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  • FIRST POST
    • ekumi00
    • By ekumi00 18th May 17, 9:33 PM
    • 18Posts
    • 5Thanks
    ekumi00
    Gazundering hmm...
    • #1
    • 18th May 17, 9:33 PM
    Gazundering hmm... 18th May 17 at 9:33 PM
    THREAD ENDED

    Thanks for all replies...
    Last edited by ekumi00; 21-05-2017 at 8:19 AM. Reason: new info
Page 1
    • sheff6107
    • By sheff6107 18th May 17, 9:42 PM
    • 445 Posts
    • 293 Thanks
    sheff6107
    • #2
    • 18th May 17, 9:42 PM
    • #2
    • 18th May 17, 9:42 PM
    Obviously you can try. They'll either say yes, no or withdraw from the sale.

    Can't comment on the morality.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 18th May 17, 9:58 PM
    • 2,536 Posts
    • 4,043 Thanks
    ScorpiondeRooftrouser
    • #3
    • 18th May 17, 9:58 PM
    • #3
    • 18th May 17, 9:58 PM
    Obviously you can try. They'll either say yes, no or withdraw from the sale.

    Can't comment on the morality.
    Originally posted by sheff6107
    I can.

    You pull out if you think it's not worth it, or you continue at the price you agreed.

    Any other action is that of a ****.
    • eddddy
    • By eddddy 18th May 17, 10:03 PM
    • 6,335 Posts
    • 6,191 Thanks
    eddddy
    • #4
    • 18th May 17, 10:03 PM
    • #4
    • 18th May 17, 10:03 PM
    You can revise your offer at any point up until exchange.

    But some people might see reducing your offer just before exchange as a 'dirty' trick.

    Whatever the outcome, you might find that you'll lose all the seller's goodwill.

    If you're buying with a mortgage and the price you're paying changes, you'll need to get a revised offer.
    • Mutton Geoff
    • By Mutton Geoff 18th May 17, 10:25 PM
    • 1,130 Posts
    • 1,224 Thanks
    Mutton Geoff
    • #5
    • 18th May 17, 10:25 PM
    • #5
    • 18th May 17, 10:25 PM
    Normally "gazundering" without any frame of reference or comparable might be considered underhand but I think another seller in the same block that is more attractive to you is good enough reason.


    Given that they must have been built at the same time, why does flat A need £30k spending on it and flat B not? The new seller clearly thinks (or has been guided) that his/her betterment is worth £5k more than your purchase. Given the new seller may well accept an identical price of £370k, then where would you stand?


    You don't need morals, you need a clear head. Even though you may be borrowing a portion of the purchase price, imagine 37 million pennies stacked up on the table. It's a hell of a lot of money and you should choose and spend it wisely.


    (You'd also need a strong table as they'd weigh around 132 tonnes).
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £4,014

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • hazyjo
    • By hazyjo 19th May 17, 12:03 AM
    • 10,525 Posts
    • 13,689 Thanks
    hazyjo
    • #6
    • 19th May 17, 12:03 AM
    • #6
    • 19th May 17, 12:03 AM
    May be priced for a quick sale.

    Does it say 'OIEO' or 'in the region of'?

    How many years left on both leases?

    Does one have a garage or parking?

    Is one on a more desirable floor (top?)? Garden access if lower?

    Personally, I would tell you no and re-market the same day. Whether I would deal with you again if you backtracked, well, I would have to seriously consider that...

    Jx
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • saajan_12
    • By saajan_12 19th May 17, 9:20 AM
    • 1,228 Posts
    • 853 Thanks
    saajan_12
    • #7
    • 19th May 17, 9:20 AM
    • #7
    • 19th May 17, 9:20 AM
    What would you do if they refused.. the seller may need a price for their onward purchase / pay off mortgage or had other offers that makes them unwilling to back down. Or they might just not trust you and refuse even if you backtrack to the original price. Are you happy to walk and lose all the fees + time so far?
    • Linton
    • By Linton 19th May 17, 9:59 AM
    • 9,386 Posts
    • 9,519 Thanks
    Linton
    • #8
    • 19th May 17, 9:59 AM
    • #8
    • 19th May 17, 9:59 AM
    When you made the offer you thought the price was a good one and knew that there would be extra costs. Under those circumstances I think it would be wrong to renege on the deal. If someone tried that on me the flat would be on the market the next day - what confidence would I have that you wouldnt try the same trick again?

    So if you still want the flat go ahead at the agreed price. If not pull out now.
    • juniordoc
    • By juniordoc 19th May 17, 10:07 AM
    • 364 Posts
    • 286 Thanks
    juniordoc
    • #9
    • 19th May 17, 10:07 AM
    • #9
    • 19th May 17, 10:07 AM
    I guess it depends also the area you are buying in. If it's an area where prices are falling, and now this similar cheaper property is on the market nearby, then your seller may now accept your point that it is not worth 375.

