Should we Gazunder???

citizen11

We agreed a price on the house we purchased in mid August. We are now on the point of exchange however, the economy and housing market seem to be making different noises now compared to August and we are no longer happy with the price we had previously agreed.

We would like to renegotiate the price. From where we’re standing it doesn’t seem unreasonable though obviously everyone up the chain would get less money than anticipated, we are at the bottom of the chain.

We are reluctant to walk away from the deal but have saved hard for our deposit and want to get the most for our money. But would call their bluff for few weeks if we think it could work out.

We want a 10K reduction which equates to a little less than 5% of the currently agreed price.

What does the forum think? How would you react if you were a vendor?

FATBALLZ

Personally I think its just as low as gazumping, if the housing market had really bombed since August you may have a good reason to pull out, but the price change since August is less than 1% based on the figures from various sources. There are no new reasons to think that the future direction of house prices has changed, we knew in August there would be cuts and the economy is !!!!, that is still the case.

Quirky6000

citizen11 wrote: »

What does the forum think? How would you react if you were a vendor?

I think there'll be plenty of folks along soon to tell you how low this would be.

How would I react? Badly.:mad:

hazyjo

As others have said on other threads - if the market had gone up 3.6% last month, would you be offering to increase your offer?

The property market is full of ups and downs. Are you buying as an investment or as a home? If anyone tried gazundering me, I'd cut my nose off to spite my face and lose a sale/purchase over it and you'd be dumped quicker than my rubbish on a Thursday night. Sorry, that's the way it is with me anyway.

Jx

jmt

I can totally understand what you are thinking/worrying about. I too had an offer accepted in early August. We have an anticipated date for exchange & completion of 1st Nov. For me there are no other parties involved other than the seller and myself. I'm not sure I actually want to go through with the purchase at my agreed purchase price.

LandyAndy

citizen11 wrote: »

We agreed a price on the house we purchased in mid August. We are now on the point of exchange however, the economy and housing market seem to be making different noises now compared to August and we are no longer happy with the price we had previously agreed.

We would like to renegotiate the price. From where we’re standing it doesn’t seem unreasonable though obviously everyone up the chain would get less money than anticipated, we are at the bottom of the chain.

We are reluctant to walk away from the deal but have saved hard for our deposit and want to get the most for our money. But would call their bluff for few weeks if we think it could work out.

We want a 10K reduction which equates to a little less than 5% of the currently agreed price.

What does the forum think? How would you react if you were a vendor?

I would say to my vendor "My buyer is trying to screw me over for £10k. Do you want to be screwed over for £10k to compensate me?"

citizen11

hazyjo wrote: »

As others have said on other threads - if the market had gone up 3.6% last month, would you be offering to increase your offer?

The property market is full of ups and downs. Are you buying as an investment or as a home? If anyone tried gazundering me, I'd cut my nose off to spite my face and lose a sale/purchase over it and you'd be dumped quicker than my rubbish on a Thursday night. Sorry, that's the way it is with me anyway.

Jx

But how many people with a money saving head on would say no to an alternative buyer offering an additional 10K. Would your advice still be your word is your bond in that situation?

I was gazumped on the way up and it was brutal, without even an apology; I still had to pay my solicitor and mortgage arrangement fee. This isn't some kind of revenge I have genuinely rethought the price given how terrible the news has been. For a start we are losing about £2000 a year family allowance soon! I would be appropiately ashamed of wanting to go through the process of renegotiation though would call their bluff if needs be.

We are not in a desperate situation to move as are currently in rented.

MobileSaver

citizen11 wrote: »

We want a 10K reduction which equates to a little less than 5% of the currently agreed price.

What does the forum think? How would you react if you were a vendor?

If I were the vendor I'd tell you where to go.

The most likely outcome if you try this is that the chain collapses and everyone in the chain loses their legal fees, surveyor fees and two months of their life.

Obviously you'd deserve to lose your fees so no tears there but I'd feel sorry for the innocent hard working people who unlike you had some morals and lost out because of your low-life tactics, all in my humble opinion of course.

MaidMarianofNottingham

I expect your mother will be very proud of you.
You are beneath contempt.

citizen11

MaidMarianofNottingham wrote: »

I expect your mother will be very proud of you.
You are beneath contempt.

Actually that is correct. My parents are urging me to reconsider the sale price given the changed landscape and that contracts have yet to be exchanged so would indeed be proud if I fronted up and had a few difficult conversations.

In addition I care naught for my vendor's good opinion I will never have anything to do with them after this transaction, whereas I am to be intimately linked to my mortgage loan for 25 years.

I want to know if the consensus from other vendors is that they are likely to agree given the current economic climate.

Liquorice_Twirls

While it might be perfectly legal, to me it's absolutely immoral as you are effectively holding all those people up the chain to ransom. Sounds like this might be your first property as you are at the bottom of the chain - have you thought or do you care about all the grief you will cause to those people? Do you really want this property, cos if you do behaving like this may mean the vendor drops you and you are left searching again. Who knows what the market might do in the intervening months till you find something else?

One day you might be that person up the chain to whom this happens - what would you say?