government cannot force people to buy something they do not want just so lazy sellers can bank a profit they somehow feel they are entitled to with minimum effort.

Welcome to the world of selling: you spend time and money trying to sell and people have the temerity not buy. Oh boo hoo they should be forced to buy at a price they don't want to pay - not because of my greed and self interest - but because I am honorable and nice and it's their fault I have to spend time and money trying to sell something. The government should just magic the money I think my property is worth straight into my bank account.

Surely, these smart people would understand that there are costs associated with selling and budget accordingly?

Peeerlease, just grow up. This is a moneysaving site. People should get the best possible price, exploit loopholes, bargain hard - especially for the biggest financial deal of their lives - except when it is your house they are buying...

Instead of whining about people adjusting their offers downwards you would do better to face up to the reality of the housing market and the costs associated with selling, and act accordingly.

Hectors_House

I've just completed on a reposession and it never crossed my mind to gazunder (surely an Australian expression if ever there was one).

In my case, I put forward an offer that I thought was fair for the local market. And they accepted.

I had my own family urging me to gazunder and go in at £20k kess then I'd offered.

I told them that is 18 months time the house would be worth that but I don't want to wait another 18 months.

As it is - being a repo, I think the bank made the shortfall back from me but not much profit. And that suits me fine.

I wouldn't knowingly gazunder.

Morally I couldn't do it cus I belive in what goes around, comes around.

I trust the peeps whose house I bought can clear their debts now...and learn a hard, cold lesson from it.

QTPie

bluejake wrote: »

People should stop being big babies and grow up. The government cannot force people to buy something they do not want just so lazy sellers can bank a profit they somehow feel they are entitled to with minimum effort.

Welcome to the world of selling: you spend time and money trying to sell and people have the temerity not buy. Oh boo hoo they should be forced to buy at a price they don't want to pay - not because of my greed and self interest - but because I am honorable and nice and it's their fault I have to spend time and money trying to sell something. The government should just magic the money I think my property is worth straight into my bank account.

Surely, these smart people would understand that there are costs associated with selling and budget accordingly?

Peeerlease, just grow up. This is a moneysaving site. People should get the best possible price, exploit loopholes, bargain hard - especially for the biggest financial deal of their lives - except when it is your house they are buying...

Instead of whining about people adjusting their offers downwards you would do better to face up to the reality of the housing market and the costs associated with selling, and act accordingly.

I hope that, one day, people will treat you with the exact same contempt and disregard that you obviously have for others...

QT

bluejake

QTPie wrote: »

I hope that, one day, people will treat you with the exact same contempt and disregard that you obviously have for others...

QT

There is no contempt and disregard from me but I am not a big baby. If am I selling a house or a car or anything else and the price drops 20% before contracts are signed I would fully expect buyers to adjust their offer to reflect this. The universe doesn't revolve around me. Why on earth would a buyer want to pay more than the market rate? Why? Why? Is it contempt or disrespect that they will not just hand over their money to me on top of the market price? No

I say again, grow up. I don't treat people with contempt and disregard and nor do they to me. My house is worth what someone will pay for it. It is not contempt or disrespect if they will not pay what I think my house is worth in my head, rather than on the market. I would suggest that it would disrespectful if I thought I could bully or arm twist or pretend that there is some moral obligation for a buyer to pay more than he thinks my house is worth when my motivation is simply self interest.

Stop being so utterly blinded by your own self interest and so utterly delusional about your righteousness.

Do you people burst into tears when the price of a can of peas drops in your local supermarket and insist on paying last years price because it would be an act of contempt and disrespect to pay todays lower price.

All your moral pontificating is entirely bogus and is merely where self interest meets self delusion. It has no place on a moneysaving site and I am rather tired of it.

QTPie

bluejake wrote: »

There is no contempt and disregard from me but I am not a big baby. If am I selling a house or a car or anything else and the price drops 20% before contracts are signed I would fully expect buyers to adjust their offer to reflect this. The universe doesn't revolve around me. Why on earth would a buyer want to pay more than the market rate? Why? Why? Is it contempt or disrespect that they will not just hand over their money to me on top of the market price? No

I say again, grow up. I don't treat people with contempt and disregard and nor do they to me. My house is worth what someone will pay for it. It is not contempt or disrespect if they will not pay what I think my house is worth in my head, rather than on the market. I would suggest that it would disrespectful if I thought I could bully or arm twist or pretend that there is some moral obligation for a buyer to pay more than he thinks my house is worth when my motivation is simply self interest.

Stop being so utterly blinded by your own self interest and so utterly delusional about your righteousness.

Do you people burst into tears when the price of a can of peas drops in your local supermarket and insist on paying last years price because it would be an act of contempt and disrespect to pay todays lower price.

All your moral pontificating is entirely bogus and is merely where self interest meets self delusion. It has no place on a moneysaving site and I am rather tired of it.

If that isn't a huge load of contempt, what on earth is? For goodness sake.

How DARE you suggest that someone who has morals and ethics - and lives by them - is entirely bogus. You do not know me, if you did then you would be very well aware of what sort of person I am. I am a person of principle who cares a lot about others (even complete strangers).

I really hope that you go to the h*ll that you so obviously belong in.

QT

jamtart6

i think we must have been the only people in the recession to be gazumped!!! Although it was a bargain buy so no wonder

socrates

I know of a couple who got gazumped today its catching!

QTPie

socrates wrote: »

I know of a couple who got gazumped today its catching!

How very sad

I don't care what anyone says, I do not think this is a good way to do business (gazumping/gazundering). I think it is really awful that people do abuse the system - and mess people around like this - like this

I am actually surprised that some people see it as accepted/common practice. I was aware that gazumping was a REAL issue in the previous property boom (1980s), but I thought that it had been considerably reduced/"discouraged".

QT

Cozworth806

I was seriously considering it for a property that was near us, as it was pretty cheap but needed work.