GAZUNDERING !! Is it really back again?

dippy

itgirlinuk wrote:

I put in an offer recently (it was not accepted!!! :-( ) and agent wanted me to promise that I would not gazunder or pull out because of another property...And I think that's fair. You wouldn't like that if someone did that you, so why would you do that to someone else?

Like the typical calls from the Estage Agents after you've just put in an offer, "Oh! Another buyer has showed up and he's offering 3-5K more that you". After you tell them to sod off, they call you a week later with excuses like "Oh! The other buyer's mortgage application got rejected! Are you still interested by any chance, mate?"

holsum

I know this is an old post that I'm dragging up, but perhaps someone can answer my question, if I lower my offer price after the outcome of the survey is that still considered as gazundering?

nmiah786

holsum wrote:

I know this is an old post that I'm dragging up, but perhaps someone can answer my question, if I lower my offer price after the outcome of the survey is that still considered as gazundering?

Depends whether your lowering your offer because the valuation comes in below your offer price or if you are just trying a fast one

IMHO

optique

If the survey revealed a problem or a difficulty that you weren't previously aware of, or something that will cost you money to fix, then it would be fair enough to ask for a reduction.

You're more likely to be successful if you get a written quote from a local tradesman, and ask for this reduction, and pass on both a copy of the survey and a copy of the quote to the seller. Also it should be something that wasn't mentioned in the particulars and would not have been obvious to you on first viewing of the property.

This is what happened when we bought our flat -- the survey revealed the roof would need imminent re-tiling, and we got a quote for £3,000 (London builders are expensive!) The seller was understandably reluctant to do this, and offered £1,000 at first, but we stuck to our guns and after another fortnight, they agreed.

Having said that, we were prepared to walk away from the flat if need be. And it was after the boom when buyers were thin on the ground. If it would upset you to lose the property, or if you believe there are many other buyers in the queue, then you're best off not messing around.