We've been Gazundered!

Gazundered

chedburgh wrote: »

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.

The answer to your question is absolutely not. Personally I would never do that to anyone, gazump or gazunder. I have morals and would never stoop so low for any reason or for anyone! What price was agreed at the beginning should be the price paid at the end unless something comes up in a survey.

What goes around comes around meaning the person who is doing the gazundering or gazumping will have it done to them and see how they like it!

TypeR

With upmost respect, you're saying that because you've been guzundered, you don't know (as we don't) just how you would react if someone came in tomorrow and offered you £25k over the asking price if you already had a buyer. We only have your 'good word' for it and with respect, this IS the Internet.

Your seamingly angry/mortified post wouldn't have seen the light of day had you gazumped someone - for obvious reasons.

Basically, Guzumping and Guzundering happens - the only thing everyone can do is to hope they're never on the negative end of either of these sales approaches.

Also, if I bought a house and in two months housing indexes dropped 5% I would also re-negotiate the deal - you'd be a fool not to, the only time you don't need to negotiate is in a 'stable' market.

telfordwhite

ILW wrote: »

Think he may have a point there.

Seems a bit odd that this site is full of good advice about saving a few quid on the phone bill, getting a discount on a car or getting bank charges reduced but when someone talkes about saving 10s of thousands on a house some seem to get onto some sort of moral high horse and consider it wrong.

I think there's a difference between saving a few quid on the phone bill and blackmailing people. I'm surprised how some people cannot see this.

telfordwhite

the_baldman wrote: »

Rising house prices have wrecked the UK economy. It has made us uncompetitive..it has encouraged excessive debt. It also means that young peopel can not find homes as a reasonable price without enslaving themselves to the banks.

Agreed, but I'm not sure what this has to do with gazundering.

Gazundered

telfordwhite wrote: »

Agreed, but I'm not sure what this has to do with gazundering.

If I accepted an offer for a property I would not allow anyone else to view the property after that or nor would I take a higher offer from someone else. Some of us have morals.

Walter_J

If I agreed to buy a house for say £200k but then the mortgage valuation came in at £180k and I revised the offer accordingly, would I be guilty of 'gazundering'?

Clearly I would be unable to proceed at the original price even if I wanted to - I wouldn't have the funds. Which would be the more morally acceptable; to try and renegotiate the price or simply to pull out?

Fact is - until contracts are exchanged, there is no contract.

MobileSaver

Walter_J wrote: »

If I agreed to buy a house for say £200k but then the mortgage valuation came in at £180k and I revised the offer accordingly, would I be guilty of 'gazundering'?

No, all offers are made subject to survey so renegotiating based on a lower mortgage valuation is not gazundering.

MissMoneypenny

Never underestimate your bargaining power.

sonastin

Walter_J wrote: »

If I agreed to buy a house for say £200k but then the mortgage valuation came in at £180k and I revised the offer accordingly, would I be guilty of 'gazundering'?

Clearly I would be unable to proceed at the original price even if I wanted to - I wouldn't have the funds. Which would be the more morally acceptable; to try and renegotiate the price or simply to pull out?

Fact is - until contracts are exchanged, there is no contract.

It depends on when you revised your offer. If you let everything else proceed as normal and gave the vendors no clue until their solicitor said "right are we ready to exchange". Then you reply "yes but only if you drop the price by £20k" - I think that would still count as gazundering.

If you tell them straight away and don't string it out any longer than necessary it isn't gazundering, its negotiating. Obviously if the mortgage offer was the last thing you were waiting for and that comes in on the day of exchange...

And a mortgage valuation £20k under the agreed price doesn't necessarily mean that you can't buy the house - its down to what deposit you are putting down. I applied for a mortgage with an LTV of 65%. Mortgage was available at 70% LTV. Valuation came in £10k lower making LTV 68% so I could still borrow the funds.

chedburgh

Gazundered wrote: »

The answer to your question is absolutely not. Personally I would never do that to anyone, gazump or gazunder. I have morals and would never stoop so low for any reason or for anyone! What price was agreed at the beginning should be the price paid at the end unless something comes up in a survey.

What people say and what people do are often very different. The worst for this, in my experience, are those who take a moral high ground.

Gazundered wrote: »

Agree 100%. Anyone who does this has no scruples and care about no-one. They don't care what effect it has on the sellers or how it reverberates throughout the chain. If they don't get the sale, they then go and find new victims until they get what they want.

Maybe their parents died and they needed the extra money for the funeral? Ranting on an internet forum does not make you qualified to tell the rest of the world what is right or wrong, it just shows you as opinionated and narrow minded.

Gazundered wrote: »

What goes around comes around meaning the person who is doing the gazundering or gazumping will have it done to them and see how they like it!

Why would someone of good moral character keep calling for retribution? Surely they would not stoop so low...

It would be better to seek advice on what to do. Rightly or wrongly, its legal, so you have to play within the rules of the system. You have the power to say no, its not a foregone conclusion.