Gazundering!!!!

Seabee42

Whilst I suspect the OP is right it maybe they have been discussing their house purchase with friends or relatives and they have been prompted to try and cover the cost of the remedial work.

Thankfully I have moved already but my buyer did try such tactics and I decided I wouldnt budge on price in the end they had the choice to put up or move on they decided to pay.

I despise such tactics but it can take people a long time to save a few thousand pounds so its not hard to see why people try it.

movilogo

Dan-Dan wrote: »

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

It has nothing to do with rising or falling market. It is all about how well you can leverage your position.

OP didn't say how much gazundering. Sometimes it is better to accept lower price if property is going to be empty till next buyer is found and owner needs to pay mortgage on it.

Dan-Dan

movilogo wrote: »

It has nothing to do with rising or falling market.

Eh ? more buyers - more competition = op`s buyers could lose out altogether , to say the market currently is not a factor to consider is barmy

Kazza_Monkey

movilogo wrote: »

OP didn't say how much gazundering. Sometimes it is better to accept lower price if property is going to be empty till next buyer is found and owner needs to pay mortgage on it.

This is just it they havent even stated how much reduction they want I'm still waiting on a call from the EA. Obviously if it was only a few hundred pound I would swallow my pride and say sod it let them have it. My current house isnt empty we are living there but are going to be moving in with family to help them out.

katejo

Can you perhaps give 1 or 2 examples of the remedial work to which they are referring? I agree that it does sound suspicious so close to exchange but I can't judge without knowing what needs to be done. As a FTB i had to pull out on 2 properties when the owner would not budge on the price but they were quite significant problems (rotten window frames painted over and major rewiring needed)

mgtr

http://moversandstorers.co.uk/gazumping-gazundering-completing/

DTDfanBoy

katejo wrote: »

Can you perhaps give 1 or 2 examples of the remedial work to which they are referring? I agree that it does sound suspicious so close to exchange but I can't judge without knowing what needs to be done. As a FTB i had to pull out on 2 properties when the owner would not budge on the price but they were quite significant problems (rotten window frames painted over and major rewiring needed)

Did you sit on the survey results for two months before negotiating with the sellers :cool:


It doesn't really matter what the issues are the window for reasonable negotiation has well and truly passed IMHO


Kazza_Monkey I hope you've informed your buyers that as they want to renegotiate the price, you will be raising your asking price to reflect the recent rise in house prices :rotfl::rotfl:

Kazza_Monkey

katejo wrote: »

Can you perhaps give 1 or 2 examples of the remedial work to which they are referring? I agree that it does sound suspicious so close to exchange but I can't judge without knowing what needs to be done. As a FTB i had to pull out on 2 properties when the owner would not budge on the price but they were quite significant problems (rotten window frames painted over and major rewiring needed)

The first thing is there is a small patch of blown plaster in the master bedroom (the house was built in the 1930's they were bound to find a little bit of dodgy plaster). some peeling paint in the hall(might be due to distemper)they have been advised to get the electrics tested - no specific problems flagged just to get it tested, my uncle is part p registered and has assured me it is all safe as i do have 2 small children and safety is a big concern of mine. Again I have reflected the issues in the price as I was aware of the blown plaster. and the surveyor did value the house at what they offered us so they arent being screwed over in the sale. I guess I will just have to wait and see what they are proposing and go from there.
You say you had to pull out when the vendors wouldnt budge on price, did you leave you negotiations til the point of exchange? Our buyers have already signed contracts and got their mortgage offer in place, if we change the price they will have to get another mortgage offer too its not just a simple oh well they'll be ok to drop a few grand if you see what i mean.

daniel80

I think anyone who does this just before exchange of contracts are people if possible not worth dealing with. We are in the middle of this process, our home buyers report came back recommending repair work for the roof and spraying for woodworm in attic space . We reported straight back to the EA who then had a meeting with the vendors,who obtained to quotes totaling £5200. They offered to drop the asking price by £2600 meaning we go 50/50. This we thought fair and agreed.

Prothet_of_Doom

Based on my previous house buying and selling experiences, I'd cut my nose off to spite my face, put the house back on the market £15K more, and tell them to jack off.

or I'd ask for the exact same amount extra from them that they are asking to take off, and when they ask why, you can say "well you started taking the !!!!, so I thought I'd do the same. Either exchange at the price agreed or !!!! off"