Should we Gazunder???

MaidMarianofNottingham

citizen11 wrote: »

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.

There is already a consensus!

mudshark

citizen11 wrote: »

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

Why do you care? It takes a certain type of person to gazunder and that person must surely not care what others think. Nasty gazundering happens last minute but if you want to renegotiate you could try to do it in a nice way I suppose without offering a take it or leave it deal.

hazyjo

citizen11 wrote: »

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.

Sorry, but I think it depends on morals. If I'd accepted an offer, I'd stick with that offer, whatever. Yes, I might lose out, but at least I'd sleep at night and know I'd not shat all over someone for the sake of money. I honestly believe in what goes around comes around.

I've been gazumped twice before. It's not nice. Once wasn't even a proper gazumping... the house had been on the market for months with several agents and they finally got an offer months down the line from us... and then the greed set in and they put it back on the market cos the prices had gone up slightly. Totally ignoring the fact it had been on with at least four agents for at least 6 months! At the same time, I had a buyer for my flat who hung on a year. This was when prices were shooting up. Bought in Greenwich for £40k in around 1994. Sold within 2 or 3 years for £65k - and that was with about 10 viewings on Day 1 of it going on the market, and the first person to see bought. I should have dumped him after we lost the first house we were going for (when we were sort-of-gazumped), but didn't. We then lost the next house we went for and he still hung on. Could have made a lot more on that flat, but my morals wouldn't let me tell him we were putting up the price about 9 months down the line of him making that initial offer.

If I'd had more money, I might have bought somewhere else. If I'd done that, I might have not ended up in my next house, or the one after that where I was living when I met my now-husband. I just think some things are meant to be. And I don't care how money-saving I am... I would not gazump or gazunder anyone. It makes me feel ill at the thought that people could/do.

Jx

citizen11

Liquorice_Twirls wrote: »

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?

Our vendor is buying a house off a deceased estate. The lives it will impact are minimal. I have bought and sold before, been gazumped in the boom and had to take a harsh reduction to shift our last house in April 2008.

I hope that other view the transaction as a business transaction. I don't feel I can pay 10k over he odds to be polite.

Also an identical house which is a street or two away, post a 10k reduction in asking price is now cheaper than the price I agreed. Negotiations on that house would start 3k lower than wher I currently am.

Dirk_Rambo

citizen11 wrote: »

Should we Gazunder??? ?

yes. the vendor would do it to you

citizen11

Liquorice_Twirls wrote: »

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?

Our vendor is buying a house off a deceased estate. The lives it will impact are minimal. I have bought and sold before, been gazumped in the boom and had to take a harsh reduction to shift our last house in April 2008.

I hope that other view the transaction as a business transaction. I don't feel I can pay 10k over he odds to be polite.

Also an identical house which is a street or two away, post a 10k reduction in asking price is now cheaper than the price I agreed. Negotiations on that house would start 3k lower than where I currently am.

Ivrytwr3

what if the people up the chain need every penny from the agreed price in order for them to complete their purchase?

There may actually be no room for negotiation (like in my current case!)

john_white

citizen11 wrote: »

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.

Seriously, if you came to me and said in 3 years our benefits are being cut because I'm a higher rate tax payer I doubt I'd be best pleased.

I'd say yes, but, as your reduction is based on future market value I'd have a clause in the contract to say the house is to be revalued in x years time and any difference is owed to me.

pararct

End of the day this is the same as any other business transaction and there is no room for sentiment..

Anyone who thinks different is fooling themselves....

Swings and roundabouts. Some You lose Some you Win.... No room for sentiment there either. If you lose brush yourself down and move on....

grey_lady

There was an article on this in one of the papers today, the advice was to walk away and immediately put your property back onto the open market - if you do offer less, be prepared that you may lose the property.