Gazundered at last minute!!

ILW

POPPYOSCAR wrote: »

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

Possibly to make a final check that you are not overpaying?

QTPie

POPPYOSCAR wrote: »

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

I agree.... The Surveyor was taken there - on day of exchange - to force last minute renegotiations... There was never any intention of doing anything else (like check out the roof or the damp proofing...). It would have been a valuation rather than a survey. Was it definitely a surveyor?Have they put the valuation in writing?

Either your buyer has strong reason to believe that your house IS worth 20k less OR she was gambling that she could get the surveyor to support her intention to gazump.

Valuations are an art rather than a science: there is still often quite a range of valuation and margin for error... Would be interesting to see what your buyer said to the surveyor and the surveyor's formal valuation report...

Regardless of that, though, your buyer's intention has always been to gazunder (by a sizeable amount) - what the surveyor says is largely irrelevent: she has decided she wants to pay 20k less and that is that...

Now it is down to how much she wants the house and how much you (and the rest of the chain) want the sale to go through. A mixture of either bluff calling or negotiation...

Good luck.
QT

brit1234

dippenhall wrote: »

Our buyer had already negotiated 25K off the asking price and everything had been agreed for months.

You have to realise prices have been falling for months. Prices are down on what you agreed those months ago. With prices set continuing to fall I can see why the buyer is worried to overpay.

Personally I don't agree with gazundering but remember guzumping by sellers was rampant during the boom years.

I would take the offer as prices are still falling and you may get that amount in a few months perhaps a lot less.

QTPie

Sorry that should read "intention to gazunder".

QT

Loopgames

Call her bluff. How discraceful.

My parents buyers tried this on on the day of exchange. They transferred all the money for the value of the house and kept £3,000 back.

At this point my parents were packed and had moved out of their old house to go into their new one! They sat outside their new house waiting for the keys for 5 hours whilst their solicitor refused to exchange contracts until the full amount was made. She was good. And they eventually paid up as well as the fine on top for the costs they incurred my parents and their own sellers costs too.

The context of this £3k was for a house sale of £565k. It's peanuts in the grand scheme of things so pointless. But people will do the strangest things they think they can get away with.

not_loaded

brit1234 wrote: »

You have to realise prices have been falling for months. Prices are down on what you agreed those months ago. With prices set continuing to fall I can see why the buyer is worried to overpay.

Oh brit!

Wrong, wrong, and wrong. :rotfl: :rotfl: :rotfl:

You’re still waiting for the bus that ain’t coming…

POPPYOSCAR

ILW wrote: »

Possibly to make a final check that you are not overpaying?

Bit late for that when you are due to exchange that day! All this has supposed to have been done before exchange date is agreed.House buying is complex enough, just imagine if everyone did this.

Eric1

POPPYOSCAR wrote: »

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.

I've been looking to buy for about a year now, still haven't met a single EA or seller whose word is worth more than money.
In fact, it is the buyer who loses more money if the sale falls through shortly before exchange.

Soubrette

brit1234 wrote: »

You have to realise prices have been falling for months. Prices are down on what you agreed those months ago. With prices set continuing to fall I can see why the buyer is worried to overpay.

Personally I don't agree with gazundering but remember guzumping by sellers was rampant during the boom years.

I would take the offer as prices are still falling and you may get that amount in a few months perhaps a lot less.

In my area prices are rising, and I really really want them to fall so I can move into the next size house

If the price in the OPs area is genuinely falling then why not refuse this offer and lose the house they are looking at and wait 6 months when all the house prices are falling, assuming they are in my position ie wanting to move up, then the price differential between houses should be less.

Some people are talking about house prices are falling but no one can buy a house based on what they think the value will be in 6 months.

Personally I don't agree with gazumping or gazundering and one does not make the other one more acceptable. The time for negotiation should be before an offer has been accepted with perhaps some negotiation if the survey throws up anomolies which is why offers are usually subject to survey. I'd personally like to see that once the survey is done, the deal is shook upon and that is an end to it, you now are in a contract.

POPPYOSCAR

Soubrette wrote: »

In my area prices are rising, and I really really want them to fall so I can move into the next size house

If the price in the OPs area is genuinely falling then why not refuse this offer and lose the house they are looking at and wait 6 months when all the house prices are falling, assuming they are in my position ie wanting to move up, then the price differential between houses should be less.

Some people are talking about house prices are falling but no one can buy a house based on what they think the value will be in 6 months.

Personally I don't agree with gazumping or gazundering and one does not make the other one more acceptable. The time for negotiation should be before an offer has been accepted with perhaps some negotiation if the survey throws up anomolies which is why offers are usually subject to survey. I'd personally like to see that once the survey is done, the deal is shook upon and that is an end to it, you now are in a contract.

I have to say as well that I have not noticed prices falling here either.In fact I would say that there is a shortage of houses going up for sale keeping prices steady.