Have you ever gazundered?

Nike79

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

Im not sure many people would do that...
most likely if the vendor is aiming to sell they dont want to drag the process for long living in limbo state and waste time looking for another buyer who may also gazunder or simply not to proceed with the purchase.

The property transaction process is too lengthy in this country to proritise the chivalry of the deal.

Its a verbal agreement which is subject to contract and changes. its lawful to re negotiate the price further down the line in any trasncation.

Perhaps i have been in harsh property market for too long....

i agree its not very nice thing to do as noone likes to get less money then they expected but at the end of the day the vendor and buyer are just 2 random people transacting together for one off deal. its not the business transition where the reputation and ability to honour the original agreement matters or transaction between the friends/family.

Jhoney_2

Nike79 wrote: »

Im not sure many people would do that...
most likely if the vendor is aiming to sell they dont want to drag the process for long living in limbo state and waste time looking for another buyer who may also gazunder or simply not to proceed with the purchase.

The property transaction process is too lengthy in this country to proritise the chivalry of the deal.

Its a verbal agreement which is subject to contract and changes. its lawful to re negotiate the price further down the line in any trasncation.

Perhaps i have been in harsh property market for too long....

i agree its not very nice thing to do as noone likes to get less money then they expected but at the end of the day the vendor and buyer are just 2 random people transacting together for one off deal. its not the business transition where the reputation and ability to honour the original agreement matters or transaction between the friends/family.

Wow. Is this how things are now in the property market?
:shocked::shocked::shocked:

SailorSam

Have you got that word right ? .... Gazundered ?
If it's when someone outbids you on the price of a house, isn't that Gazumpt ?
A gazunder was something you used at night before houses were built with an inside loo. 'Cos it..... gazunder the bed.

http://www.urbandictionary.com/define.php?term=gazunder

Nike79

Jhoney wrote: »

Wow. Is this how things are now in the property market?
:shocked::shocked::shocked:

London property market is no joy...

although i dont think many people are gazundering in the rising market in London because most likely there is another buyer sitting out there who will pay the same price or even more

Jhoney_2

Nike79 wrote: »

London property market is no joy...

although i dont think many people are gazundering in the rising market in London because most likely there is another buyer sitting out there who will pay the same price or even more

I live in London too but have no recent experience of the buying/selling process. If someone offered/I accepted a price, I would not increase it - nor agree to a decrease just because they did so at the eleventh hour.

These are not things I would find acceptable on either side. It doesn't matter that it's legal.

If vendor or buyer were confident that the price change was justifiable, why not raise it and defend their position? You don't offer/accept X then bang on about price further down the road, e.g after all other negotiations re survey etc have been agreed.

That's not business, it's ridiculous.

J_i_m

I can understand why a survey exposing a serious problem with the property or a unforeseen change in circumstances could prompt renegotiations as there is a level of justification to that.

But I would find pure gazumping or gazundering after the initial deal is agreed very unsavoury. Because it is motivated by sheer greed and selfishness. It may be simply 'business' to some people but it is also dishonest and deceitful.

alchemist.1

76zedfour wrote: »

Two little anecdotes showing both sides of the coin;

I once asked to view a house that had been taken off the market as they had a buyer. I knew the area and type of property very well and intended to totally renovate and extend if I got it. The asking price seemed very fair to me. I was refused permission to view so offered £1k over the asking price (£90k) in writing stating my position as a non-encumbered buyer with a mortgage offer to required value in place. The vendor accepted and the sale eventually went through. A few days after the offer I found out a very good friend of mine had been the original buyer although he had a house to sell so neither his position nor price matched mine. We are still friends.

Another time I viewed a very rundown probate bungalow that had been on the market sometime with a view to renovating and extending. The asking price was too high and probably detracted potential buyers. I offered a very low sum as I was a cash buyer and it was immediately accepted. I was quite shocked it was accepted and began to doubt I had valued it correctly ( an area of the country I had no experience of) so reduced my offer by £5k the next day. The vendors said they would sit on my offer and reconsider next week after the estate agent suggested having an "open" day to generate interest that weekend. Two builders subsequently upbid each other to nearly £25k more than my original offer price and sure enough I saw it sell again 9 months later fully renovated at a profit.

I have to say that despite these two anecdotes if I shake hands directly with a buyer or vendor to seal a deal then that is non negotiable after that in my eyes.

Your second example suggests that you dont.

csgohan4

alchemist.1 wrote: »

Your second example suggests that you dont.

If the poster wasn't greedy, he could have got the house much cheaper and refurbish it himself.

Jhoney_2

76zedfour wrote: »

Two little anecdotes showing both sides of the coin;

I once asked to view a house that had been taken off the market as they had a buyer. I knew the area and type of property very well and intended to totally renovate and extend if I got it. The asking price seemed very fair to me. I was refused permission to view so offered £1k over the asking price (£90k) in writing stating my position as a non-encumbered buyer with a mortgage offer to required value in place. The vendor accepted and the sale eventually went through. A few days after the offer I found out a very good friend of mine had been the original buyer although he had a house to sell so neither his position nor price matched mine. We are still friends.

Another time I viewed a very rundown probate bungalow that had been on the market sometime with a view to renovating and extending. The asking price was too high and probably detracted potential buyers. I offered a very low sum as I was a cash buyer and it was immediately accepted. I was quite shocked it was accepted and began to doubt I had valued it correctly ( an area of the country I had no experience of) so reduced my offer by £5k the next day. The vendors said they would sit on my offer and reconsider next week after the estate agent suggested having an "open" day to generate interest that weekend. Two builders subsequently upbid each other to nearly £25k more than my original offer price and sure enough I saw it sell again 9 months later fully renovated at a profit.

I have to say that despite these two anecdotes if I shake hands directly with a buyer or vendor to seal a deal then that is non negotiable after that in my eyes.

Whilst the latter of these was timely, I find your behaviour in both situations, very poor form. Also most people do not get an opportunity to 'shake hands' with a vendor.

An offer/acceptance is a sort of handshake on the deal - albeit subject to survey etc which is as it should be. The vendor in your first example was unscrupulous too.

csgohan4

Jhoney wrote: »

Whilst the latter of these was timely, I find your behaviour in both situations, very poor form. Also most people do not get an opportunity to 'shake hands' with a vendor.

An offer/acceptance is a sort of handshake on the deal - albeit subject to survey etc which is as it should be. The vendor in your first example was unscrupulous too.

To be fair, it's nothing personal but business. You often don't see the vendor and even if you did, it's still money that matters.


Although I am surprised his friend is still a friend. He would have known he was buying or gazumping him as they would have shared what was going on.