Active discussions

Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

fuck and bollox been gazundered

664 replies

plim · 15/08/2012 21:46

need some advice please, been gazundered two days before exchange by ftbuyers. They dropped their offer by 17k this morning stating the reason that it's going to cost them more than they thought to convert the office, outhouse and to do some remedial work like damp course, electrics and repointing.

The house is an absolute bargain already as we dropped the price by 40k to get a quick sale so we can get the house we want in time for my two children to start schools in september. We previously had tenants in there and they have now left, we have given notice on our tenancy for where we are living and are due to move in two weeks (completion date).

I immediately told the ea to stick it straight on the market and there has already been 3 viewings tonight, meanwhile, ea are trying to salvage the buyers offer by pointing out that there is electrical and damp certificates and a new damp course that was installed three months ago.

I am so, so devastated, don't know where we are going to live and god knows what to do about the kids school!!

fuckity fuck fuck

rant over! :(

OP posts:
noddyholder · 17/08/2012 06:52

I would swallow the drop. I would nearly bet thisnis because they know the property market is about to really slide and they don,t want to pay a premium because they missed the boat iygwim. They knew about the condition of the house they are just trying to follow the market. As someone else said the next buyer may offer less. This is happening a lot ATM it usually comes before a big fall so in the big picture 17k might look ok in 3 months time. Think seriously about negotiating the fall ifmyou can. My parents refused an offer 35k below 4 months ago now the agen says drop by 60 if you want to sell

frostyfingers · 17/08/2012 09:27

Delphic, when you accept an offer both parties get a piece of paper with that offer in writing. OK it's not legally binding, but it indicates that you have offered a price you think acceptable and had it accepted. To drop said offer by £17k 2 days before exchange is appalling behaviour and I quite understand OP's frustration.

Our buyers pulled out 2 HOURS before they were due to exchange, having pushed and pushed for 4 weeks from offer to exchange and we had paid a rental deposit, booked removals, etc etc. No reason given at all, no apology, nothing. We lost a good couple of thousand and I'm afraid when they came back 4 weeks later and said they'd like to put another (lower)offer in we told them where to go. Risky yes, but we were not prepared for them to behave how they did a 2nd time - what gets into people when it comes to buying houses I'll never know. 2 weeks after we rejected their offer we received another, higher offer which went through eventually with a whole lot of different delays and problems, but we did complete.

It may be a buyers market (although as someone looking for a property now I'm not so sure!), but it shouldn't give you the right to behave badly.

delphic · 17/08/2012 09:34

"delphic, legally you may be right, ethically you are so very wrong. "

That is an unpleasant accusation. What, exactly, is wrong with my ethics?

Montblanc · 17/08/2012 09:42

Oh delphic is one of those 'you can behave how you like until contracts are signed" because we can all hide behind the law now inside of using common decency towards each other.

mistlethrush · 17/08/2012 09:42

Just a positive story from my childhood... I remember when we were selling our house when I was 10 and moving - we had had the house we were moving to identified for ages, to the extent that we were over gardening all summer, even though we didn't move until the November. Our buyers had a bridging loan from their company as they were relocating - and this is one of the reasons they had been chosen of those that expressed interest. 2 days before exchange, which was a week before we were meant to move (this was some time ago) they were recommended by their estate agents to drop the price of their house. We had the same estate agents (even though different towns) - the prospective buyer's logic went... 'our house is on at too much, having been advised by these estate agents, therefore the house we're buying, also the same estate agents, must also be overvalued.' My mother had most things packed in teachests by this stage and suddenly had to show new people around the house - 5 offers were received at the asking value, and the person that could exchange the fastest was picked. I think that there was a 3 day delay overall, but the actual sale went through extremely quickly. Hope a similar thing happens with you.

wannaBe · 17/08/2012 09:43

all this "it's a buyer's market" talk is just excuses to give people justification to behave apawlingly. If you put an offer in on a house then ethically you follow through on that offer unless something significant comes up which means the house suddenly becomes worth less. The market hasn't dipped to the tune of 17K in the past six weeks - get real.

People have been talking about this sudden slide in the market for the past three years and frankly it's bullshit.

Op - I would tell your buyers to take a flying leap. Remember that even if the people you are buying from put their house back on the market, they still have to sell it again, so I would tell them what's happening but say you hope to be proceedable again very soon.

narmada · 17/08/2012 09:52

I thinksometimes you have to take a moral stand, even if it is inconvenient. This is blackmail pure and simple. The buyers know that the sellers have to move; they are also counting on the vendors not wanting to lose what they have already invested.

What a complete crock of shite about it all being a transaction. This is two days before exchange ffs.

Original poster
plim · 17/08/2012 10:09

So ea have just called and three people viewed last night, two were second viewings and they have both made offers but one is a ftb again and the other areva couple who are only in the early stages of sellin their house. Single bloke is going back today so praying he makes an offer as he is ina position to exchange quickly.

Does anyone know if it is feasible to ask him if he could exchange and complete on our within weeks ie before school start date if we offered him an incentive like payin for his stamp duty?

OP posts:
noddyholder · 17/08/2012 10:10

The govt have moved heaven and earth to prevent a correction as the economy has been built on people spend acquired wealth through their houses. It is unpleasant to do something like this so close to exchange but it is not unusual when the market falters as it is now. You can say its a crock of shite but maybe come xmas you won't be saying that. My whole career has been based on the rises and falls and this is another low.

noddyholder · 17/08/2012 10:14

plim i would ask him to try and meet your dates esp if he is uncomplicated buyer. Does he have cash?

