Buying a Repossessed House - want to lower offer price after it was accepted after the survey

diystarter7

mi-key said:

@propertyrental I agree. The danger is there may be someone who would pay full asking, or even over if they really want the house and missed out on it. 

It seems like the OP just wants to gazunder for the sake of it thinking they have the seller over a barrel somehow

So asking a question here as per OP did is considered as "wants gazunder."? 

Section62

diystarter7 said:

mi-key said:

@propertyrental I agree. The danger is there may be someone who would pay full asking, or even over if they really want the house and missed out on it. 

It seems like the OP just wants to gazunder for the sake of it thinking they have the seller over a barrel somehow

So asking a question here as per OP did is considered as "wants gazunder."? 

What the OP describes wanting to do appears to fit the definition....

propertyrental

diystarter7 said:

mi-key said:

@propertyrental I agree. The danger is there may be someone who would pay full asking, or even over if they really want the house and missed out on it. 

It seems like the OP just wants to gazunder for the sake of it thinking they have the seller over a barrel somehow

So asking a question here as per OP did is considered as "wants gazunder."? 

gazunder

verb

1. To reduce the offer price of a property after agreeing to a higher one (normally just before contracts are exchanged)

Letsgetmoving

We are in the same position though our survey came back with £12k of work (soffits, repointing, leaking windows)

we went back and offered £5k less as there were other buyers but as it’s the bank they just said basically if the surveyor valued it at our offer (which he did) knowing all the issues and our mortgage valuation was ok we had no reason to lower it. We’re still going ahead as really like the house but it was a bit annoying. 

The Estate Agent said the banks don’t really negotiate as they have a duty to get the highest price

GDB2222

Section62 said:

diystarter7 said:

mi-key said:

@propertyrental I agree. The danger is there may be someone who would pay full asking, or even over if they really want the house and missed out on it. 

It seems like the OP just wants to gazunder for the sake of it thinking they have the seller over a barrel somehow

So asking a question here as per OP did is considered as "wants gazunder."? 

What the OP describes wanting to do appears to fit the definition....

Gazundering or gazumping really refers to facing a private seller/buyer with a fait accompli at the last moment. I really don't think it can apply to a corporate selle, and this is hardly the last moment. 

In any case, it's just name-calling. The OP thinks he may have over-offered, and now wants to correct his bid in the light of recent market movements. That's perfectly reasonable, IMHO, and the corporate vendor is more than capable of looking after their own interests. 

We are talking about only a 3% reduction on what was said to be an over-enthusiastic initial offer. The market is down more than 3% in most areas, so I suspect the OP is still offering too much. The vendor will probably be delighted that the new offer is so high.

diystarter7

Letsgetmoving said:

We are in the same position though our survey came back with £12k of work (soffits, repointing, leaking windows)

we went back and offered £5k less as there were other buyers but as it’s the bank they just said basically if the surveyor valued it at our offer (which he did) knowing all the issues and our mortgage valuation was ok we had no reason to lower it. We’re still going ahead as really like the house but it was a bit annoying. 

The Estate Agent said the banks don’t really negotiate as they have a duty to get the highest price

Hi

As do the estate agents.
There is a min price was what we were told once, we did not go for it as this was when the markets started to fly again a few years ago. We just bought a chain free place, just as easy and the sellers had no red lines set though intially they thought they had

Thanks

diystarter7

propertyrental said:

diystarter7 said:

mi-key said:

@propertyrental I agree. The danger is there may be someone who would pay full asking, or even over if they really want the house and missed out on it. 

It seems like the OP just wants to gazunder for the sake of it thinking they have the seller over a barrel somehow

So asking a question here as per OP did is considered as "wants gazunder."? 

gazunder

verb

1. To reduce the offer price of a property after agreeing to a higher one (normally just before contracts are exchanged)

Hi 
thanks but the OP has a right just like any other that is allowed membership of these forums to ask a question and not amke out the OP to be doing something that is not quiet right as there is no law against changing minds at the alst minute

We've never done it but buyers have tried it on with us and as we chose carefully we called their bluff and they stuck to the orginal price

Thanks

Alarae

So I used to work for an asset manager and oversaw the repossessions for three of the large banks. I was essentially the representative for the bank and made decisions regarding the property (within my prescribed remit of course). 

I had properties where people tried to lower their offers without much justification. If there was plenty of competition and it was reasonable to suspect if it went back on the market I would get a higher amount than you were offering, back on it went. 

With repossessions, higher offers can come in at the last minute and be accepted if the additional cash outweighs the additional time needed to restart the sale process. There was one property where on the day of exchange just before I got a request for authority from the solicitors that a higher offer came in. I couldn’t reject it, so had to tell the buyers the sale was off unless they increased. 

You have to weigh up if you have a true justification for your lower offer and there is no reasonable position that if it went back on the market, someone else won’t offer the same as your original offer (or higher). All our decisions must be documented, be logical and above all prove that you are doing right by your customer (the borrower). This goes both ways- you can either refuse to accept a higher offer on and proceed to exchange on a lower offer (for example, if the offer isn’t good enough to restart the process) or vice versa. 

chanz4

so basically you want the person whos repo it is to pay the extra £10k, the rep will have to advertise the sale again no matter if the price changes

GDB2222

chanz4 said:

so basically you want the person whos repo it is to pay the extra £10k, the rep will have to advertise the sale again no matter if the price changes

The person whose house it was is indeed liable for the shortfall on the mortgage. Clearly, you feel it’s important to help him/her, so can I ask how much you personally are prepared to contribute? Or, is it just that you feel that the OP should contribute, whilst you keep your own money firmly in your pocket?