We've been Gazundered!

chedburgh

Gazundered wrote: »

This is happening a lot more and more and should be made illegal!

Someone makes an offer on your house which you accept. When the chain is complete and you want to exchange contracts your buyer suddenly demands a reduction in the price or he pulls out! He will not negotiate with you!

If you are keen on having the house of your dreams and don't want the chain to break down, you have no option but to agree.

Anyone who does this has no morals and does not care one iota about you or anyone else. If you are brave enough to pull out and say no, he will move on to his next victim and will carry on until he gets his way! They don't seem to care that they've spent hundreds on a survey and wait until the last moment to get you!

Watch out - it's becoming quite popular with first time buyers!

Hmmm, I wonder if you would have come and ranted on this forum if another buyer had come along and offered an extra 20k on what was the current buyers original and accepted offer. Or would you have quietly taken it and moved on... not complaining about how the practice should be illegal or how the morals of the seller should be called into question.

As you said in another post, what goes around comes around...

It is only human to want the best for you and your family, which ever side of the transaction you are on. So i agree with some other posters, maybe there could be some guards put in to structure the transaction better for all involved.

symo_2

So if another offer came in at £20k over your asking price you would have posted on here because..............

Reality is they negotiated down and saved themselves money, good on them. I do it in shops all the time, try haggling its great for money saving experts.

des_cartes

Gazundered wrote: »

Gazundering is the lowest of the low. They take advantage by making demands at the last minute. I just hope it happens to them when they want to sell something in order to buy their dream home.

What goes around comes around and all that!

The way to stop gazundering is to agree a price that reflects where the price of the property will be in 3 months time, which is the average time it takes for the buying process. This should stop undervaluing by surveyors who are building in price falls into their valuation. So for example if you have a house for sale at 200k then selling for 160k should build in price the same falls over the next 6 months that the surveyor will use. If you are trading up to, say, a 300k house then you can use the same logic when buying and finish up 10k better off. That way, the person at the top of the chain will lose (but if you think about it, they are probably mortgage free and can afford the loss) as they probably want to trade down but everyone else gets a cheaper house.

ILW

Gazundered wrote: »

What goes around comes around and all that!

Do you have any proof of that.

In my experience, it is the people that try to act nicely that get shafted and I do not want to be stitched up.

I think top bankers etc are a good example of the most ruthless getting all the rewards.

If you want to give away money fine, but better it goes to charity.

MobileSaver

symo wrote: »

Reality is they negotiated down and saved themselves money, good on them. I do it in shops all the time, try haggling its great for money saving experts.

No, you're missing the point.

Haggling and going for the best deal is fine but once you have agreed a price you should stick to it unless something unexpected come to light before exchange.

Waiting until two days before exchange so that the vendor is committed and then trying to gazunder is completely morally wrong.

MobileSaver

ILW wrote: »

Do you have any proof of that.

In my experience, it is the people that try to act nicely that get shafted and I do not want to be stitched up.

Karma is a belief so can't be scientifically proved one way or the other of course.

But yes in my experience it is people who shaft others who eventually get their just rewards.

ILW

MobileSaver wrote: »

Karma is a belief so can't be scientifically proved one way or the other of course.

But yes in my experience is it people who shaft others who eventually get their just rewards.

Sadly has very seldom been the case in my experience, I would like to believe in Karma, but most the evidence seems to point towards survival of the fittest and most cunning.

When_is_the_reset?

MSE =

'Money Saving Expert'

or

'Morals Saving Expert'

?

MobileSaver

When_is_the_reset? wrote: »

MSE = 'Money Saving Expert' or 'Morals Saving Expert' ?

Why "or"?

We'd be on a slippery slope if everyone thought it was perfectly ok to save money regardless of whether your actions to achieve this were morally right or wrong...

des_cartes

When_is_the_reset? wrote: »

MSE =

'Money Saving Expert'

or

'Morals Saving Expert'

?

I don't know about that but i am shocked at the number of people who post on this site who think that rising house prices are a good thing but rising prices for everything else is not. A house is the largest purchase anyone will ever make so surely saving money by buying at a lower price is the biggest saving you will ever make. Maybe this site has been hijacked by property speculators trying to make money out of people by trying to get them to pay over the odds for houses.