Have you ever gazundered?

jimbog

After giving some sympathy to another member who seems like they are being gazundered I was curious to know the mind set of any forum member had actually done so in the past. Was it just purely for the money? Was it a power thing just because you could? If so, did you feel guilty doing it? Or was it just a business transaction?

Also, did you ever do it and regretted it as the seller called your bluff and you lost your dream house?

Nobbie1967

I dropped my asking price offer of £65k to £60k back in 1990 when I was a first time buyer after the mortgage valuation came back at £60k. Eventually settled in the middle somewhere. Not sure that's gazundering as it was done a long time before exchange rather than as a last minute ambush.

cte1111

I've done the same as Nobbie, e.g. Reduced my asking price to the mortgage valuation price. This was a first time buy, I didn't want to overpay and this seemed the logical approach.

I've also asked buyers to match a higher offer, when selling my late Aunt's house. They did so, showing it was worth it I guess. It was only a couple of weeks into the process and we then stated we wouldn't consider any other offers.

steve2005

Reduced our offer by £15k on most recent house after survey came back.

Nike79

I gazundered many years ago when the survey came back with the few issues...Dint buy the property at the end as there were to much works to carry on.

I have been gazumped by the vendors very last last minute myself.

I dont think its a bout the morals...its a business transaction at the end of the day and any transacting party (vendor/buyer) should expect the last minute changes may happen until exchange point. If the person is easily touched by these sort of things they shouldn't enter the world of property transactions at all.

jimbog

Nike79 wrote: »

I gazundered many years ago when the survey came back with the few issues...

I was more thinking of the aspect of gazundering very close to exchange for no reason other than as leverage - after all other factors had previously been sorted

bobbymotors

No I never have and never would.

I've also been offered more money for houses I have sold and refused it.

And told vendors where to go when they have said they have had a better offer.

A deal is a deal...maybe not legally, but it is to me

Nike79

jimbog wrote: »

I was more thinking of the aspect of gazundering very close to exchange for no reason other than as leverage - after all other factors had previously been sorted

I dont see the reason why not. The thing is legal

Of course there will be people on this forum who will start preaching you the morals but after being on UK property market for so many years and seeing how much S@£$t can happen before the exchange Im quite thick skinned by now after dealing with couple of !!!!!! vendors...



The worst thing can happen stye vendor says No. what the vendor is going to say is very much depends on the market situation in the area/ personal circumstances of the vendor/ how quickly they need to sell etc etc.

Its unlikely they walk away although they can of course reject the reduced price and if you still insist they can only threaten to walk away unless you pay the original price offered.

csgohan4

Nike79 wrote: »

I dont see the reason why not. The thing is legal

Of course there will be people on this forum who will start preaching you the morals but after being on UK property market for so many years and seeing how much S@£$t can happen before the exchange Im quite thick skinned by now after dealing with couple of !!!!!! vendors...



The worst thing can happen stye vendor says No. what the vendor is going to say is very much depends on the market situation in the area/ personal circumstances of the vendor/ how quickly they need to sell etc etc.

Its unlikely they walk away although they can of course reject the reduced price and if you still insist they can only threaten to walk away unless you pay the original price offered.

If I was a vendor with no chain, fees paid for by the EA. I would tell a gazunder where to go even if they offered the original price out of principle.


Moral or not, an agreement is that. Is there no chivalry left in the world? Are we all truly defined by our bank balance

alchemist.1

csgohan4 wrote: »

If I was a vendor with no chain, fees paid for by the EA. I would tell a gazunder where to go even if they offered the original price out of principle.


Moral or not, an agreement is that. Is there no chivalry left in the world? Are we all truly defined by out bank balance

Not that I agree with it, but i imagine majority are nowadays.

csgohan4

alchemist.1 wrote: »

Not that I agree with it, but i imagine majority are nowadays.

Greed is what makes the world go round


But surely we can have honour amongst thieves


Also don't forget OP Vendor can gazump as well. Citing BS like housing price has increased since original offer e.t.c