Should we Gazunder???

milliebear00001

citizen11 wrote: »

I'm not sure my view is plucked from the air. The house two streets away is a reference point. It is now 3K cheaper and hasn't even sold ( so would likely be cheaper still).

Additionally the 3.6% fall in the market is the largest ever recorded.

I have also discovered that I am going to get poorer, due to child benefit withdrawal and not stay the same or be better off.

Material facts and the environment of the deal have changed; one party to the deal is getting poorer (as are my peers who may be alternative buyers) and the asset has dropped in value. Admittedly the house hasn't changed, and we still want it. It is the price I am not happy with. If they were to remarket they would undoubtedly get less also the vendors purchase is being handled by the same agent so I think they would be urging the vendor to accept the revalued deal.


Regarding the ability to complete, our vendor has title absolute so isn't in negative equity or anything.

A house is worth what somebody is prepared to pay for it - not what one Building Society says happened overall in the entire housing market last month. If you aren't prepared to pay what you have offered then pull out. But that's not the case is it? You ARE willing to pay the price you've offered. You aren't asking 'is it worth this much', or even saying 'it's not worth this much'. You have buyer's remorse and think it might now be worth less, so you want to try your luck - very different.

The material facts are the same - the house is exactly the same as the one you offered on. Your financial circumstances are immaterial because you can still afford the price you offered. You might find things are a little tighter, but you are not saying you can't afford the price you offered.

If you did this to me, at this stage, you would have proved yourself untrustworthy. I would hate to have to sell to you under those circumstances and would tell you to take a running jump unless I was absolutely desperate - your sellers do not sound desperate to sell.

Hiow much would you lose by pulling out now?

milliebear00001

citizen11 wrote: »

If the market had gone up 3.6% and an alternative buyer came along would my offer be discounted?

I would suggest that at this late stage in the game, it would be madness of a seller to disregard a committed buyer because some 'chancer' came along and offered more money. Same moral rules apply.

citizen11

I've always been told I shouldn't let morals prevent me from making the right decision.

hazyjo

I've always been told my morals should help me reach the right decision.

As I said... each to their own.

Jx

bristol_pilot

If I were your vendor, I would put the house back on the market and refuse to do business with you.

milliebear00001

citizen11 wrote: »

I've always been told I shouldn't let morals prevent me from making the right decision.

Then you've answered your own question. Clearly, your decision-making process is very different to the majority of people (at least here on the thread).

You must make the decision that is right for you. You should be aware though, that it is not one that most other people would make, and that, in itself, may be a self-interested reason to rethink.

jozbo

my vendor's just put the house back on the market after surveys, sols doing searches etc, because of a low valuation - they are actively inviting to gazump us when we've not even tried to lower the offer. we're actually happy to pay the original price but she's gone mental and is refusing to deal with us (we've done nothing and want to buy the house!)

my opinion is, as a buyer, that people are gazumped all the time and you are so vulnerable in advance of exchange, it's a ridiculous system and you should try whatever you can for you to feel secure that you've done the right thing.

personally i wouldn't because it would disturb me to cause so much stress for the others in the chain. however since the opportunity is there it would be just as easy and possible for the vendor to do the same to you. most vendors, in my experience, wouldn't think twice about gazumping.

citizen11

I am genuinely surprised at such an emotional response from everybody. How can a transactions that involves hundreds of thousands of pounds and loans which stretch out until forever be anything but business like?

In principle, I would do business with anyone who has finance. Not having finance though would disqualify you.

Would you sell a house to someone cheap because you liked them?

citizen11

milliebear00001 wrote: »

Then you've answered your own question. Clearly, your decision-making process is very different to the majority of people (at least here on the thread).

You must make the decision that is right for you. You should be aware though, that it is not one that most other people would make, and that, in itself, may be a self-interested reason to rethink.

I am aware that people rationalise things differently to me which is why I came here to gauge the response. If I were gazundered (as when I was gazumped) I would think it perfectly rational behaviour. In fact when we sold in April 2008 I was surprised not to get gazundered.

milliebear00001

citizen11 wrote: »

I am genuinely surprised at such an emotional response from everybody. How can a transactions that involves hundreds of thousands of pounds any loans which stretch out until forever be anything but business like?

In principle, I would do business with anyone who has finance. Not having finance though would disqualify you.

Would you sell a house to someone cheap because you liked them?

You are missing the point. People do not routinely 'do business' with others simply because they have money. Lots of groups are squeezed out of normal, above-board business transactions (even on a global level) because they are not deemed trustworthy - why do you think hardly anybody does business with countries like Nigeria!?

It's not at all an emotional response. It's one that makes perfect sense in terms of self-protection. You are naive if you think trust plays no part in business. The 'players' quickly find themselves out in the cold.

House selling and buying is a stressful business at the best of times. Making it as straightforward as possible all round is what should be (and is for the most part) expected by all concerned.