Reducing offer price at last minute before exchange

Blacksheep1979

Everyone is going on about 'agreed' price, this was an initial offer and nothing is really agreed until contracts have been exchanged.

dfh

The op is looking after his own interests.Ans he has every right to do so.I see something priced at 3 quid in Asda.Then I see it sold at 2 quid in tesco.Why should I stick to Asda just because I saw it there first? People seem to get real furious when people talk of Gazundering.Yet when house prices were going up like crazy,nobody batted an eyelid or criticised gazumping.I say-all power to the OP.If all buyers were like him,we will never have those crazy house price increases again.

tek-monkey

Blacksheep1979 wrote: »

Everyone is going on about 'agreed' price, this was an initial offer and nothing is really agreed until contracts have been exchanged.

So the seller can also jack up the price at the last minute, just cos they feel like it? Again, maybe from a legal standpoint, but not sure about from a moral one. Maybe wait tl the last minute, lots of costs incurred, then laugh at the buyer and say no? To me the offer/acceptance should constitute the agreed price, unless the survey comissioned by the buyer shows a structural defect (or other physical problem not obvious from the start).

I still don't get where this other survey came from, wonder if the solicitors mate wants the property too?

dfh

To the OP-Stick to your guns.The next cycle of house price drops will start this winter.And the seller will have to bring his price down even further !

lelole

dfh wrote: »

The op is looking after his own interests.Ans he has every right to do so.I see something priced at 3 quid in Asda.Then I see it sold at 2 quid in tesco.Why should I stick to Asda just because I saw it there first? People seem to get real furious when people talk of Gazundering.Yet when house prices were going up like crazy,nobody batted an eyelid or criticised gazumping.I say-all power to the OP.If all buyers were like him,we will never have those crazy house price increases again.

But it's not the same thing is it? You choosing whether to buy this fictional item at Asda or Tesco is the equivalent of viewing houses and negotiating your offer in the early stages.

Changing the agreed deal at the last minute, solely to secure a reduction in price, is more like sneaking out of sight in Asda and damaging the item in question so they reduce the price, in my opinion.

Leah

jenny74

Blacksheep1979 wrote: »

Everyone is going on about 'agreed' price, this was an initial offer and nothing is really agreed until contracts have been exchanged.

What rubbish!

A price is agreed, usually following negociations, a memorandum of sale should then be sent which shows the agreed price.

If your b/s survey provides evidence that the agreed price should be renegociated for a specifc reason, then that's expected. In this case, the OPs survey agreed with the price he had agreed to pay.

dfh

Note the deafening silence re-gazumping !

dfh

lelole wrote: »

But it's not the same thing is it? You choosing whether to buy this fictional item at Asda or Tesco is the equivalent of viewing houses and negotiating your offer in the early stages.

Changing the agreed deal at the last minute, solely to secure a reduction in price, is more like sneaking out of sight in Asda and damaging the item in question so they reduce the price, in my opinion.

Leah

Note the deafening silence re-gazumping !

lelole

dfh wrote: »

Note the deafening silence re-gazumping !

No silence, just thought the point had already been made - that most people (me included) who don't agree with one don't agree with the other.

I would never take part in either tactic, and luckily for me (and I hope it stays that way) I have not had to yet deal with anyone who has done either to me.

Leah

bungle4x4