Should we Gazunder???

Made_Without

I'm in the process of buying - offer accepted in August and despite it being a simple chain-free sale (Im a FTB and the vendor is moving into a completed new-build), we are yet to set an exchange date.

I understand what the OP is saying in terms of the fears:
-am I doing the right thing?
-am I paying a good price?
-etc etc etc.

Endless questions

BUT, I would have these regardless of what is happening, or is being reported by the press. House prices go up and down - that's life.

Despite all my fears and worries, I wouldnt dream of gazundering.

C*F

One_Day_Rodney

Emy1501 wrote

Sorry but life does not work like this

Ah, but it does -

The reality is OP is right to walk away if property is no longer worth what he agreed and they can get a similar property for less money.

You are perfectly correct and I quite agree, but, the OP asked

How would you react if you were a vendor?

My previous post is my honest answer.

What happens if the OP pulls out of this purchase and starts the process of buying the other property? A three month purchasing process starts again.... Halifax says "lordy lordy - the prices have dropped another 2% this month !" - Does the OP go through the gazunder process again with the next vendor?
Or will the new vendors estate agents inform them that he is a known gazunderer? I know I wouldn't deal with him if I knew so. Therefore he could luck out on the second house too.

MobileSaver

citizen11 wrote: »

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

As Dvardy said, you don't seem to understand what morals are.

"Conforming to standards of what is right or just in behaviour;"

papalimabravo wrote: »

And in your humble opinion the OP hasn't worked hard for their deposit. You know this for a fact?

You misread my post, I didn't say the OP hadn't worked hard, I said they had no morals.

dizziblonde

hazyjo wrote: »

Sounds like you made your decision before posting your 'dilemma/question'.

Am sure you'll get a great bargain at this stage in your life. Let's hope you don't get stung next time round though. Karma and all that...

Personally, if you tried dropping the price on something I was selling to you and proceedings were already underway, I wouldn't sell to you in the next week, New Year or new century - but maybe that's just me.

Jx

You'd already made your mind and thought we'd all pat you on the head for being a good little housebuyer. Shame most of us have morals and disappointed you.

What goes around comes around - you're obviously going to ruin things for everyone anyway - makes you a pretty scummy human being (and yes, what you're doing IS scummy).

Charliezoo

Sorry OP but what exactly were you expecting looking to buy a house in the current climate? I like you also had an offer accepted in August. The offer I made reflected the uncertain economy and the fact that prices may fall a bit again. I told the vendors that as much as I liked the house I was gambling to a certain extent by buying at all at the moment and my offer reflected this, they accepted this and I feel even with a slight drop we both got a fair deal.

Tbh I really don't think you should have been buying at all at this time if you were that worried about price drops. Back in 2007 people were putting in offers and by the time they came to exchange the house had gone up in price. How would you have felt if the vendor had expected you to cough up an extra 10k just before exchange?

I have to agree with most people here in that I would take it very badly if I were the vendor. If you're going to try and get a price reduction then do so but if that falls through don't expect to be able to go back and have the vendor welcome you with open arms, you risk seriously p*****g them off and losing the house completely. You will be considered untrustworthy by the EA and they'll probably alert other sellers to this.

Henry_P_Chester

If there's a chance you can save 10k and are prepared to accept the risk go for it! It's a financial transaction dont let feelings get in the way. you're not a charity helping them pay for their next house!

Go for it. If someone offered them 10k more it's pretty much gauranteed they take it.

iolanthe07

Oh for the days when a person's word was their bond. How low we have all sunk. There is no honour left. If I were the vendor I would tell you to go screw yourself. I would rather lose money than play your contemptible game.

Emy1501

Ah, but it does -

Not sure it does. Unless the seller is loaded they will end up making their decision with their head not heart. To start off with yes they will refuse to sell on principal but if the asking price of the similar property round the corner is 3K less than the agreed price then they are likely to negotiate when they realise their chances of getting the agreed selling price is slim.

It was the same with gazumping. I know a few it happened to. They wanted to pull out but the reality was if they had they would have had to have paid a similar new price with all the fees that went with it so they had to accept it.

What happens if the OP pulls out of this purchase and starts the process of buying the other property? A three month purchasing process starts again.... Halifax says "lordy lordy - the prices have dropped another 2% this month !" - Does the OP go through the gazunder process again with the next vendor?
Or will the new vendors estate agents inform them that he is a known gazunderer? I know I wouldn't deal with him if I knew so. Therefore he could luck out on the second house too.

If its a different EA then I doubt they will care. I also suspect that any offer the OP makes this time will reflect where he believes the market is going.

I don't agree in reality with his plans but to be honest I'm buying at the moment and if I saw a like for like house round the corner on for 3K less than my agreed sale price I would have to think long and hard about walking away. Its the problems with the selling process in England.

[Deleted User]

We had a better offer on a house that we had sold and we said no as our word was our bond. That was in 1971 and we would do it again. We stand or fall by how we treat others

citizen11

I think you are all correct it would be wrong for me to attempt to renegotiate. However, as contracts have not been signed and I am no longer happy with deal I think the 'proper' thing for me to do is just walk away from the deal. Not because I dislike the house, just no longer like the price. Obviously the vendor will be disappointed but will not feel that I've tried to stitch them up.

Inevitably, they will sell for less to someone else, but at least no body will have had feelings hurt...