Advice on possible gazundering

Tom99

[FONT=Verdana, sans-serif]Realistically you don't want to lose the sale so if the EA has their number they can phone and say there will be no price reduction, do you still want to go ahead, if so contracts must be exchanged within 5 days of them returning home or the deal is off.[/FONT]

csgohan4

TamsinC wrote: »

See, I don't agree here - they may have had their holiday booked for months/a year - we have a 1 week holiday booked for the middle of August (in the UK) - it was booked a year ago - we fully expected to be in our house by now, but we aren't. We shall be fully contactable by phone if we still haven't exchanged by then. But taking a holiday doesn't necessarily mean you aren't interested in the house.

It does especially as they haven't even signed contracts and have not told anyone their on holiday

getmore4less

Worrier378948 wrote: »

Forgot to add that they have gone on holiday for 2weeks without telling anyone so original planned exchange for tomorrow now not possible

That gives you 2 weeks to get a better offer if the market has gone up.

When they return if you have a decent offer on the table you can then decide.

1. Take the current offer contracts exchanged by end of play first working day of their return or maybe day 2.
2. higher price with a short deadline
3. work with the new offer bearing in mind how the market has moved around you if your current purchase may go belly up, could sweeten that deal with some of the increase.
...

With 2 do you know how tight they are on any mortgage offer?
if you try to increase that could delay.
Are they selling what's the story below them, could it just be stalling because there are issues with their sale.

Worrier378948

Hi thanks again.

They are FTB .... we have given them 24 hours to respond and then we will remarket...

Alfrescodave

Very understandable to read all the strong comments about telling you to remarket but in my area in South Oxfordshire houses prices have stalled and even signs of falling. So make sure that your market is still buoyant before re-advertising.

letitbe90

It is not uncommon for people to chance a price reduction off a survey. I wouldn't overreact. Not to say you have to negotiate with them, just give a polite no and see where it goes. I don't think it means they don't want the house or anything.

Smodlet

letitbe90 wrote: »

It is not uncommon for people to chance a price reduction off a survey. I wouldn't overreact. Not to say you have to negotiate with them, just give a polite no and see where it goes. I don't think it means they don't want the house or anything.

True but surely any serious buyer would do so within a few days of receiving the report, not six weeks later. This definitely stinks of gazundering to me.

letitbe90

Smodlet wrote: »

True but surely any serious buyer would do so within a few days of receiving the report, not six weeks later. This definitely stinks of gazundering to me.

They may have spoken to friends or family recently who have (mis)advised them to ask for a price reduction. A lot of house buyers go by word of mouth pretty much every step of the way and request all sorts of weird and wonderful things. This applies to both buyers and sellers of course.

Smodlet

letitbe90 wrote: »

They may have spoken to friends or family recently who have (mis)advised them to ask for a price reduction. A lot of house buyers go by word of mouth pretty much every step of the way and request all sorts of weird and wonderful things. This applies to both buyers and sellers of course.

Of course, they may. It does not take six weeks or waiting until the day before exchange to decide whether or not to go ahead with a purchase, though: If it does, I still question whether the buyers are serious or serious mickey takers.

cloo

Depends what the reduction is and what you need to get your place - for £2k I'd suck it up, for £10k, I'd have to consider whether I could afford to move etc, and maybe say 'No, Iwecan't move if we cut it by that much, sorry'


My buyers tried to knock about 7% off the price of the first place I sold without any really good reason at the last minute (agent claimed market had slowed and I wouldn't resell it for any more), but TBH I was astonished they offered as much as they did in the first place and settled for them having 5% off it to seal the deal, as I wasn't buying anywhere at the time and just wanted to see it through.