    Remember a house is only worth what someone is willing to pay for it, so if you don't want to pay 375, then don't, and offer something less.
    • Pixie5740
    • By Pixie5740 19th May 17, 10:09 AM
    • 12,114 Posts
    • 17,055 Thanks
    Pixie5740
    Have you received the results of the valuation yet? I assume so since you claim to be nearing exchange so how does the valuation compare with your £370k offer?

    I'm curious to know what £30k of work needs to be carried out on the property.
    • cattie
    • By cattie 19th May 17, 12:38 PM
    • 7,761 Posts
    • 5,286 Thanks
    cattie
    I was curious about that too. We're renovating a 3 bed house (inc. new kitchen, new bathroom, boarding the loft, replacing fences, replacing boiler and CHS and full redecoration) for less that that.
    Originally posted by Penitent
    Depends where property is. Living in a London suburb I spent very close to that amount having my 2 bed flat refurbished. New CH system, new windows, kitchen, bathroom, original floors restored etc.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
    • Crashy Time
    • By Crashy Time 19th May 17, 1:18 PM
    • 6,073 Posts
    • 2,350 Thanks
    Crashy Time
    When you made the offer you thought the price was a good one and knew that there would be extra costs. Under those circumstances I think it would be wrong to renege on the deal. If someone tried that on me the flat would be on the market the next day - what confidence would I have that you wouldnt try the same trick again?

    So if you still want the flat go ahead at the agreed price. If not pull out now.
    Originally posted by Linton

    Would you have another buyer the next day though?
    • penguingirl
    • By penguingirl 19th May 17, 1:55 PM
    • 1,371 Posts
    • 1,160 Thanks
    penguingirl
    If your vendor said no would you put an offer in on the second flat? If you think it is the better purchase I'd go with it.
    • movilogo
    • By movilogo 19th May 17, 2:14 PM
    • 2,336 Posts
    • 1,569 Thanks
    movilogo
    House price is now falling albeit much slower than I would have liked

    No harm in trying.
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
    • getmore4less
    • By getmore4less 19th May 17, 2:42 PM
    • 32,035 Posts
    • 19,223 Thanks
    getmore4less
    is it priced lower to get interest or bidding competition

    how much interest in the first one.

    Are you sure they are like for like and you can get an offer accepted before your current vendor gets the hump and ditches you.


    before you try anything sneaky these sellers may know each other.
    • jimbog
    • By jimbog 19th May 17, 3:10 PM
    • 681 Posts
    • 1,103 Thanks
    jimbog
    You can try it and see what happens. But do come back to tell us how you get on - as many contributors who have said they wanted to backtrack before have seemed reluctant to come back to say what happened
    The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln
    • John00100
    • By John00100 19th May 17, 4:51 PM
    • 7 Posts
    • 2 Thanks
    John00100
    Asking price is meaningless. Some estate agents inflate their prices to get the sale, then after two weeks the buyer is forced to lower them because nobody is interested.
    I'm still laughing at a local house that was out at the same price as the house next door, except that the other one had one extra bedroom, and it was really nice, while this one needs a lot of work.
    There is an add on for Firefox that lets you see the ad history on Rightmove, and the first price often is not the same asking price when the property is finally sold.
    What you really need to check are actual sale prices, Rightmove lets you do that too, through Land Registry records.
    Last edited by John00100; 19-05-2017 at 4:53 PM.
    • Mossfarr
    • By Mossfarr 19th May 17, 5:31 PM
    • 479 Posts
    • 665 Thanks
    Mossfarr
    Just as we were about to exchange contracts on the sale my Grandmothers house another house a few doors away went on the market for a slightly lower price (and Grans house was in much worse condition). We held our breath in case our buyers spotted it and came back with a lower offer. We felt we would have had no choice other than accept a lower offer or lose the sale. Fortunately for us they didn't spot it and we completed at the agreed price.
    In your position I would just go back to your vendors and tell them about the other flat and tell them you are considering reducing your offer. See what reaction you get and take it from there - you could perhaps meet in the middle.
    • Hoploz
    • By Hoploz 19th May 17, 5:37 PM
    • 3,584 Posts
    • 3,157 Thanks
    Hoploz
    View the other flat and if it's genuinely a better buy then offer. If its accepted then pull out of first, if not then you could suggest reducing on the original one.
    • Davesnave
    • By Davesnave 19th May 17, 5:50 PM
    • 25,054 Posts
    • 92,612 Thanks
    Davesnave
    Knowing that you could have had the other flat will always annoy you if you don't give it a look and, perhaps, go for it.

    Refurbishing is something I've done rather a lot of, so I'd certainly avoid it given half a chance.

    I'd pull out before offering on the other one if I liked it more. This one would be dead in the water if I liked the other, and I'd rather have neither than accept second best.

    That's just the way I am. Others might see this as illogical, but I'm the one who has to live with me!
    'It's a terrible thing to wait until you're ready…..Generally speaking, now is as good a time as any.' Hugh Lawrie.
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