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Debate House Prices


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House Selling - Just Desserts

Spidernick
Spidernick Posts: 3,803 Forumite
1,000 Posts Combo Breaker
edited 18 February 2015 at 4:11PM in Debate House Prices & the Economy
Some friends of ours were in a long chain in respect of a house they wanted to buy and decided to move out and rent for six months, to make things a little simpler (very noble of them and I'm not sure I would have done it). A little after they moved into the rented accommodation their sellers decided that their Estate Agent had undervalued their house by £15K and said to our friends that they now wanted an extra £15K (I wonder if they were trying it on due to the rental position thinking they had an advantage in some way). Our friends said they weren't prepared to pay extra. Weeks later after no viewings or offers the sellers told our friends that they would now accept the original amount, but our friends thought that they could no longer trust these people (who could well do something similar again) and so said no and have now found somewhere else.

I'm really pleased by this story and think the sellers got their just desserts. Hopefully they'll be less greedy next time round!

Does anyone else have a similar story? Cheers.
'I want to die peacefully in my sleep, like my father. Not screaming and terrified like his passengers.' (Bob Monkhouse).

Sky? Believe in better.

Note: win, draw or lose (not 'loose' - opposite of tight!)
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Comments

  • mayonnaise
    mayonnaise Posts: 3,690 Forumite
    Your friends move into rental before exchanging just to make things a little simpler?

    Are you sure this is a true story?
    Don't blame me, I voted Remain.
  • BJV
    BJV Posts: 2,535 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Don't have any stories but we are planning on selling our house in approx. 18 months ( daughter moves to big school ) and I am terrified already. It seems that every which way there are both buyers and sellers waiting to do god knows what.


    We sold our last house within 24 hours of it going on the market and am dreading people coming around.


    I do have a friend who has been looked for a house for so long that I think she has now turned house viewing into a family day out. Still perhaps she is getting her just deserts in not being able to sell hers.
    Happiness, Health and Wealth in that order please!:A
  • Uxb
    Uxb Posts: 1,340 Forumite
    Works both ways:

    There are sellers trying to gazump by as you say raising the price at the last minute to force people to pay more lest the chain collapse.

    Then there are buyers being gazunderers who do the reverse by suddenly offering less than they agreed to in the first place in the hope the seller will capitulate.

    It all depends on many things who has the 'whip hand' in such tactics: whether the market is going up or down and who is chain free, a cash buyer etc as to which side can play the game.

    Welcome to the real world of business type contract negotiation away from consumer rights, unfair terms acts and the rest of the stuff which so insulates the average consumer from the way such things are done.
  • michaels
    michaels Posts: 29,224 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The cash buyer at the bottom of the chain on my recent sale tried to reduce their offer by 15k 2 days before exchange was due, The agents tried to pass the pain up the chain, I said we weren't budging and in the end we exchanged 3 days late at the agreed price. Don't know what happened in the chain below us.
    I think....
  • Spidernick
    Spidernick Posts: 3,803 Forumite
    1,000 Posts Combo Breaker
    mayonnaise wrote: »
    Your friends move into rental before exchanging just to make things a little simpler?

    Are you sure this is a true story?

    Why would it not be? I've heard of people doing this on a number of occasions. As I say, I'm not sure I'd do it given the double hassle of moving twice in a short space of time and potential sharp increases in property prices while renting, but they effectively halved the chain by what they did, so I'm not sure why you doubt the validity of what is going on.
    'I want to die peacefully in my sleep, like my father. Not screaming and terrified like his passengers.' (Bob Monkhouse).

    Sky? Believe in better.

    Note: win, draw or lose (not 'loose' - opposite of tight!)
  • knightstyle
    knightstyle Posts: 7,292 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Back in the 80s we were all ready to exchange contracts, mortgage OK, searches done, survey OK and the sellers said they wanted an extra £5k.
    We couldn't stretch to this so gave up and bought a similar house. The market then crashed, we lost about £25k on our purchase and months later the original house sold at auction for nearly £45k less than we had agreed.
  • hpifever
    hpifever Posts: 106 Forumite
    Typical mayonnaise response.
  • shaggydoo
    shaggydoo Posts: 8,435 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Spidernick wrote: »

    Does anyone else have a similar story? Cheers.

    Where was this please OP?
    What do we do when we fall? We get up, dust ourselves off and start walking in the right direction again. Perhaps when we fall, it is easy to forget there are people along the way who help us stand and walk with us as we get back on track.
  • shaggydoo
    shaggydoo Posts: 8,435 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    michaels wrote: »
    The cash buyer at the bottom of the chain on my recent sale tried to reduce their offer by 15k 2 days before exchange was due, The agents tried to pass the pain up the chain, I said we weren't budging and in the end we exchanged 3 days late at the agreed price. Don't know what happened in the chain below us.

    Where was this?
    What do we do when we fall? We get up, dust ourselves off and start walking in the right direction again. Perhaps when we fall, it is easy to forget there are people along the way who help us stand and walk with us as we get back on track.
  • Spidernick
    Spidernick Posts: 3,803 Forumite
    1,000 Posts Combo Breaker
    shaggydoo wrote: »
    Where was this please OP?

    My neck of the woods in Hampshire.
    'I want to die peacefully in my sleep, like my father. Not screaming and terrified like his passengers.' (Bob Monkhouse).

    Sky? Believe in better.

    Note: win, draw or lose (not 'loose' - opposite of tight!)
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