Gazundering hmm...

ekumi00

THREAD ENDED

Thanks for all replies...

sheff6107

Obviously you can try. They'll either say yes, no or withdraw from the sale.

Can't comment on the morality.

ScorpiondeRooftrouser

sheff6107 wrote: »

Obviously you can try. They'll either say yes, no or withdraw from the sale.

Can't comment on the morality.

I can.

You pull out if you think it's not worth it, or you continue at the price you agreed.

Any other action is that of a ****.

eddddy

You can revise your offer at any point up until exchange.

But some people might see reducing your offer just before exchange as a 'dirty' trick.

Whatever the outcome, you might find that you'll lose all the seller's goodwill.

If you're buying with a mortgage and the price you're paying changes, you'll need to get a revised offer.

Mutton_Geoff

Normally "gazundering" without any frame of reference or comparable might be considered underhand but I think another seller in the same block that is more attractive to you is good enough reason.


Given that they must have been built at the same time, why does flat A need £30k spending on it and flat B not? The new seller clearly thinks (or has been guided) that his/her betterment is worth £5k more than your purchase. Given the new seller may well accept an identical price of £370k, then where would you stand?


You don't need morals, you need a clear head. Even though you may be borrowing a portion of the purchase price, imagine 37 million pennies stacked up on the table. It's a hell of a lot of money and you should choose and spend it wisely.


(You'd also need a strong table as they'd weigh around 132 tonnes).

hazyjo

May be priced for a quick sale.

Does it say 'OIEO' or 'in the region of'?

How many years left on both leases?

Does one have a garage or parking?

Is one on a more desirable floor (top?)? Garden access if lower?

Personally, I would tell you no and re-market the same day. Whether I would deal with you again if you backtracked, well, I would have to seriously consider that...

Jx

saajan_12

What would you do if they refused.. the seller may need a price for their onward purchase / pay off mortgage or had other offers that makes them unwilling to back down. Or they might just not trust you and refuse even if you backtrack to the original price. Are you happy to walk and lose all the fees + time so far?

Linton

When you made the offer you thought the price was a good one and knew that there would be extra costs. Under those circumstances I think it would be wrong to renege on the deal. If someone tried that on me the flat would be on the market the next day - what confidence would I have that you wouldnt try the same trick again?

So if you still want the flat go ahead at the agreed price. If not pull out now.

juniordoc

I guess it depends also the area you are buying in. If it's an area where prices are falling, and now this similar cheaper property is on the market nearby, then your seller may now accept your point that it is not worth 375.

Remember a house is only worth what someone is willing to pay for it, so if you don't want to pay 375, then don't, and offer something less.

Pixie5740

Have you received the results of the valuation yet? I assume so since you claim to be nearing exchange so how does the valuation compare with your £370k offer?

I'm curious to know what £30k of work needs to be carried out on the property.

cattie

Penitent wrote: »

I was curious about that too. We're renovating a 3 bed house (inc. new kitchen, new bathroom, boarding the loft, replacing fences, replacing boiler and CHS and full redecoration) for less that that.

Depends where property is. Living in a London suburb I spent very close to that amount having my 2 bed flat refurbished. New CH system, new windows, kitchen, bathroom, original floors restored etc.