Pulling out advice & costs ?

Thrugelmir

veryworried12 wrote: »

The mortgage was already offered they do the valuation after.

Never to my knowledge. The property is the security for the loan so pivotal to a mortgage offer being made.

haras_nosirrah

Hsbc make an offer subject to valuation

Kynthia

Some people don't seem to know what gazunderimg is. It's not renegotiating after the survey, it's waiting until very near to exchange when everything is virtually ready to go and the seller is now very invested in the process and then springing a price reduction on them. It's underhanded and feels like blackmail as it's done without good reason when the sale falling through will cause great distress and disruption to plans.

It's standard across the buying property buying and selling industry that offers are subject to survey, and that if anything significant is found or the qualified surveyor values the property at a lower price then a renegotiation is likely. Yes the seller doesn't have to agree but it's not wrong in anyway and generally considered sensible not to pay more than the valuation.

jimpix12

Some very angry responses here. How dare the buyer have the nerve to pull out because they've been effectively told they're overpaying. The cheek of it!

Harper123

spunko2010 wrote: »

Some very angry responses here. How dare the buyer have the nerve to pull out because they've been effectively told they're overpaying. The cheek of it!

I wouldn't pay more than something was valued at. If a house I was buying was valued lower I'd reduce my offer to said value.

What happened to the OP is very different to gazundering or making a new offer 30% lower than the agreed price due to some mythical brexit price drops. So I agree with the OP. However, if the vendors then rejected my new offer based on the valuation price Id then just withdraw and be on my merry way. I probably wouldn't have posted on the internet that they ruined my life

jimpix12

I think the OP meant the transaction had been ruined, not her life.

Harper123

spunko2010 wrote: »

I think the OP meant the transaction had been ruined, not her life.

I think it was the dramatic use of the phrase that it had been ruined for them. The last time I heard someone say it had all been ruined for them was my god daughter at a birthday party. She was talking about balloons and is 3

undetterred

veryworried12 wrote: »

I didn't realise there were unwritten rules in buying a house. All those people who pulled out of sales in the past month must not get it either. The house is worth what the valuer says in my book. I can either pay it or not and I've chosen the latter. I did try to negotiate.

The deal is off and that much is clear to both sides so little point in discussing this point really now but thanks anyway

Seen sense at last,quit whinging.

tara747

Kynthia wrote: »

Some people don't seem to know what gazunderimg is. It's not renegotiating after the survey, it's waiting until very near to exchange when everything is virtually ready to go and the seller is now very invested in the process and then springing a price reduction on them. It's underhanded and feels like blackmail as it's done without good reason when the sale falling through will cause great distress and disruption to plans.

It's standard across the buying property buying and selling industry that offers are subject to survey, and that if anything significant is found or the qualified surveyor values the property at a lower price then a renegotiation is likely. Yes the seller doesn't have to agree but it's not wrong in anyway and generally considered sensible not to pay more than the valuation.

Exactly. This is not a case of gazundering.

beanandbean

anotheruser wrote: »

People have way over complicated this.

Buyer says they will buy for X price.
Seller agrees.
Buyer now says they don't want to pay X but will pay Z.
Seller says no.

That's it then. Seller doesn't have to sell, buyer doesn't have to buy. The buyer has tried to negotiate, the seller hasn't changed their view. Case closed - no house sale.

Thanks, I was truly lost reading this thread!