Reducing offer price at last minute before exchange

ognum

bluejake wrote: »

Your only mistake is that you are considering offering £75k.You should offer 70k.

Ignore the non-moneysavers who want you to pay possibly £10k (£20k when you take into account interest) more than you need to. They are simply motivated by self interest not morals. They were happy to take take advantage of rapid house price inflation and simply want first time buyers like yourself to cripple yourselves with debt and pay an inflated price.

I am yet to hear one of these moral people say that the price of their house has tripled but they are only going to ask for the price they paid plus inflation so as not to cripple the next generation of FTBs with debt.

That people on here, a moneysaving site, would advise that a first time buyer should pay £10k more than you possibly need to when house prices are at historically grossly inflated levels and very likely to fall over time shows that they do not care a fig about you. They care only about themselves and cannot see beyond their selfish interests. That they delude themselves and try to pass off their advice as 'moral' is not nice to see.:mad:

I guess you are comenting on my post for one so I will reply. Everyone has been a first time buyer when my mother who is in her 80s bought her first house it cost her 2K she struggled hard to buy it and gave up a lot. 30 years later we bought our first house it cost 20K and e used old curtains on the bed because we had no money for curtains. 30 years later young people are also struggling but it is no different than the time my mother our I had. No holidays, no luxuries and saving for many years for a deposit.
We have still always managed to act in a honerable way and yes we can afford to but that is nothing to do with house prices its about working hard.
Having thought about what a previous poster has written about letting the chain down yes you are right the whole chain would be let down but not by me by the guzunderer, of course others should have an opportunity to pay up to complete the chain but I would not.

fflsh

I agree 100 per cent with the above post

ognum

fflsh wrote: »

I agree 100 per cent with the above post

Thanks ffish

_bankrupted

bluejake wrote: »

.......
That people on here, a moneysaving site, would advise that a first time buyer should pay £10k more than you possibly need to when house prices are at historically grossly inflated levels and very likely to fall over time shows that they do not care a fig about you. They care only about themselves and cannot see beyond their selfish interests. That they delude themselves and try to pass off their advice as 'moral' is not nice to see.:mad:

I think you miss the whole point about a valuation. Since when has a valuer been the arbitrator of all UK house price. It's just a general indication to ensure that the banks interest are being protected. To risk a whole chain collapsing and losing your property by reducing your offer at the last minute is foolish when in essence this bank valuation is essentially the offer price.

_bankrupted

Edited to Add....

House prices will probably fall by another 10% in the next 12 months, so the OP can simply wait and then get it for nearly 20k less.

Same theory still applies though once you make an offer, don't renage on it, unless you wish to withdraw your offer entirely.

tek-monkey

Price was agreed, what more is there to say? I'm currently trying to buy my first place, and would never pull what you're trying. If a house I like is within my price range, and within the limits I consider it worth, I'll go for it. If the surveyor finds a problem then fine, negotiate. I certainly wouldn't try to effectively blackmail them into dropping the price at the last minute, because I'd already agreed the price to be paid.

Despite being a young 'un compared to most, I value trust more than anything else in all aspects of life. As a previous poster said though, cross me and expect to be treated as such. I'd probably tell you I'm thinking about it, and re-advertise. After all, if you think the price can change after agreement why shouldn't I think the buyer can change too? I'd just string you along while waiting for other offers, hopefully get you to pay a few quid out too. If there isn't anything else on the table in 2 months, maybe let you buy. I'd make sure I peed on the carpets and hid a fish behind a radiator before I left though....

dfh

it is not a question of blackmail.It is about the fact that the lower valuation had not been revealed to the OP.The sellers did not have any qualms about wanting more.Why sould the OP give them more when the house has been valued at less?

Blacksheep1979

Grovester wrote: »

Where does my post say gazumping is good? You've simply made that up!

I've been gazumped before and it's not pleasant.

This topic is about the OP trying to gazunder and you're just making stuff up to have arguement.

erm this seems to suggest that you think accepting a higher price (gazumping) is ok or somehow different to gazundering.

Grovester wrote: »

Accepting a higher offer on your property is different to agreeing a price and then threatening to break the chain close to exchange unless you get x thousands off.

tek-monkey

dfh wrote: »

it is not a question of blackmail.It is about the fact that the lower valuation had not been revealed to the OP.The sellers did not have any qualms about wanting more.Why sould the OP give them more when the house has been valued at less?

I didn't realise that the seller had to tell you what his surveyor valued the property at? All sellers want more, why wouldn't they? All buyers want to pay less, for obvious reasons. And nobody offers list price anyway, everybody haggles to a price they're happy with. Once you're happy, you make an offer.

At least thats how I thought it worked? And where did this survey come from anyway? How was it obtained? Is it even real? Maybe your solicitor doesn't want you to buy the house, for some reason?

lelole

I agree with the majority on here, that there is nothing wrong with negotiating a good price - but OP left it far too late - intentionally it seems.

However I also think that it's a lot to do with the system. Why on earth the government didn't include a compulsory survey into the HIP, so people know upfront what they are buying, and then make an offer to buy binding like exchange??

I know there would be other things to consider like boundary issues coming to light etc. but surely the system needs some kind of overhaul to eliminate this kind of behaviour...

Leah