Reducing offer price at last minute before exchange

Soubrette

Blacksheep1979 wrote: »

Then surely you are no less selfish then the op - you're just interested in you not getting 'shafted' at some point. Maybe the op feels they are being hard done by as the price they thought the property was worth isn't correct.

Of course I am as selfish as the OP (did I mention I don't believe in genuine altruism either )- I just happen to believe that my interests are best served by a functioning society - he doesn't care about this and nor will he unless he ever has to function without the protection of said society . I do admit to having a strong sense of justice and empathy but indulging them is a form of selfishness too

I would negotiate hard to get a price that I considered fair. My price offered would be subject to survey and if that threw anything up then I would renegotiate at that time.

Unless I happened to know that the seller was the OP then I would have no problems with gazundering him - and I'd go the whole 10K.

Unlike the OP I would only treat others in the same way that they treat the rest of society. Anyone who behaves with honour would be treated in the same way unless evidence to the contrary turned up.

I actually believe that by enabling the cheaters ie treating them as a decent and respectable member of society - we allow the cheats to prosper. This situation is a microcosm of the benefits culture, what am I owed and how much can I sue for a mistake type of things that go on.

A strong society has to disapprove of the cheaters not only for the bad feeling and corruption that they bring to that society but also because they actually threaten the society itself.

This is of course a comment on a far wider issue on whether it is moral or legal to gazunder someone at the last minute

Sou

moggylover

soubrette wrote: »

of course i am as selfish as the op (did i mention i don't believe in genuine altruism either )- i just happen to believe that my interests are best served by a functioning society - he doesn't care about this and nor will he unless he ever has to function without the protection of said society :d. I do admit to having a strong sense of justice and empathy but indulging them is a form of selfishness too

i would negotiate hard to get a price that i considered fair. My price offered would be subject to survey and if that threw anything up then i would renegotiate at that time.

Unless i happened to know that the seller was the op then i would have no problems with gazundering him - and i'd go the whole 10k.

Unlike the op i would only treat others in the same way that they treat the rest of society. Anyone who behaves with honour would be treated in the same way unless evidence to the contrary turned up.

I actually believe that by enabling the cheaters ie treating them as a decent and respectable member of society - we allow the cheats to prosper. This situation is a microcosm of the benefits culture, what am i owed and how much can i sue for a mistake type of things that go on.

A strong society has to disapprove of the cheaters not only for the bad feeling and corruption that they bring to that society but also because they actually threaten the society itself.

This is of course a comment on a far wider issue on whether it is moral or legal to gazunder someone at the last minute

sou

:t:t:t:t:t:t

Soubrette

Fella wrote: »

Absolutely no way to know if that's true. There are many people out there (I'm one of them) who wouldn't even consider acting like that.


Interesting just how many people have no notion of their word being their bond anymore.

I sometimes wonder if many people assume other people would behave poorly in a situation because that is exactly what they would do.

I tend to use people's philosophies on how they consider other people as a guide to whom I trust and do not trust within my circle of friends and aquaintances

Sou

silvercar

For the people asking why he waiting until the last day, its blatantly obvious; POWER. He will have much more negotiation power trying it on, on the day before exchange, especially with so many people relying on it.

That is what makes OP's behaviour dispicable. It is not a genuine revaluation, it is an effort to abuse his power in the chain.

If he genuinely thought the property was worth less, he should renegotiate the price now, to wait until the last minute just shows a total disregard for others.

EdInvestor

silvercar wrote: »

That is what makes OP's behaviour dispicable. It is not a genuine revaluation, it is an effort to abuse his power in the chain.

If he genuinely thought the property was worth less, he should renegotiate the price now, to wait until the last minute just shows a total disregard for others.

Indeed, pure opportunism. .

The only reason why a vendor of a leasehold property would pay for a survey prior to the sale would be as part of a possible negotiation with the freeholder over the cost of the extension of the lease.

Such a survey would tend to set the valuation at the lowest possible level consonant with reality, simply because the freeholder would do the opposite in advance of the negotiation.They would likely meet in the middle.

It thus seems to me that the original agreed price, as approved by the lender's valuation, is likely to be about right (though it seems rather odd to say the least that the OP has failed to notice the stamp duty aspect. Could this be relevant?.

So it boils down to the issue of integrity.I never do business with people who behave like this on principle and it is good to see that others also think the same way.

_bankrupted

Read page 1 and then jumped to the last page (it's 1:20 am!) so apologies if the general drift has been repeated.

Valuations:- Another chapter I am going to include in my book "The Emperor's New Clothes" if I every get around to writing it!

Now I think the correct formulae for valuation is

!!!!!!!!!!!!!!!!!


You pay (or sell) for everything in life what it is worth to you. It's as simple as that. A few weeks (months ago) it was worth £180k to you. What has changed?

A valuer is simply representing the interests of the bank. So that they don't lend 500k on a shed next to a sewage farm they employ (either in house or independently) a bloke or woman to go around and say, Yeah it is not a shed next to a sewage farm I think we won't lose our money. It is no more scientific than that. They then look at the others house prices in the area and make yours the same. Add on a little for a bigger garden, take off a little for a smaller one. The true definition of money for old rope!

Personally if I sold my house and literally a few days before exchange the buyer reduced the price, they would not be buying it!

Ask yourself what is this house really worth to me. Of course a big part of that equation is the CURRENT cost of similar properties and then make your mind up, but you must of done that already to reach 180k No???

jenny74

something that everyone seems to be overlooking... If the OP decides to reduce his offer at the last minute... It may mean the vendor can't then afford the house s/he is moving to. Sometimes it is a fine line.

Personally, if my buyer decided to gazump me at the last minute, then I would tell him where to go... He has as a result proved himself untrustworthy.



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Hailstorm

I had the opposite happen to me about a month ago. About 6 weeks in my seller suddenly decided to up the price as the Nationwide house price index was saying prices were rising and they decided that their house must now be worth more.

The price the seller was asking for was above my budget so I stuck to the initial price. The seller then pulled out.

shirlgirl2004

Hailstorm wrote: »

I had the opposite happen to me about a month ago. About 6 weeks in my seller suddenly decided to up the price as the Nationwide house price index was saying prices were rising and they decided that their house must now be worth more.

The price the seller was asking for was above my budget so I stuck to the initial price. The seller then pulled out.

I hope they're still on the market!

Welshwoofs

Hailstorm wrote: »

I had the opposite happen to me about a month ago. About 6 weeks in my seller suddenly decided to up the price as the Nationwide house price index was saying prices were rising and they decided that their house must now be worth more.

The price the seller was asking for was above my budget so I stuck to the initial price. The seller then pulled out.

People do seem to get swayed by press reports - personally I'd have gone ahead with the sale. If I was happy with what you offered and accepted then suddenly becoming 'unhappy' due to media hype is simply a sign of greed.

Your sellers may well get their comeupence there though, with property bee I've noticed a few properies around the place whacking their price up ... and then having to drop again a few weeks later.