Days of Guzzumping back. How to deal with it?

eagerftb

Kayalana99 wrote: »

I'd drop your offer by £500 or even more if the house was in the 200k + region and tell him to take it or leave it...personally.

It's much higher than that.

ging84

i don't understand why no one has worked out a way of asking the vendor to enter a pre sale reservation contract.
In a country where you can enter a legally binding agreement simply by driving your car past some signs why can the buyer's solicitor not send out a simple pre contract agreement stating that they have agreed to the sale of their property to the specific person, and should they choose to break off this agreement they will be liable for all the buyer's out of pocket expenses, including searches, legal fees, mortgage fees and survey fees and an amount for time and inconvenience

it would not prevent guzumping, but it would lesson the impact and make it much less likely as they'd need a much bigger offer because it would cost them a few thousand to pull out of the agreed sale

eagerftb

Dukesy wrote: »

Because, as I understand it, the valuation coming in at the agreed price simply means the valuer has said that yes, it is worth that. It may be worth more, but all the mortgage company wants to know is that they are lending as safely as possible, and that the agreed price is sensible.

So Probably a revaluation from the same Lender could work if I decide in that direction

Gwhiz

Is this a gazupming or just the seller wanting more? Has another buyer offered more?

Road_Hog

ging84 wrote: »

i don't understand why no one has worked out a way of asking the vendor to enter a pre sale reservation contract.

And of course, you mean the same for the buyer, but forgot to mention it. Not that buyers ever agree to purchase and then pull out just before exchange.

eagerftb

Gwhiz wrote: »

Is this a gazupming or just the seller wanting more? Has another buyer offered more?

So far just the seller wanting more...

System

Road_Hog wrote: »

Doesn't the mortgage company always value the property at the selling/agreed price? How many surveyor's valuation come in at over the asking price?

I thought that in most cases a mortgage provider only valued to a maximum of the actual market value of the property.

ging84

Road_Hog wrote: »

And of course, you mean the same for the buyer, but forgot to mention it. Not that buyers ever agree to purchase and then pull out just before exchange.

for the purchaser to enter such an agreement would be much more difficult, there are plenty of good reason they may choose to pull out, issues coming up during the survey or the conveyancing process for example.

The vendor has no real good reasons to go back on a sale, unless the purchaser turns out to be a money launder or something like that

eagerftb

Walcott wrote: »

I thought that in most cases a mortgage provider only valued to a maximum of the actual market value of the property.

I though the same. The question is that you never know where the market is headed. Stressful....!

Road_Hog

ging84 wrote: »

for the purchaser to enter such an agreement would be much more difficult, there are plenty of good reason they may choose to pull out, issues coming up during the survey or the conveyancing process for example.

The vendor has no real good reasons to go back on a sale, unless the purchaser turns out to be a money launder or something like that

And as a vendor, why would I wish to sign a binding agreement that the purchaser will also not be bound?


And that is why no such agreement exists, because the buyer wants security but doesn't want to be bound by the same agreement.