Gazundered at last minute!!

mochyn88

this is unethical behaviour but the buyer must be very confident that you will accept the lower price.
Having already negotiated £25K discount then trying for a further 20k, is very greedy
Maybe this is the way she profits from selling houses in a quick turnaround, so maybe next year she sells at 45k more than she paid this year and if she sells to rent then she would make a very nice profit

vet8

Tell her to get stuffed!

sonastin

How many people have £20k sitting around that they can just lose at the drop of a hat. Even if you were willing to cave into this blatant greed, the whole process would have to grind to a screaming halt while you reassessed your finances and worked out a) how else you would fund the house you are buying or b) where else you might live as you can no longer afford the property you are going to move into. So waiting for the day of exchange basically means exchange isn't going to happen any time soon. And if it isn't going to happen soon, you might as well go back on the market.

Her greed has clouded her judgement of the consequences of this action because she now stands to lose everything she has invested in this prospective purchase, which apparently includes at least the cost of 2 surveys...

olibrofiz

Horrible, horrible situation. I had similar when I was selling, but with less £££ involved. Two days before exchange buyer wanted to drop £2000, after me already dropping £5000 and him being told I would not drop further.

Told him to go take a hike and EA's put house back on the market. Then EA's had a change of mind (as the house I was buying was with them also) and decided to pay the difference out of their fees. Sale went through - & he then had the cheek to say could I leave furniture in it foc as he wanted to rent it out :mad: 'Oh sorry, I've moved most of my furniture out'

Your buyer is taking the p*%%. Tell 'em to get lost, they;ll loose their survey fees, any money spent, & have to pay solicitors. See if they're willing to do that and call their bluff. They're relying on your deparation to sell & have it all go through.

You may have to start again, but they;ll be quids out. Assumingly they have the funds for the original amount or it wouldn't have got this far? They're just trying to pull a fast one.

£20K is a lot considering you dropped £25K already!

QTPie

Simillar happened to us (but not on day of exchange) early last year...

Offer received early/mid December, chain free buyers HAD to complete by first week in Feb. Fine with us - we would go into rented. We were due to be away Dec 28th until Jan 20th (in the USA). Ensured EVERYTHING was lined up: all sellers things done, removals quotes agreed, rental property lined up (contract not signed though).

Survey was supposed to happen on 30th Dec. Despite assurances from EA that if it hadn't been done, she would tell me.... She didn't realise that he hadn't happened (despite me speaking to her) for 10 days and it was only picked up when I contacted the solicitor to see how close we were to exchange... At that point the gazundered. Asking price was £449k, agreed price was £420k, the gazunder was to £380k. We said no, they pulled out, we remarketed and sold very quicklyat £420k. So fine fir us, but we weren't in a chain. I think that our buyers just got cold feet - there was very bad media publicity about the housing Market around Xmas 08 - and they probably wanted to pull out anyway...

See what she comes back with tomorrow and then go back up the chain and see if it can either be made to work OR if they can wait fir you to sell again.

Good luck
QT

new_home_owner_3

i think if your house is still showing sstc with out the reduction of 25000 pounds, i would just re list with 20,000 pounds off and im sure people who have been probably keeping an eye on your property will come out of the woodwork.

25000 is a lot of money i bet if a lot of people knew you had accepted a offer 25000 pound less they might have made a offer themselves.

i wouldnt sell to these people i would be straight on the phone to the estate agent in the morning and tell them to put it back on the market.

The house we bought a lady tried to gazunder before us the house was on the market for over 12 months and it fell through twice, each time it was only for sale for a week before a offer was accepted.

i think you will be surprised i reckon if you market with a 20,000 pound reduction off the origina price, you might get a lot of interest very quickly.

pardal51

How does £25K represent from the total value of the house, if you don't mind asking????

How long ago have you agreed this price???

Spirit_2

I feel sorry for you.

At the tail end of the last slump we sold our house and bought the cottage that is now our home. It had taken more than 3 years to sell and we were delighted. Cue day of exchange...buyer wants us to drop price and the seller of the house we were buying wants to increase what we are paying!

Horrible.

We held our nerve with the buyers, and met the sellers half way...we did this as the people they were buying from also dropped as the s*ds had gazundered them too. The EA was livid but powerless.

Tell us what you decide

PParka

Hold your ground. Tell her you won't drop by the additional £20k. I honestly think she is just trying it on.
If she tries to negotiate further, instruct the estate agent to put the house back on the market at the original asking price.

Good luck, and don't let your heart rule your head.

joerugby

How much do you think you would get if you put it back on the market? Ask your agent, and remember prices are going down, not up at the moment.

There is a lot of this about and often the best result for all concerned is a compromise.