Gazunder or not?

Captain_Mainwaring_2

I didn't get a lot of positive responses when I mentioned "kicking the toys off the lawn during a repo sale" - but to be honest I do feel that way. The level of greed exhibited in our postcode area (WD7) is obscene, and I shall enjoy to watch the "price reductions" and the repo's.

They didn't care about me on the way up, I'm not sure I'll shed many tears either - all those Bentleys and AM's disappearing. Breaks my heart.

stuffcrash

You should gazunder, its in your interests too, not only that you pay lower stamp duty fees, its a hard life out their and its your life. theres more and more properties out there rates are going to get a lot higher, try to take that inaccount. hey if he doesnt accept well then just wait a few months and if the property is still on the market offer the gazunder price again.

chappers

Obviously you have to do what you think is best for you, however don't be surprised if you get your fingers burned.
How would you feel if you were gazumped at this late stage in the game or in a rising market the vendor asked you for £5K more.
It's all about your own conciense, you seem to want it all ways your price , your completion date etc. Whats in it for the vendor.
Personally speaking if I was the vendor I would tell you to take it or leave it.

Maybe you should be looking at it from the veiwpoint of how much you want this house.
If you buy it and the market crashes then you will still have a house worth less than you paid for it.

Captain_Mainwaring_2

chappers wrote: »

Obviously you have to do what you think is best for you, however don't be surprised if you get your fingers burned.
How would you feel if you were gazumped at this late stage in the game or in a rising market the vendor asked you for £5K more.
It's all about your own conciense, you seem to want it all ways your price , your completion date etc. Whats in it for the vendor.
Personally speaking if I was the vendor I would tell you to take it or leave it.

Maybe you should be looking at it from the veiwpoint of how much you want this house.
If you buy it and the market crashes then you will still have a house worth less than you paid for it.

A sale, that's what's in it.

artherfouxache

toothwiz wrote: »

I am about to exchange next week on a 3 bed property in london. However back in Feb we agreed a price of £497k, since then the price had fallen by 5k which we negotiated in april. Now I think the price has fallen again and therefore I want to negotiate again.It was with great difficulty we got 5k off. But I am seeing similar 3 bed houses with asking prices that are definately not in the 490'ks. Am quite scared of taking on the estate agent as he is a lion and when initially negotiating we wanted 15k off, my husband sheeplishly asked for 5k only. I have already had to battle with him about a completion date as they want 2 move in 3 wks time. I am renting out my house and will be away so I managed to delay it to end of july. Now I will have to battle with EA again.
I feel bad about doing it before exchange but feel I have to as I dont want to buy a property thats worth less than it is.I know gazundering is bad but why shoud I be a fool and pay more than its worth. any advice for me about how to proceed. what would you do?

What would I do?

I would apolagise to the seller saying that you have decided not to go through with the sale. When they ask why, say you would rather not go through with the sale than be accused of gazundering..........then see what happens. You could say you don't agree with the law as it is....... but that is the way it is

bluejake

chappers wrote: »

How would you feel if you were gazumped at this late stage in the game or in a rising market the vendor asked you for £5K more.

Feelings have nothing to do with it. The biggest financial transaction most people will ever make which people may have to live with for decades to come and you are worried about a stranger's feelings. Why on earth do you come to this board? When Martin points out a loophole to make money do you hold your nose and feel the pain of the shareholders of the company on the receiving end.

chappers wrote: »

It's all about your own conciense, you seem to want it all ways your price , your completion date etc. Whats in it for the vendor.
Personally speaking if I was the vendor I would tell you to take it or leave it.

Or is it about your selfish self interest? Maybe what you really want is for people to pay the unsustainable bubble prices and take the pain that follows. I am yet to meet a seller who says, 'You know my property has tripled in value in the last few years so here is £20k stranger, it would be greedy to make all that profit.'
And I think the days of sellers taking it or leaving it are over. They either take it or they take even less further down the line - which no doubt will cause them great offence - if the only make double their original investment rather than treble.

chappers wrote: »

Maybe you should be looking at it from the veiwpoint of how much you want this house.

Maybe the o/p should be looking at it as a moneysaver who does no want to pay more than he/she needs to. You know, er, use his/her head to get the best deal possible. Moneysaving, you know, like what this site is called.

chappers wrote: »

If you buy it and the market crashes then you will still have a house worth less than you paid for it.

That's a good reason to pay an inflated price and spend the next decade on your financial knees, must not offend the seller's feelings, must not offend the seller's feelings, must not offend the seller's feelings.

When prices were shooting up I licked my lips and rubbed my belly. Now I squeal and take great offence when someone makes an offer that challenges the illusion of all the money I have made - even just to hear about it happening elsewhere cause me pain. :mad:

Captain_Mainwaring_2

Hehehe.


I've got to type this because I'm not allowed to just have a little chuckle.

chappers

If thats the way you conduct business then fair enough, but these things have a habit of biting back it's all down to whether you have any integrety or not
An offer was made and accepted and now the Op wants to change the deal when it's got to the "almost too late to pull out" point, the OP should have made an original offer reflecting the current state of the market and not just think they can pay less because they think they made too high an offer.
If you don't want to pay the agreed price then do the decent thing and pull out and let the vendor try and sell for the price they want.

artherfouxache

chappers wrote: »

If thats the way you conduct business then fair enough, but these things have a habit of biting back it's all down to whether you have any integrety or not
.

OK, so prices drop large say 20% or even more?. This means the OPs 'integrity' will have effectively cost them at least £100,000.

What price would you put on 'integrity'? Would you stick by a mistake you made at ANY price?

NB I think there is a case for changing the law though. but we're discussing the law as is......... not that a thread can't change direction.

TTMCMschine

chappers wrote: »

If thats the way you conduct business then fair enough, but these things have a habit of biting back it's all down to whether you have any integrety or not

Unless you are saintly, saintly in your ways and your money spending never affects anyone adversely - i don't think you can band that phrase about. Do you shop in a supermarket? Do you buy clothes made abroad? Is that the way you conduct your business? All integrity thrown out the window. Use any excuse you want, because morally you're as guilty as the op.
If you think money and integrity go hand in hand then you don't look at your own actions closely enough. The best thing these people can do is walk away. Not for the sake of the seller, but because even with a 5k reduction, they'll still be paying over the odds i should imagine.

ps you ought to tell Martin to stop his reclaiming bank charges scheme, afterall everyone knew what the bank charges were when they opened up bank accounts, there's integrity you know.