PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Gazunder or not?

Options
123468

Comments

  • oldagetraveller
    oldagetraveller Posts: 3,653 Forumite

    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.

    What law? I wasn't aware of any statute that states a potential buyer can't offer less before the signing and exchange of contracts.
    Just before exchange on my present house I reduced my offer, which was accepted grudgingly, by £4000 to cover works that were required.
    I'm not in gaol or court! :confused:
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    It isn't very fair to gazunder someone but life isn't fair. You're sticking by the rules that govern the transaction - any price agreed is indicative until contracts are exchanged.

    It would be better if we had a better system of rules governing house transactions but we don't at the moment.
  • tradetime
    tradetime Posts: 3,200 Forumite
    For sale - nice 2 bed semi complete with well used ivory tower.
    I'm sorry that you feel conducting yourself with any sort of honour or morality requires you to sit in an ivory tower, but I do appreciate that you are in the majority, rather than the minority. No matter, people in general get the society they deserve and we are steadily acheiving that.
    Society being in a mess and morality in property transactions are in no way connected.
    Well you see that is part of the problem, all morality is connected, you can't just choose when to be moral and when not. That's much like the old gentleman theif who believes in no violence and todays thugs who'll cut yiour throat for your mobile, you may prefer to meet one over the other but it doesn't make either right.
    At all times the vendor is free to make his own decisions (as they did during the "boom") - there is no honour left anymore - take a look at some of the forums here.
    I do agree with you there, and it's little surprise how we got here.

    The OP will of course make his/her own decision, but at least they were troubled enough at the prospect to ask the opinion of others. I have not at anytime suggested the OP should overpay, my advice if they felt they were overpaying, was walk away, plain and simple. If you want to be business like then be so, it's just bricks and mortar, there's plenty more, and likely much cheaper before this is finished
    Hope for the best.....Plan for the worst!

    "Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown
  • toothwiz
    toothwiz Posts: 48 Forumite
    Part of the Furniture Combo Breaker
    Hi just to give everyone an update i am the person who started the thread. I dont think I am unreasonable to ask for a reduction. why should I pay over the odds for a property when others are coming on much cheaper! I dont want to hand over my hard earned money if I know the value of the house had fallen.
    I rang the EA today told him I had been chatting with my surveyor and other estate agents who all told me the price has dropped . I told him we will have to renegotiate. he promptly told me they wont negotiate and that hes going to ring them and tell him I am pulling out. He put the phone down without giving me the chance to tell him my offer! What to do now.
  • Neillgb
    Neillgb Posts: 574 Forumite
    toothwiz wrote: »
    Hi just to give everyone an update i am the person who started the thread. I dont think I am unreasonable to ask for a reduction. why should I pay over the odds for a property when others are coming on much cheaper! I dont want to hand over my hard earned money if I know the value of the house had fallen.
    I rang the EA today told him I had been chatting with my surveyor and other estate agents who all told me the price has dropped . I told him we will have to renegotiate. he promptly told me they wont negotiate and that hes going to ring them and tell him I am pulling out. He put the phone down without giving me the chance to tell him my offer! What to do now.
    Contact the vendor direct and agree a price reduction roughly the same amount as the agents commission......:rotfl: .

    Oooops forgot. Don't tell the agent!!!:A
  • I would recommend calling your solicitor and going through that route. If not accepted I would walk away unless you love the house. The biggest problem with house buying is the emotion. This is a business transaction like any other. If it is too expensive or you risk negative equity walk away.
  • tradetime wrote: »
    I'm sorry that you feel conducting yourself with any sort of honour or morality requires you to sit in an ivory tower, but I do appreciate that you are in the majority, rather than the minority. No matter, people in general get the society they deserve and we are steadily acheiving that.
    That's where you are a little mistaken, I maintain pretty high standards of morality, however how do you do this when day to day life in the UK is now reduced to people posting on the internet requesting ways to jib out of paying what they were due? So, what to do? if you can't beat them, join them. What do we need to do, get people to declare how much they made on the property before we make the offer? (actually I do look at price paid before making an offer - I see no point in offering less than what someone paid, but I have no trouble at all offering what someone paid)


    Well you see that is part of the problem, all morality is connected, you can't just choose when to be moral and when not. That's much like the old gentleman theif who believes in no violence and todays thugs who'll cut yiour throat for your mobile, you may prefer to meet one over the other but it doesn't make either right.
    That's the big problem, ironically particularly if you live in a "nice" area - you take a run into a "deprived" area and realise just how trashy people have become, when you get home you have a large gin and tonic and conclude that bidding someone to the wire is nothing compared to what you have just seen

    I do agree with you there, and it's little surprise how we got here.

    The OP will of course make his/her own decision, but at least they were troubled enough at the prospect to ask the opinion of others. I have not at anytime suggested the OP should overpay, my advice if they felt they were overpaying, was walk away, plain and simple. If you want to be business like then be so, it's just bricks and mortar, there's plenty more, and likely much cheaper before this is finished


    Well I would agree that if the OP does go ahead and bid low, then at least have the good grace to go through with it.
  • 900se
    900se Posts: 20 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    toothwiz wrote: »
    Hi just to give everyone an update i am the person who started the thread. I dont think I am unreasonable to ask for a reduction. why should I pay over the odds for a property when others are coming on much cheaper! I dont want to hand over my hard earned money if I know the value of the house had fallen.
    I rang the EA today told him I had been chatting with my surveyor and other estate agents who all told me the price has dropped . I told him we will have to renegotiate. he promptly told me they wont negotiate and that hes going to ring them and tell him I am pulling out. He put the phone down without giving me the chance to tell him my offer! What to do now.

    Well, it's obvious the EA doesn't like gazundering... If you want the house at a lower offer, wait a week and contact the EA again to see if they will consider it. Otherwise your choice is to go back with the original offer or cut your losses, swallow the expenditure on this aborted purchase and go for the similar houses that are on for less now.

    Of course, you can always rent for a year or two and wait for more reductions.
  • andys15
    andys15 Posts: 1,102 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I am in the process of trying to get a discount, but the estate agent is being really bolshy. I am worried because I am currently renting the house, and the estate agent who I am dealing with is actually not on the sales side, but the letting manager. He told me that if i tried to renegotiate the price then the owners will just put the house back on the rental market. I feel that putting the house back up for rent, would be in the estate agents favour, so he will try and put the seller off selling to me. I was looking for a 1% reduction in the price that we agreed at the beginning of April. Which equates to them paying for my stamp duty. Just spoke to my solicitor and he informs me that everyone is doing it now.
    Debt free. March 2020
    Mortgage free-August 2021
    Planned retirement date- 19/5/2026
    £29500 saved. Target £420000(19/05/2026)
  • ginvzt
    ginvzt Posts: 4,878 Forumite
    1,000 Posts Combo Breaker
    toothwiz wrote: »
    Hi just to give everyone an update i am the person who started the thread. I dont think I am unreasonable to ask for a reduction. why should I pay over the odds for a property when others are coming on much cheaper! I dont want to hand over my hard earned money if I know the value of the house had fallen.
    I rang the EA today told him I had been chatting with my surveyor and other estate agents who all told me the price has dropped . I told him we will have to renegotiate. he promptly told me they wont negotiate and that hes going to ring them and tell him I am pulling out. He put the phone down without giving me the chance to tell him my offer! What to do now.

    Well, you must have read the replies to your original question above. And you must have understood that you may as well loose the house if you try to lower your price for the second time. You must have been prepared to walk away.

    On the other hand - does that EA visit this forum and saw your thread by any chance?..
    Spring into Spring 2015 - 0.7/12lb
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.