Gazundered at last minute!!

sebtomato

kittie wrote: »

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.

Personally, I think it is best to negociate and maybe meet the buyer half-way for instance. It also depends if you are keen to buy your next home or not (if you are emotionally attached, then it will cost you).

If you put the property back on a market that is not doing so well currently, you could end up selling for less anyway. Also, another buyer could try the very same tricks.

sebtomato

POPPYOSCAR wrote: »

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.

Good for you. The vast majority of people are unfortunately not like you.

POPPYOSCAR

sebtomato wrote: »

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!)

The point here is on ebay you do not accept a price and then go back and ask for it cheaper! so no comparision there.

And yes to most people the purchase of their home is an emotional issue as their home is very important to them.

I have been on the receiving end of another offer being made on a property we were buying, despite paying a non-refundable deposit to take it off the market ,so I know how stressful it is. I would never do it to someone else.

garbaldisham

sebtomato wrote: »

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

I quite agree, but then again it's the biggest purchase you'll ever make and where you plan to spend the vast majority of your time, in many cases for the rest of your life, so in that respect it's no wonder people get emotional - further, we're not talking about spotting your dream home in the EA window and then finding it's been sold, we're talking here about having the removal van waiting and your kids' schools set up. Big difference.

sebtomato wrote: »

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!)

But with ebay there's no chain of people all relying on one another to coordinate vacation and money etc etc. There's a bit of a gulf betweeen being cheesed off about being outbid for a Playstation and suddenly finding yourself potentially homeless.

BLT_2

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!

Lets face it, she is not going to buy the house. If an estate agent has told her that it is worth 20k less than she has offered and she believes that house prices are stagnant or on the downturn she would be daft to agree to the purchase.

If you want to blame anyone blame the estate agents who have been artificially inflating house prices for many years in the interests of increased commission. The bubble burst and now the general public are paying the cost of their greed.

Time to start re-advertising methinks.

Davesnave

If you can't, then don't.

We could, and did, though our shortfall of £15k was in the thick of the crash and the result of a loss being passed up the chain, so no direct acrimony. Had there been, I'm sure we would have refused.

Later, because we went into rented, we were almost gazumped on our eventual purchase. Had that happened,I'm also equally sure that we'd have walked away with no long term regrets.

Our stance is that no house is worth compromising on how we feel, but that's us. You are somebody else, I'm afraid. Hopefully you and your partner are as like-minded as we are!

maninthestreet

If the house truly was worth 20K less than the buyer has previously offered, the buyer would just refuse outright to buy your house at the price already agreed, not 'think about it' for a few days.

POPPYOSCAR

BLT wrote: »

Lets face it, she is not going to buy the house. If an estate agent has told her that it is worth 20k less than she has offered and she believes that house prices are stagnant or on the downturn she would be daft to agree to the purchase.

If you want to blame anyone blame the estate agents who have been artificially inflating house prices for many years in the interests of increased commission. The bubble burst and now the general public are paying the cost of their greed.

Time to start re-advertising methinks.

But it is not an estate agent that has told her this it is the other surveyor she had.

She is more than likely just trying to force you last minute to knock you down even further. I would not get involved personally, she may even try to push her luck further if you agree, thinking you are desperate.You just have to be prepared that she may pull out so I would put it back on the market without further delay.

Orpheo

POPPYOSCAR wrote: »

But it is not an estate agent that has told her this it is the other surveyor she had.

She is more than likely just trying to force you last minute to knock you down even further. I would not get involved personally, she may even try to push her luck further if you agree, thinking you are desperate.You just have to be prepared that she may pull out so I would put it back on the market without further delay.

Surveyors are qualified to value houses. EAs are not.

Mortgage valuation surveys are compulsory and for the benefit of the lender.

I'd always be inclined to trust a surveyor commissioned by myself outside of the mortgage process, after all, only then are they truly working for me. If my surveyor had downvalued a property then my offer would come down too.

20K is a lot of money for a buyer to lose in these difficult times.

POPPYOSCAR

Orpheo wrote: »

Surveyors are qualified to value houses. EAs are not.

Mortgage valuation surveys are compulsory and for the benefit of the lender.

I'd always be inclined to trust a surveyor commissioned by myself outside of the mortgage process, after all, only then are they truly working for me. If my surveyor had downvalued a property then my offer would come down too.

20K is a lot of money for a buyer to lose in these difficult times.

Yes but why take a surveyor there on the day of exchange? Sounds very fishy to me.