Gazundered at last minute!!

Bonny1

what are you going to do honey?

new_home_owner_3

joerugby wrote: »

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.

i think that depends where you live. i would never compromise the buyers have acted wrong in this sale, i would tell them to do one, i reckon there just trying it on anyway, see what happens if you put it back on the market 9 am tomorrow with a 20,000 pound reduction, theyll soon be on the phone.

Eric1

dippenhall wrote: »

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!

Your immediate reaction is understandable, but emotions won't help.
Your buyer apparently thinks the risk of losing her survey fees etc is justified by the potential £20k gain. There must be a reason for that.

Before you decide, check what's happening with the housing market in your area. Anyone selling a similar house for less? What is the risk of your next buyer trying the same trick?

Chinkle

I too reckon she is trying it on, otherwise why the 'I'll decide on it over the weekend' comment. She will lose her survey fees x2 plus solicitors costs plus serious put up the backs of the EA, who won't deal with her again.

I agree in principle, she is the lowest of the low and deserves to have her bluff called, but you will feel bad too for breaking the chain. Buying and selling can be a tough game, I would suggest that if she sees sense and goes ahead at the agreed asking price you proceed and try to put this hiccup behind you and enjoy your new home.

maria6259

Although I agree that 'gazundering' is morally wrong, how many of us would be tempted to accept a higher offer when at the point of exchange? £20,000 is a lot of money to decline.

POPPYOSCAR

maria6259 wrote: »

Although I agree that 'gazundering' is morally wrong, how many of us would be tempted to accept a higher offer when at the point of exchange? £20,000 is a lot of money to decline.

Not me.

When we sold our house we had another offer for more money but we stayed with the first one.My word is worth more to me than money.

sebtomato

maria6259 wrote: »

Although I agree that 'gazundering' is morally wrong, how many of us would be tempted to accept a higher offer when at the point of exchange? £20,000 is a lot of money to decline.

For all the sellers saying that it is a disgrace: it is just business. If you were getting a cash buyer offering £20K more for your property tomorrow, would you take the money or feel morally obliged to honour your initial buyer's offer? How many buyers were getting gazumped when it was a seller's marker?

I know what most sellers would do (take the money), so it's working both ways.

I am purchasing a property currently, and found a few issues during the process, several weeks after my initial offer, after receiving some papers from the solicitors and a survey report. I therefore told the seller I would drop the price by 1.5%.

They said they wouldn't negociate a penny down. The issue is that they were in a chain and I am not (FTB), so eventually, several people from the chain contributed. The clever thing for them to do would have been to request the same discount percentage from their seller.

I don't feel wrong doing so at all: I didn't do it on the day of the exchange, and they had provided several times false information (which they surely didn't feel sorry about). I am pretty sure they would go with a cash buyer tomorrow if someone was offering 1% more.

garbaldisham

It's not business, it's your home. We're talking residential here, not BTL.

I wouldn't do it, either. If I agree to something, I stick with it. Do as you would be done by, and as a lot of chains are very finely balanced in the current climate anyone trying to pull a fast one will quite possibly bring the whole thing crashing down.

[Deleted User]

Sit tight and put your property back on the market at the original price. Houses for sale are really quite scarce. She will come crawling back with her tail between her legs.

sebtomato

garbaldisham wrote: »

It's not business, it's your home. We're talking residential here, not BTL.

Well, the issue is many people are too emotional about their home purchase.

If you are happy for instance to get something cheap off ebay at the expense of a seller, I am not sure why it would be any different from a much larger purchase. Obviously, you have to be emotionally detached, and be ready to lose the purchase if you are trying to get the best price (same applies to ebay!)