Should we Gazunder???

telfordwhite

pararct wrote: »

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

Yes but the transaction has been agreed and the buyer is welshing on it isn't he?

telfordwhite

citizen11 wrote: »

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.

Do you know the meaning of the word poor, being a higher rate tax payer and all that?

firstaspect

Up to you if you want to try it but do expect to be told where to go and lose the house. You can see from responses here that more people have a problem with it than don't so it's more likely the seller will walk away rather than agree.

missile

it's more likely the seller will walk away

If it were me, I would tell OP where to go, refuse to sell house to him and ask EA agent to contact other interested parties / re-advertise. However, I expect many would cave in. It really depends on sellers position.

seven-day-weekend

hazyjo wrote: »

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.


Jx

This is precisely what happened to us when buying out first house in 1976.

We had agreed the price wth the husband, then someone offered more to the wife which she accepted. The husband was really angry with her, cancelled the second buyer and sold the house to us at the original price. I like to think we would do the same.

I would not be re-negotiating price now unless everyone in the chain agreed to drop by the same amount. Keep to your word.

DVardysShadow

citizen11 wrote: »

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

• Morals govern what is the right decision
• If morals don't get in the way of what you might want to do, then you might as well not have any

macadamia_2

Your buyers are probably going to be pleased that you've decided to go through with the sale as lots of people now are very scared to do so thinking that this will be a prolonged period of dropping house prices. They've probably already thought about the fact you might pull out and if you offer them £10k less they'll be going "phew...at least it was only £10k"

missile

macadamia wrote: »

if you offer them £10k less they'll be going "phew...at least it was only £10k"

or "if we accept 10K less this week OP will drop it another 10K next week". :rotfl:

onehitwonder

About 9 years ago we were selling and buying. Sold for around £60k buying for £90k.
A couple of weeks before completing the buyers said they wanted to reduce their offer by £3k.
I still believe 'our' estate agents actually told them we had put an offer on another house so would be desperate to sell.
They didn't know we weren't desperate and didn't really need to sell and so when I was told this by the estate agents I told them I was taking the house off the market and going to rent it instead.
10 minutes later I had a phone call saying they were offering the full price again - so I agreed.

People are right it can be viewed as business but it is also people's lives. If I agreed an offer price in August then I would stick to it. Breaking a chain can devastate people and months of work and £1000's wasted.

Up to the OP in the end, you have to live with your decision and any consequences.

Hippychick

citizen11 wrote: »

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

Having title absolute does not mean that the vendor isn't in negative equity, title absolute is legal terminology and has nothing to do with the financials/any charges. They could be in neg eq, only they and their solicitor knows that.

If the alternative house is with the same EA I would put money on it that if you gazundered this one, lost it and offered on the other, the EA would be more than happy to inform the second vendors how you operate.

10k as a 5% drop means you must be buying at 200k, actually not a very high house price and not worth the hassle, if the purchase price was 500k plus then yes maybe consider it.

Personally, I wouldn't do it we bought last year, our house is a home not an investment and I would never have dreamed of gazundering, particularly because of an event which may/may not happen in the future, who is to say by 2013 that you haven't lost your high rate tax paying job and must take a lower paid one, you may become sick/unable to work. None of us has a crystal ball it's all a gamble whenever you buy.

If you do, do it, and I suspect you will, I would imagine financial karma will catch up with you eventually.