Partner & I disagree on gazundering: fear of overpaying for house in bad economic times

powerful_Rogue

Don't forget interest rates have gone up since you started the process. If the seller rightly pulls out, chances are you'll need to get a new mortgage offer at a higher rate on your next victim property.

400ixl

House prices rose again last month from what has been reported, they didn't stay static or decrease and the market is still moving. The sellers could have the view that as your offer was some months ago, it is now worth £810k if they put it back on the market.

Even if they believed it was still worth £800k then the the additional mortgage payments for 6 months could be less that the lower offer you want to make.

If they did call your bluff and tell you they don't want to sell to you any longer, would you now end up paying that £800k for a house that would have been £775k six months ago anyway due to price rises?

user1977

7sefton said:

Ps we had a survey and it came back saying there are a couple of things that should be fixed asap

Which were what? If they're things which ought to have been obvious from day one, they're not good grounds for renegotiation.

FreeBear

7sefton said:

Ps we had a survey and it came back saying there are a couple of things that should be fixed asap

Did the survey include a valuation - If so, how far off is it from the current price ?

theoretica

It isn't just how to handle things with the estate agent - but with your partner.  If you try to gazunder and lose the property it sound as though they will not be happy with you.

warby68

I don't think there's a sensitive way to gazunder.

It still remains in the class of dirty tricks no matter what justification you dredge up from changing conditions.

For £15k on a £800k purchase is it worth possbly losing the property and/or definitely losing all goodwill in the transaction? Only you can decide really. 

As a vendor, I would tell you where to go if I possibly could. If my back were absolutely to the wall and I had to get the deal done, I might give in but forget any more visits to measure up or my usual pristine clean and tidy, or helpful hints, spare keys etc etc.

anselld

You have no justifiable reason to renegotiate.  Even the "modest" reduction in prices was only 0.1% last month which is most probably still an increase since your offer was accepted.

So your reasons are entirely opportunistic based on the perceived vendor's level of desparation which you have no real way of knowing.  I would certainly remarket if it was me.

lika_86

Cosmetic things are not negotiation points for the price after having an offer accepted. 

The sellers sound like they were good enough to accept an offer at the bottom of asking and without playing games with you, so now you should uphold your end of the bargain.

powerful_Rogue

lika_86 said:

Cosmetic things are not negotiation points for the price after having an offer accepted. 

The sellers sound like they were good enough to accept an offer at the bottom of asking and without playing games with you, so now you should uphold your end of the bargain.

Exactly.

I had a buyer wanting a £10k discount as they wanted to dig up the garden and pave it! Told them in the politest way where to go!

housebuyer143

7sefton said:

My thinking is they might not withdraw because 

- they would have to go back to the start (which is another 4-6 months of mortgage payments)

- buyers now a bit more cautious so they might not even get what we’re offering 

I’d be looking for around £15k off… so would it be worth the risk to them pulling out?

To answer your question, yes, very much so. I am selling a house with no chain. I am desperate to get rid of it as it's sitting empty and just hanging over me, but think how long they would need to pay a mortgage etc to add up to £15k. 
It's annoying to start again but if someone came in doing this for no other reason than a recession is on your cards and house prices dropped 0.1% in a month, I would remarket. 

In comparison how much did house prices go up in the time you have been doing the conveyancing? Would you be happy if the seller raised the price for the same reason?