fuck and bollox been gazundered

[plim]

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! :(

Do it, do it, suck up the £3.5k, but only if they exchange asap.

It will cost you more than that in pain and anguish (and possibly money) if you have to start the whole process with a new buyer. It's too risky, even if the prospects look good at the moment.

Prawns are on offer in Tesco, if you're interested....evil-

We only got the final piece of documentation a few days before exchange. Had it not materialized then we would have offered to exchange at a discounted price. I don't think that's gazundering.

Are we sure something similar hasn't happened here? Earlier posts suggest the buyers didn't have the damp documentation until after they'd reduced their offer

It's more the fact the didn't ask for the documentation, just reduced the offer assuming it didn't exist that's the issue.
That and the assumption that the seller should foot the bill for the buyer's renovations in an already vastly reduced property.

To change your mind by £17k though is a huge amount - a few thousand here or there for things that have cropped up in a survey perhaps, and that's after further negotiation but just a bolt out of the blue like this is trying it on.

I think you will have to grit your teeth and take the hit, but as others have said be very specific about timings for both exchange and completion, and make sure they pay the full 10% deposit on exchange. They should also be made aware that there is other interest in the house, and that you are quite prepared to pull out if they mess you about further.

I'm sorry this has happened, it's a really shitty system (having just waded our way through it it is still painful!) and needs changing, but until then hang on to your sanity and keep your cool.....

Very bad form by your buyers.

Hard to advise without knowing the in's and out's of your finances but if it were me (and my finances allowed), I'd probably agree to a small reduction on the condition that contracts were exchanged the next day. That is, of course, unless your other potential offerer is a cash buyer.

PS - ignore the comments about your house being over-priced, this thread is linked to on housepricecrash forum. For some reason, HPC'ers love to post on MN Property about how everyone's house is over-valued and then go back to HPC to gloat about taking advantage of someone else's misfortune

Oh, and good luck! It's a stressful business. Hope it all works out for you in the end

Most sellers in this country are either deluded or greedy (in some cases both)

Then you do your research & you don't buy from them do you, workingnomad.

What a crazy sweeping generalisation workingnomad!

And whay on earth wouldn't you want to get the most possible for your home. What ARE you on about WNM?!

If you do take their offer make sure you check the fineprint of exactly what is included in the price. It might be that you can take eg the light fittings, curtain rails etc with you.

I've not read the whole thread but I would think carefully about taking the offer from this type of person who would do such a sneaky mean thing at the eleventh hour. If you think you can get another buyer in time then go for another buyer or tell them the original offer must stand. If you accept they might even come back with a lower offer. These types should never be encouraged.

What about buyers who are gazumped? No one cares about them. The greedy seller gets more money and screw anyone else. Now the boots on t'other foot.

If the house was priced correctly in the first instance this discussion would not exist.

If it were me I would take their -£17k offer because it might be higher than you will get next year. Try get most of it knocked off the house you are purchasing.

Wouldn't it be great to deprive banks of £34k ( 2 x £17k) mortgage interest? If you only get £9k knocked off your purchases then you are still level with the interest saved.

Most sellers are buyers too, aren't they? The OP is...

Wow there are some really charming people on that Housepricecrash forum aren't there!

For what its worth I think gazumping is wrong too and have never done it, despite being a position where I could have done and made an extra 10K

workingnomad are you a deluded nomad because you have no home to live in because you gazunder people. lol.

joking aside, we have had an offer from single bloke who is in fact not single and looked round with his boyfriend this afternoon and they love the house - especially the white corien work surfaces apparently which they cooed over and stroked lots - pmsl - and have offered the asking price but are not exchanging until next Friday and who knows if that will go ahead given the gazundering tossbags out there.... Meanwhile another couple also have put in an offer at 2k under but have not sold their house either.

We told the wipearse buyers that we would drop the price by 3.5k if they agree by close of play today and exchange on Monday and that we will not take it off the market. They have said that they need to discuss it and will come back at 4pm today.

I will keep you posted and THANKS all of you so much for your support, we took on board all of the comments about the 3.5k idea and we have followed mumsnetters advice so you are all helping. big thanks to you girls and keep everything crossed that it gets sorted.....

This isn't a Vendor being greedy.
This is ftb thinking they can offer what they want and it will be accepted due to desperation of vendor.
It's cruel, and downright immoral.
To leave it this late in the day is a very cynical ploy to trap the vendor into dropping price even more.
I hope they don't get the house.
I hope the vendor gets a higher offer from a non twat.
(the vendor of our first house did this btw...and the vendor of that property told him to get lost and sold it to someone else :))

We need a link to hpc.

The man sounds great if man head sized baby couple doesnt work out.

Massive bastards. Stand your ground, they will have made arrangements too.

yeah I think so, secretly would like it to work out with him but don't know who to trust now. And man headed sized baby couple can waddle off then. Wishful thinking.

If you do sell to them, be sure to remove every light bulb and sink plug from the house before you leave