FireOverBabylon · 17/08/2012 10:16

Plim I doubt he could complete in 3 weeks for you really. If he's got to have surveys done, and his mortgage provider has to do their own survey, it'd take whatever time it takes their companies. You could maybe put an information pack together including a decent survey, similar to what the HIPs were originally supposed to be, if that would help move things along for him more quickly but I'd maybe get advice from your solicitor on this in case it will have no impact. unfortunately, with anything legal or financial the wheels turn very slowly.

noddyholder · 17/08/2012 10:18

PMSL at all the talk of ethics! It is either a business transaction or it isn't. If you think it isn't then you have to accept that assets rise and fall and swallow that

Badvoc · 17/08/2012 10:25

I would ask and offer to pay the stamp duty to get a quick completion.
We dropped our asking price by £20k to get a no chain cash buyer last year...it worked out ok in the end (despite him being a moron)
I really don't think ethics have much to do with house buying and selling tbh...at least not recently!

Original poster
plim · 17/08/2012 10:27

Well noddyholder, Delphic, you're gazunderes aren't you? I hope I never cross your paths when selling in the future. Our house is priced according to the current market, it was valued at 90k more than we are now marketing it in 2008 and we have been mindful of that. This is not about Market conditions, it's about morals and treating people with common decency and mindful courtesy. It is the downright "fuck you I'm going to blackmail you in the eleventh hour to get what I want" selfish attitude of some people that makes me fundamentally sick to the bottom of my stomach about the way people are prepared to treat each other without any concern about the repercussions of their actions. I would welcome a law change to stop this practise, might even stick a lobby letter in if anyone is behind me.

OP posts:
RCheshire · 17/08/2012 10:32

Despite the fact that I feel the value of houses are going to continue falling (& am holding off buying myself for that reason), I would tell your 'buyers' where to go.

Reasons:

  • their pregnancy means there's a good chance you can call their bluff successfully.
  • the level of interest you had when you put the place up for sale
  • you seem to have priced sensibly in the first place

Also, for me, business transactions are not simply about money, and that is true for most of the suppliers, customers and partners I work with. I accepted the second-highest offer (5k difference) on a place I sold earlier this year, partly
because I did not trust the highest bidders.

Also note, for that house sale I had three people bidding against each other to get the purchase. The people who post saying "you need to reduce" are being simplistic and generalising - obviously it's down to how you've priced in the first place. Price high and don't sell, price correctly and sell, price low and get multiple bidders.

MrsJREwing · 17/08/2012 10:35

Fingers crossed you will get a decent offer from the single man today.

BobbiFleckman · 17/08/2012 10:40

Plim - has your EA notified your arsehole buyers that there are now two competitive offers on the table and a third pending? that will flush them out sharpish i'd think.
Obviously if they do buy, you know where to put the prawns, and to take the lightbulbs....

this happened to me once, and we shared it up the chain - cost me an additional £1.5k only in the end as teh others were good eggs about it.

MrsJREwing · 17/08/2012 10:41

What does put the prawns mean?

Blackduck · 17/08/2012 10:42

Agree with RC - also get your EA to inform them that you are receiving offers on the house....

Hope it all works out - it is a nightmare, and I agree, we all know that nothing is tied down until Exchange, but this practise is just plain rubbish and people wouldn't do it over any other purchase. Unfortunately a read of these boards indicates it isn't that uncommon. We were very wary of certain potential buyers for the very same reason.

Pinot · 17/08/2012 10:42

Shocked that anyone can support gazundering. It is the lowest of the low.

Business transaction? Err, yeah, sure Hmm

Plim I so hope this works out for you.

BobbiFleckman · 17/08/2012 10:44

Mrs Ewing - the old "joke" of hiding prawns or other seafood items in concealed locations where, concievably, they might begin to smell rather.

MrsJREwing · 17/08/2012 10:47

I had a horrible feeling it was that, wasn't sure if it was something else so asked.

threeleftfeet · 17/08/2012 10:47

We thought offering to pay stamp duty would be a good idea, but having discussed it with people here and on money saving expert I'm yet to find anyone who's done this successfully. If the buyer has a mortgage it's unlikely the mortgage company will accept it, especially if it takes them over a loan to value threshold.

Also there's possible tax issue there.

EnjoyResponsibly · 17/08/2012 10:49

It's not like a buyer doesn't get ample time to negotiate and consider their position. I've never ceased to be amazed at the time it takes to go through the legal processes in the UK.

Therefore to op their offer at ths stage is a shit thing to do. Frankly, although the EA has to tell you frankly he should have the expertise to negotiate them back on track. That's how they earn their fee.

Taking all the emotive parts out its a case of arithmetic. If your new purchase is predicated on the asking price you have agreed on your existing asset you have only one choice.

And it is possible to do the lot in 3 weeks if you have a competent solicitor.

BobbiFleckman · 17/08/2012 10:49

Ewing, it's one of those risks that arsehole gazunderers risk; play nicely on transactions like this and your seller will leave your house clean with a bottle of somethign chilling in the fridge and all the keys nicely labelled, all the instructions and warranties in a box for you. Act like a cock, and well, get treated like one. Hello, filthy new home, just where is the stopcock / fusebox / etc