[Brexit] Post offer renegotiate

lookstraightahead

Op, just to back my point, there is another thread on here where the buyer has been gazumped and the vendor is playing games. So it's a free for all out there - do what you feel is best for you

jimbog

AdrianC wrote: »

Transaction levels. Not prices.

Yes, bizarre that some people sold up and went into renting as they anticipated a crash in house transaction levels

lookstraightahead

Low transactions means the vendor has less choice to play the high and mighty

EachPenny

lookstraightahead wrote: »

Low transactions means the vendor has less choice to play the high and mighty

Or it could mean fewer properties are coming onto the market leaving buyers fighting over the scraps.

The story is usually far more complicated than a headline suggests.

Bossypants

lookstraightahead wrote: »

Low transactions means the vendor has less choice to play the high and mighty

It also means the buyer has less alternatives to choose from if they burn their bridges with one vendor.

I'm both selling and buying at the moment, and the general vibe is that we are all anxious to keep each other happy now that we have a complete chain to proceed with. If something goes wrong, we all could be waiting much longer to find a suitable alternative than we would be in a more active market, whether we are looking for a buyer or a property to buy.

LondonBuyer19

mind sharing that thread (or its title)

Bossypants

It's here: https://forums.moneysavingexpert.com/discussion/5951989/accepted-offer-over-bidding

What it has to do with your question, though, I don't know. Gazumping is a nasty practice which unfortunately happens sometimes in any kind of market (just do a search on this forum for the term and you will see examples cropping up fairly consistently no matter what the market was doing at the time). Pointing out that sometimes people act dishonourably towards each other doesn't really tell you anything other than that sometimes, people suck (but far from always).

lookstraightahead

https://forums.moneysavingexpert.com/discussion/5951989/accepted-offer-over-bidding

lookstraightahead

Bossypants wrote: »

It's here: https://forums.moneysavingexpert.com/discussion/5951989/accepted-offer-over-bidding

What it has to do with your question, though, I don't know. Gazumping is a nasty practice which unfortunately happens sometimes in any kind of market (just do a search on this forum for the term and you will see examples cropping up fairly consistently no matter what the market was doing at the time). Pointing out that sometimes people act dishonourably towards each other doesn't really tell you anything other than that sometimes, people suck (but far from always).

It's a business transaction! It happens both ways and why should anyone pay more than they feel necessary? The vendor can say no if they want to, this is the whole point of house sales.

If s vendor took their house off the market because they didn't want to sell anymore, is that dishonourable too, or should they just plough ahead and sell anyway just to be nice? We all know vendors and buyers test the market. That's what it's all about.

Would you pay £20000 more for something if your thought processes and comfort zone changed, just to keep a stranger happy?

Bossypants

It's not about some abstract concept of morality, it's about the practical need for trust between counterparties. Dealing with someone you can't trust to stand by their word is very difficult, and conveyancing is a long and stressful process, taking months before it ever becomes legally binding. When two parties make their initial agreement, then a week later party A wants to renegotiate because of factors which were already present at the time of the original agreement, it gives rise to mistrust and causes party B to wonder what else party A is going to try on in the multi-month, high stakes transaction they had were supposed to undertake together. I can tell you, if my buyers came to me now and tried that, I wouldn't refuse to sell to them, but I'd be going back on the market and staying there until the day they were able to exchange at the price originally agreed, because I would no longer trust them to stick to any agreed terms before they became legally binding.