Gazundering!!!!

Kazza_Monkey

Well as the title of my thread suggests I am being Gazundered by my first timebuyers. They have picked out a number of very minor issues off their home buyer report (done back at the beginning of October) just before we are due to exchange and said they wish to re-negotiate.
Well as I'm in no chain there will be no re-negotiation but I thought I would make people aware that the Immoral Practice is still very much alive.
We are 12 weeks into the sale now and they must think i'm a mug, I have stated to our EA that we will walk away if they dont carry on with the sale at the agreed price. :mad:

good job my solicitor is no completion no fee, I highly reccommend using these types of solicitors to help ease the financial pain at the very least.

2bFrank

There is two sides to every story. If I was the buyer and got the survey back and they said there is some costly work to be done, then I would renegotiate the price. What seems minor to you could be big jobs in real terms.

Luckily you are not in a chain and you can wait for another buyer, however I would expect the same to happen with your next buyer if the same issues keep popping up.

maninthestreet

2bFrank wrote: »

There is two sides to every story. If I was the buyer and got the survey back and they said there is some costly work to be done, then I would renegotiate the price. What seems minor to you could be big jobs in real terms.

Luckily you are not in a chain and you can wait for another buyer, however I would expect the same to happen with your next buyer if the same issues keep popping up.

The buyer had their survey done 2 months ago - why wait so long to try to re-negotiate the price???

verulamium

Good on you. I hate these kind of tactics. Seeing as the survey was done months ago, if there were legitimate costs they could have brought it up ago rather than just before exchanging.

Kazza_Monkey

well the valuation came back at the same as their offer. The Home Buyer Report was extensive in its detail so the price has reflected the works that need attention. The house 2 doors away from us is on at £15k more than we were so I dont think I am unreasonable. Yes the same thing will show up on the next survey but the price does reflect this. and If they had bought up the issues earlier in the transaction we may have considered them but deliberately try to push us into a corner is wrong thats all i'm trying to convey here.

Dan-Dan

Its a risky tactic for someone to do this , in a generally rising market

2bFrank

To get quotes for the work that needs to be done, to research the issues that have been brought up, to think it over.

If the survey came up with a big thumbs up and they then tried to lower the agreed price then I would say they are definitely gazundering. But if there are issues that they have to spend some money on then its only right they try and get that money off the house, I know I would.

Dan-Dan

2bFrank wrote: »

To get quotes for the work that needs to be done, to research the issues that have been brought up, to think it over.

If the survey came up with a big thumbs up and they then tried to lower the agreed price then I would say they are definitely gazundering. But if there are issues that they have to spend some money on then its only right they try and get that money off the house, I know I would.

You seem to be missing the point , as far as we can tell the price already takes into account the work needed , and probably more importantly , the op seems to know that the valuation matched the offer

pinkteapot

Agree with maninthestreet - it's fine to renegotiate after a survey if issues are revealed, but you do it promptly when you get the survey back. Waiting until just before exchange is tantamount to blackmail.

Even if I got a survey back which meant I needed to get quotes, I would call the EA as soon as I got the survey and say there are problems why mean we'll need to renegotiate - I'll get quotes and be in touch.

You don't proceed and let the seller think everything is fine!

Kazza_Monkey

2bFrank wrote: »

To get quotes for the work that needs to be done, to research the issues that have been brought up, to think it over.

If the survey came up with a big thumbs up and they then tried to lower the agreed price then I would say they are definitely gazundering. But if there are issues that they have to spend some money on then its only right they try and get that money off the house, I know I would.

Yes but you are missing the point they have said absolutely nothing until now, I have no issue with them obtaining quotes etc but why wait til the last minute to do this? they even stated they want to complete before Christmas which suggests they had this plan all along.

Road_Hog

pinkteapot wrote: »

Agree with maninthestreet - it's fine to renegotiate after a survey if issues are revealed, but you do it promptly when you get the survey back. Waiting until just before exchange is tantamount to blackmail.

Spot on, if the survey comes back and says 'x' needs fixing and it will cost 'x', then you say to the seller, we'd like a contribution. Then everybody understands the reasoning.


Just before exchange of contracts to offer less money is ransom.


It seems to be a cultural thing, not something I would have done, but appears to be the norm today.