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Now we have gazundering!
Comments
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I don't really see the problem. No contracts are signed and the sale price is still open to negotiation before the deal is done. When I bought my first house in 2001, after the seller agreed to my initial offer and I had the survey done, I adjusted my offer due to work needed. I was still viewing houses in the meantime, in case the deal fell through, whether due to the seller or that the survey was bad or I found somewhere better.
When I sold my second house, the prospective buyer wanted money offer the agreed price, and stated reasons why. I agreed to some. Then they wanted more off without really giving sensible reasons. I refused. That put the deal back by a month, and they said that because I was slow they were now having to go into temporary accommodation for which they wanted compensation off the price. I told them to stick it, put the house back on the market and sold it to someone else. They lost out because they lost the house they wanted for the sake of £2K, and also paid for a survey for a house they then lost out on.
If buyers adjust their offer because of a perceived drop in the market value, then I don't see this as any different to them saying it is a drop in the value due to a dodgy roof. It is up to the seller to decide whether they have a fair point or not.
Buyers have always had the power to pull out of a sale if the price is not right, even if they have agreed in principle to a price. In exactly the same way, sellers have always had the right to refuse to sell up until a contract is signed. I don't see this as anything new.
I would view gazundering as saying "give me £x off the price or we don't exchange contracts today (as planned)", rather than what you've described which is simple negotiation of price. If a price has been agreed after survey, gazumping or gazundering is pretty low.0 -
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