Gazundering threat

Albermarle

I am not advising you to do it, but in any negotiation there is always the possibility of compromise.

As an example buyer is demanding £10K off at the last stages ( gazundering).
You can;
1) Agree to it
2) Tell them to stick it and see what happens
3) Offer them £XK off on a take it or leave it basis, with no further reduction possible. Positive answer needed in say 24 hours or the deal is off. 

TheJP

Say no to the reduction, it looks like they are calling your bluff. They wont want to start the whole process again this close to exchange and completion.

No you dont have any recourse against their solicitors, as you havent exchanged and you dont have a contract with them. Errors happen and they are rectifying it. Your buyers are the ones creating the issue not the solicitor.

wittykitty24

Having similar issue with our buyer at the moment but no exchange date yet (as our buyer is dragging their heels). We’ve told her no reduction and have let our estate agent know that she is welcome to pull out and we will remarket. Buyer is now “thinking about it” and can’t make a decision, but we are just going to let her decide as we want to proceed so we won’t be the ones to back down (she already has had £19k knocked off since we last sold earlier this year). 

theartfullodger

Tell them you thought the price was agreed, but now they've said it's flexible price has gone up £10k.

Greedy twits

GDB2222

wittykitty24 said:

Having similar issue with our buyer at the moment but no exchange date yet (as our buyer is dragging their heels). We’ve told her no reduction and have let our estate agent know that she is welcome to pull out and we will remarket. Buyer is now “thinking about it” and can’t make a decision, but we are just going to let her decide as we want to proceed so we won’t be the ones to back down (she already has had £19k knocked off since we last sold earlier this year). 

The market doesn’t seem very buoyant at the moment. If you remarket, do you know what figure is actually achievable? 

wittykitty24

Our buyer pulled out today when we stuck to no reduction. Not shocked at all as buyer had gone quiet before this with solicitors etc. Second time this year our chain has fell through right before exchange and just had enough, so going to give it a break and try again next year

Herzlos

At least buyer pulling out means you're not on the hook for fees? Better they did it now rather than later too. 

ReadySteadyPop

Sazot said:

We have made the decision to break the chain and move out due to bullying gazundering threats from our buyers. 

We then find out that their solicitors have made an error with the purchasers names on the contract paperwork that has put the completion date (that we were forced by them to agree with) in jeopardy. It should be this Friday. 

Contracts have yet to be exchanged due to this error. 

We have stated that exchange happens by 4pm tomorrow otherwise completion will have to be delayed a week. We need to know in advance for hiring/cancelling removal vans, taking annual leave, arranging accommodation etc etc. This is reasonable? 

They are still saying that they expect a reduction in price even though the error is their solicitors fault. They are coming across as aggressive. 

We are speechless, frazzled and dismayed.

Any comments or advice?

We did not think that the sols could apply for funds (5 working days notice is usually needed?) without the contracts being exchanged? 

Is there any recourse against their solicitors as the error is down to them? 

Did you have a lot of interest in the property when you first marketed it?

ReadySteadyPop

jimbog said:

No need to be bullied. Some FTBs have a disproportionate sense of entitlement usually sometimes spurned on by 'helpful' relatives and friends. I would relist at the original price

Most FTB`ers are looking at the monthly mortgage debt payments, those have gone up quite a bit recently.

penners324

Nothing to stop you counter offering by putting the price up by a few grand. 'For the stress and anxiety' caused by their solicitors