Gazundered at last minute!!

dippenhall

Hi,
I am in a stressful situation. Have sold my house and was due to exchange last Friday whilst away on holiday. Our buyer had already negotiated 25K off the asking price and everything had been agreed for months. Then the morning of exchange she asks for 1 last look at the house for 'measuring up' - infact she had sneakily got a 2nd surveyor round who said the house was worth 20K less than she had offered, and so she now wanted to reduce her offer by 20K on the day of exchange! The estate agent challenged him to give evidence of similar properties that had sold or were on the market for this lower price, but he couldn't.

We were furious that she had pulled this stunt and said no - we would not and cannot drop 20K as it would mean we can't buy the house we are buying as we wouldn't have enough money., and so the chain would fall apart anyway.

She has said she will think about it over the weekend and give her 'final answer' on Monday as to whether she will proceed with the sale or not.

Has anyone had to deal with this kind of thing? My immediate reaction is to be livid at the sneakiness of it, but I don't really want the chain to fall apart. Any tips on handling the situation?! Thanks!

Orpheo

dippenhall wrote: »

Hi,
I am in a stressful situation. Have sold my house and was due to exchange last Friday whilst away on holiday. Our buyer had already negotiated 25K off the asking price and everything had been agreed for months. Then the morning of exchange she asks for 1 last look at the house for 'measuring up' - infact she had sneakily got a 2nd surveyor round who said the house was worth 20K less than she had offered, and so she now wanted to reduce her offer by 20K on the day of exchange! The estate agent challenged him to give evidence of similar properties that had sold or were on the market for this lower price, but he couldn't.

We were furious that she had pulled this stunt and said no - we would not and cannot drop 20K as it would mean we can't buy the house we are buying as we wouldn't have enough money., and so the chain would fall apart anyway.

She has said she will think about it over the weekend and give her 'final answer' on Monday as to whether she will proceed with the sale or not.

Has anyone had to deal with this kind of thing? My immediate reaction is to be livid at the sneakiness of it, but I don't really want the chain to fall apart. Any tips on handling the situation?! Thanks!

Try to put aside your anger and either accept the new offer or reject it.

not_loaded

Despicable behaviour that deserves no reward.

Unless you have everything to lose on this, I’d maintain your eff off stance.

Good luck!

bristol_pilot

Negotiating £25k off the asking price is fair enough, but gazundering on the day of exchange is beyond the pale in my view. I simply will not do business with people who don't keep their word. I would pull out of the sale and put the house back on the market (regardless of what the decision on Monday is). Simples. Your buyer will have spent money on surveys etc and will lose that money so serve them right.

Doozergirl

You know if you pay a surveyor for your own survey then they won't have trouble with valuing it at less than you are paying if you ask. They might have trouble valuing it at more but they are really covering their backs if they value lower so it isn't really a problem for them.

I think you need a serious conversation with your EA tomorrow. Do you reasonable stand a chance of selling at £20k lower because I would not sell to someone like that out of pure principle. And I would swallow the subsequent mortgage payments to ensure that theives never prosper.

How much are you selling for?

Because unless we're talking about a property over £500k then your buyer is really taking the michael. Even over £500k they're still taking it but the % doesn't look so bad.

You've been a member for as long as me and have 16 posts! You're not very chatty, are you

Sphynx

I would be fuming. I wouldn't want to sell to someone like this either but can sympathise with not wanting to break the chain. Are you talking to your vendor at all? Might be worth seeing if they would be willing to wait whilst you try and sell again if it comes to that. How long is the chain?
She might have just been chancing her arm.

Soubrette

First I would have put my property straight back on the market on Friday morning.

Second I would have been on the phone to the people I was buying from explaining the situation - would they be prepared to drop £20K or would they be prepared to wait until I'd found another buyer.

Third, depending on the above, I would be considering long and hard whether I wanted to deal with this buyer. If I did go ahead because my sellers were amenable then I would ask that a non returnable deposit if the sale fails due to her changing terms, be lodged by her and that my house continues to be marketed until exchange.

If I did have viewers I would be honest with them - if they can equal her price and exchange quicker then I'd be going with them - I'd also tell her that that was the situation.

Make her sweat a bit if she wants to proceed and hopefully she'll be motivated to move faster.

If she doesn't want to on the agreed price and there is no wiggle room from your seller then another house will come along and you will have had a lucky escape.

Doozergirl

There's not wanting to break a chain and then there is £20k. One of those is more valuable and I suspect it might be the £20k.

I'm really interested to see what % of selling price we're talking about here and I'm also alerted that you've already been knocked down £25k. Are they looking at you as a soft touch?

southernscouser

I'd tell her the price has gone up £20k.

preable

I would have put the house straight back on the market

Bonny1

I depise this kind of underhand behaviour... and am glad it is not tolerated in Scotland...

I agree with other Posters, do not let this women, 'win' in her nasty attempts at stealing your house.

good luck Honey

Bonny