Is This Gazundering - New Build Purchase Underway?

AdrianC

annetheman said:

I might soon find out from the developer whether waiting for another buyer is worthwhile risking that waiting out the "short term" to sake £2K actually amounts to longer than expected, therefore higher costs overall.

I've been told that the definition of gazundering is lowering your offer whilst in the process of a sale. Can you tell me how lowering my offer in the process of the sale is the same as keeping my offer the same and asking for the same "additional incentive" now being offered to all buyers

Simples.

The deal you agreed was £x for house.
Now you're asking for £x for (house + £2k).
How is that different to (£x-2k) for house?

giraffe69

Despite some acidic and unhelpful comments I would ask (pleasantly) about a £2k reduction/incentive not least because it would irritate if I didn't and became others had done so successfully.

[Deleted User]

OP - who cares if its guzundering - its a genuine concern now - go in harder than £2k 
Ask nicely, they can only say no. Loads are pulling out 
Ive pulled out of my BTL
Im not taking the risk at the moment 

AdrianC

FWIW, I'm not saying "don't ask"... Of course you can ask. And they can refuse. Whether it may or may not be the same as reducing the cash offer doesn't make much difference outside the semantics of whether it's "gazundering" or not.

The important thing is what happens if they say no - you're not willing to walk over it, so...

General_Applause

annetheman said:

Hi - if anyone has any experience with negotiating new builds, your opinion is greatly appreciated on the below!

The EA who has exclusive marketing rights of the new build development I am buying on has just updated the remaining 10 (out of 29) units to include a £2,000 "incentive upon completion" -- this would cover my legal fees very nicely.

Since I am already in the process of buying (I have offer accepted, solicitor instructed, searches almost completed and mortgage valuation underway):
-can I ask to be given this incentive too, even though it was not advertised/part of the deal when my offer was accepted? Is this gazundering?
-since the flats will be approaching 1 year on the market in June, plus fallout from COVID-19, do I have a strengthened position from which to perhaps adjust my offer to the developer, by about the same amount as the incentive i.e. £2K?

I'm not sure if I have the same bargaining power since I am buying Shared Ownership and also under *normal* circumstances, S/O new builds would fly off the shelves...

Thank you!

Just be careful with Shared Ownership. Our neighbour told me about her friend who tried doing the same as you and the Housing Association involved cancelled the sale and removed them from their books.

Like you say, shared ownerships usually sell fast, but in todays world . . .

annetheman

Densol said:

OP - who cares if its guzundering - its a genuine concern now - go in harder than £2k 
A

That's my kinda fighting talk!!!

newbridge

If it was a booming market and sellers sensed a lot more interest after advertising. They don't hesitate doing a best price closed bids so what's wrong asking for reduction when markets are going downhill. 
I realize, this is a new house but they would increase the prices too during high demand. Please note, I am moving(selling mine and buying new) so not really biased to seller or buyers.