Justified Gazundering?

MartusJK

Hi there, just wondered peoples views on whether we have a case of what you might call justified Gazundering. Basically offer was accepted November (we are cash buyer), had a bit of renegotiation January when survey showed a fair bit of work needed doing (owners had been there 20 years and apparently never any maintenance) and small reduction agreed. And then nothing. And then more nothing. And more nothing, My solictor sent enquiries and still not returrned well over month later (otherwise with searches etc we are all good to go). I have asked and asked the EA until blue in the face but no explanation for delay, just continually "its ok their purchase is proceeding" (I think they are in a chain with one other step in it). I keep asking for just some idea of a completion date but nothing. Our solictor isnt any better, just says "well sometimes these things take longer". Which they do but usually for a specific reason? In the meantime as you know, inflation is soaring so renovation costs will be more, things to buy for the place will be more, need small mortgage for renovation (cash very tight to meet the sale price) and interest rates shooting up. Its now over 5 months since that original offer and we are paying a high rent (moved to renting to be in good position for quick move as cash buyer). It feels like something is amiss but not being informed, so short of marching around to the vendors and asking what the heck is going on I can only think of threatening gazundering to move it along - but in any case do you think a signifcantly delayed completion justifies gazundering in these very unique circumstances of rapdily rising prices and interest rates? (havent looked at any other places as this particular one is a really good fit for our requirements and we didnt want to rock the boat - in a small locality word would probably get around - all the EAs are on one road all next to each other!). Hope I made all that clear but can clarify if not, thanks in advance.

sammyjammy

In a word , NO, but one mans justified is another mans unacceptable, are you prepared to walk away?

Sarah1Mitty2

Are interest rates really shooting up though?

ProDave

House prices are still risong so chances are if you pull out anything else you find will be more expensive.

YoungBlueEyes

Are they perhaps trying to make you pull out so they don’t have EA fees to pay? 

Also - if they aren’t moving along at a fair lick for your current offer, why do you think reducing it would make them move faster? 

theoretica

What would you do if they pulled out of the sale in response to your lowering the price?  Walk away happy?

user1977

If prices are going up, what's the logic in lowering your offer? 

steve866

This wouldn’t be a typical reason to ‘gazunder’, an ultimatum might make more sense here. If you moved into rented you probably should have looked for a chain free property ideally.

You also say you ‘think’ they are in a chain with one step in it, you should be pushing absolute clarity from your EA in terms of the quality of the chain. How long is it? Is there a leasehold involved? Could there be tenants or probate? 

comeandgo

The silence of the sellers speaks volumes to me.  Something is up, I think they don’t want to sell so you trying to renegotiate price will give them perfect excuse to get out of selling their home and they can tell people it was not their fault sale fell through, you got too greedy.

TXC

As others have said house prices are going up - so by your logic the vendor would be entitled to ask you to up your offer accordingly to reflect the current market. Assume you'd be OK with that? 

propertyhunter

You could gazunder if, in the time you've offered, house prices have dropped where you are. Have comparables come onto the market at a lower price? I'd doubt that based on what we're hearing about the market overall. 

I don't think you can factor in the cost of renovation into the rationale for any gazunder. Renovation costs were soaring well before you offered, so no chance there. You would have also known the condition of the property when you viewed it - so no justification on that front either. If it's too tight money wise right now, maybe keep looking for another house with less work needed?

I'd keep looking - just don't see properties listed with the EA you're engaging with now.