gazundering

Davesnave

bmunky7 wrote: »

Not quite gazundering as it didn't happen at very last minute, but we had a guy first push us to drop price by £10k, then another £5k, then finally he wanted a clause in the contract reducing the price he paid by any drop in the market before exchange. We told him to get lost and he missed out on an already heavily discounted house. That was in 2008 and handily we kept property and it's now up about 25% from what he could have had it for.

2008 was an !!!!! of a year to sell. We were messed about by a number of people, all scared the sky would fall in, despite being in as good an area as it was possible to own in, beyond the metropolis that is.

We eventually took a hit and sold to people who weren't messers. Today, that house is worth at least 25% more, and probably nearer 30%.

As I recall, it was far more scary owning nothing for the 8 months it took us to find the right place, although having hundreds of £k in the banks at 6.75% was some compensation! :rotfl:

Snakey

I do think that site makes a good point when it says that many estate agents and sellers are all too happy to encourage gazumping by continuing to market the property even after an offer has been accepted, and yet they shriek with moral outrage if they're on the receiving end of sharp practice of a similar nature. Especially given that it's the buyer who incurs all the costs on legal and survey fees.

I think that if the market moves drastically, in either direction, then you would be an idiot - buyer or seller - to continue with a deal that is no longer offering you good value for money. While the property belongs to the seller, the seller bears all the risk and reward associated with that property, and that includes changes in its market value.

Going in to a deal intending to do something like this all along, for no reason other than that you think it will work, is skeevy behaviour whether it's from buyer or seller and I for one would happily call your bluff and walk away even if it would cost me money. Urgh.

pimento

Glyndwr2000 wrote: »

Just read that article referenced above. Thats the most downright despicable advice I have read in a long while.

Did you make it to page 2?

moneyistooshorttomention

pimento wrote: »

Did you make it to page 2?

I just did :eek::mad::eek:

pimento

All firmly tongue in cheek.