Would this constitute Gazundering?

audigex

Again I'd say that depends on where you live - in London you probably wouldn't care at all, as 5% would be a large amount of money and nobody knows you.

If you live in a town of 20,000 people, though, you may find it causes more problems because your name may quickly become known. I know of a couple who turned up for a viewing and were sent away again by the owners because the couple had previously withdrawn an offer on another house at a very late stage, and then had at least one other similar incident when trying to buy.

Petty, perhaps - but would you not tell your friends if you were Gazumped and that same buyer was about to put an offer in on your friends house? "Oh don't bother with them mate, we lost £2,000 because they tried to change their offer at the last minute."... likely including a string of expletives

Dave Ham's post hits the nail on the head - how would you feel if you paid mortgage & solicitors fees, lined up a buyer for your own property and then the seller pulled out because they received a higher offer with no downwards chain? Leaving you with fees and the possibility of your own buyer having to pull out because of the delay? You'd be pretty upset, I imagine.

Landofwood

Perhaps a more gentle way to approach this would be to inform the EA that the "other" property has caught your eye and you plan to view it. Stress that the lower price is appealing.

If it truly is similar, you may find that your vendor will consider reducing the price.

livesdial

Thanks all for the info, exactly the kind of stuff I was looking for.

Honestly? I'm happy with the amount I'm paying for the house, I was just a bit shocked that the other house was put on sale for less, and was wondering what tends to happen in this situation, as I imagine it isn't that uncommon.

I'm certainly not looking to screw anyone over, on the other hand I'm not looking to get screwed myself! As I said I'm new to this whole process and thanks for the opinions offered.

Landofwood

Willing to share Rightmove links?

amnblog

livesdial wrote: »

I'm certainly not looking to screw anyone over, on the other hand I'm not looking to get screwed myself! As I said I'm new to this whole process and thanks for the opinions offered.

The law allows your neighbour to screw you and you to screw you neighbour in these cases.


It should be reformed but too many interested parties make too much money from failed sales.


As ever big business is screwing everyone.

audigex

It may be worth viewing the other house, just so you know whether they truly are in a comparable state or whether the 15% lower price (really 5%) is justified

Note also that the neighbour may be a friend and may have said to your seller "Hi Paul, you mentioned you'd sold your house... do you mind if we ask what it sold for? I know ours needs a new kitchen, so it'll be a bit less than yours, but I don't want to price it out of the market and waste time reducing it after a month of no interest"

The price difference is really only 5%, and that could easily be justified just by requiring a new kitchen, or a couple of bay windows needing replacing soon at £4k a pop....

stator

Yes it would be gazundering but it's not a legal term, so it doesn't really matter.

Have you had a mortgage valuation done yet? If they comes back significantly below your offer price then that would be a good reason to renegotiate.