Reducing offer price at last minute before exchange

chickmug

mike5678 wrote: »

lol, im not a troll, I'm a normal person and I'm not baiting anyone here. I just don't understand why people are getting so heated about the fact that I don't care about strangers who have no bearing on my life whatsoever. Are you telling me you care more about some strangers who you will never meet than you do your own welfare?

The good thing, about this forum, you will get those with differing points of view. You have one, with which some don't agree with, but some do, so it is up to you what you do.

Like my signature says "I am glad to be out of it". I got fed up with the increase in deceit on all sides.

lemonslap

nearlynew wrote: »

Exactly mike.

You could argue that the vendors are trying to screw you over by charging more than the house is worth.

Time is on your side. Keep saving and see my sig.

good luck to you

I have to comment (sorry all). A house or flat is worth what someone is willing to pay, I have to say that as someone that is about to exchange (FTB). I would never treat anyone in this manner as I have morals (dispite selling double glazing in the past) and uphold my word! Also nearlynew please stop supporting this immature person. People like this ruin lives for others, house selling is stressful enough without things like this!

Grovester_2

The lower survey states 170k + 13.5k for a lease extension. Worth 190k.

So surely if you are basing your new offer on the basis of this earlier offer then your offer of 180k + 13.5k = 193.5k only 3.5k more than the original valuation states including the extension, so vendor may reply, I'll extend the lease and you can pay 190k.

It's a dangerous game. Did you lower your offer this morning?

GrammarGirl

I think the personal comments about the OP are unfounded. He's looking for opinions, not a character assassination. The majority disagree and think the ACT of gazundering is immoral, but just because the OP is considering it, doesn't mean he's 'scum' or 'lowest of the low' or whatever else has been thrown at him!

I have no opinion because I've never bought or sold a house and know relatively little about these kind of transactions. It would seem to me that the OP wants to play hard ball - if he can live with that, fine. If not, time to move on and wait for something else.

Fella

GrammarGirl wrote: »

I think the personal comments about the OP are unfounded. He's looking for opinions, not a character assassination. The majority disagree and think the ACT of gazundering is immoral, but just because the OP is considering it, doesn't mean he's 'scum' or 'lowest of the low' or whatever else has been thrown at him!

OP has already stated that all he cares about is the money in his pocket & he couldn't care less about strangers' opinions of him, so why do you care?

For the record I'm emphatically in the camp that thinks gazundering is something that only a scumbag does. If anyone ever attempted that with me not only would I not reduce my price, I'd refuse to deal with them any further & wouldn't allow them to buy at any price.

Blacksheep1979

I love the way (and I'm not saying everyone is in this camp) that the people who would be happy to accept a higher offer on their property if it came along are the ones saying how immoral gazzundering is. People have to face facts - different market, different strategy, the only people that really should lose in a downward market are the people downsizing/selling due to a death/liquidating assets and in an upward market, the people at the bottom (FTBs).

It's something people just need to accept in this market that gazzundering is going to happen - especially when people aren't being realistic.

Grovester_2

Blacksheep1979 wrote: »

I love the way (and I'm not saying everyone is in this camp) that the people who would be happy to accept a higher offer on their property if it came along are the ones saying how immoral gazzundering is. People have to face facts - different market, different strategy, the only people that really should lose in a downward market are the people downsizing/selling due to a death/liquidating assets and in an upward market, the people at the bottom (FTBs).

It's something people just need to accept in this market that gazzundering is going to happen - especially when people aren't being realistic.

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.

Why would you agree to buy an unrealisticly priced house? Your logic is floored here. The OP agreed a price, the lender agreed the value. In your words people are buying unrealistly priced houses, well they're not as they wouldn't be able to borrow against them.

Soubrette

Blacksheep1979 wrote: »

I love the way (and I'm not saying everyone is in this camp) that the people who would be happy to accept a higher offer on their property if it came along are the ones saying how immoral gazzundering is. People have to face facts - different market, different strategy, the only people that really should lose in a downward market are the people downsizing/selling due to a death/liquidating assets and in an upward market, the people at the bottom (FTBs).

It's something people just need to accept in this market that gazzundering is going to happen - especially when people aren't being realistic.

In my albeit limited experience - those who disapprove of gazundering also disapprove of gazumping.

As someone else said - just before exchange is a poor time to start negotiating from a moral point of view.

Unless I were desperate to sell I would refuse to sell to someone who did this and I would put my house back on the market - even if I lost money on it

I hope the OP is equally blase about accepting help from total strangers - I would hope to see him refuse a blood transfusion if he needed it, never claim a state benefit or charitable fund. I hope he is working hard to pay back any state school fees, nhs claims he's made and is putting money away for his own pension.

In answer to the question of why someone like the OP would be subjected to a character assassination, society is not a society is everyone is out to get the best deal for themselves and blow everyone else unless they are directly useful, if everyone did this then it would be a life that is 'poor, brutish and short' because society simply wouldn't exist. Luckily society can support a small number of 'cheaters' and still exist but the rest of us don't have to like it.

So even a small matter like gazundering at the point of exchange (or in a different market gazumping at the point of exchange) leads to a great deal of disapproval.

Sou

Blacksheep1979

bristol_pilot wrote: »

It's not a question of being a 'moral nice guy'. If you conduct yourself in a caddish manner in business, it will come back to bite you. The OP is young and still living with parents - he obviously is not sufficiently experienced in business to have realised this yet. Business is all about trust and building relationships and if you behave like a c0ck no-one will do business with you. The OP simply has NO IDEA how badly this will reflect on his character.

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.

Why would you agree to buy an unrealisticly priced house? Your logic is floored here. The OP agreed a price, the lender agreed the value. In your words people are buying unrealistly priced houses, well they're not as they wouldn't be able to borrow against them.

No my logic is not flawed, it's exactly the same to agree a price with someone and then smash their dreams by accepting a higher offer/saying you will only sell to them at this higher price.

Soubrette - see the poster above you, believes gazundering = bad, gazumping = good

silvercar

If you intend to reduce your offer, why wait until the last minute?