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! :(

Why are people talking about being overpriced? Nothing to do with it, the house will have been valued long since Nd if it was overpriced the vendor could have taken action a long time ago.

It's people waiting until the last minute to try and force a reduction. It's immoral and very wrong!

Leave a poo!

I think that you have to accept the property market is a zero ethics market and behave accordingly. I used to believe my word was my bond but having bought and sold several houses and been lied to and deceived again and again, I have decided that I am not going to be the only honest sap in a crooked market. I have never gazundered but I have very happily accepted offers and then declined them when I received a higher offer. Also I have continued to show properties after accepting offers. It is the fault of our stupid system which encourages this kind of thing.

Plim, it sounds to me as if you have several potential buyers of your house and if you let it play out, you would probably get over the offered price. You have to consider what the peace of mind of having exchanged is worth versus 5-10k, which is probably the premium you would get if you were a little patient. Can you afford to finance both houses, even for a little while, and exchange on the one you are buying whilst waiting to sell? The natural reaction is to say "it is only a few k on X hundred k" but that is one of the errors we all make, we think in proportion when money is absolute. If someone asked you to wait a month and had 5k in cash, would you wait for it?

it's a good point larrygrylls, we need the money from the sale for the deposit though unfortunately otherwise your idea makes sense, it's definitely priced right if not a bit under as the ea told us, it was priced like that to get a quick deal so we could get the house we wanted.

We'll see, if they agree to 3.5 we will try and exchange on monday so I know the kids are safe in their schools for peace of mind. if they don't then we are back to sq 1.

Nearly 4pm, bet they don't call on time being wankers and all that.

Plim,

Have you asked your bank if they would be able to supply bridging finance for the deposit (or ideally, a kind relation)? It is expensive but if it is a gap of only a few weeks, it can still make a lot of sense.

It is a psychological game and you have to play it too, unfortunately. If they come back at 4PM, the best thing you could do is say that you think someone with cash is about to offer more and that you will let them know on Monday if you are still willing to sell it to them. Let them sweat a little! If you appear too keen, you are actually less likely to exchange on your terms (IMHO).

(or ideally, a kind relation)?

Relative, I mean. I can't be losing my ability to write English already.

Hope this works out for you OP.
I bet you were keen to let them take all the space they needed....by selling the house to someone else. But it's just not that simple is it.
When I was buying a hous it was all held up by soliciters, when I queried I was told' I have just had a baby'.... Wish I had been more assertive in those days. Good luck!

If the gazunderers don't call at 4, you lose 4 days but gain 3.5k. I know which I'd choose, especially as the new couple liked the house as it is, and don't seem to want to renovate it.

Hope it goes your way op. I'm angry on your behalf. £7k seems a lot for a new damp proof course as well which makes me think they are plucking figues out of the air and totally messing you around. Anyway, well done on taking the moral high and at least you have got another proceedable buyer if not.

The entitlement on this thread is amazing, lol!

So, not-so-single bloke has offered you the asking price? Have you told cheeky tossers this?

Come on OP, did they call? I'm hooked now

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

That is ignorant nonsense. No matter what the rice of a house, there will be some buyers after a bargain. These buyers, who have been in full possession of the facts and figures about the house for sometime, trued to pull a fast one at the 11th hour. They would have done this whatever the property was priced at.

nothing yet

just eaten the kids chocolate stash. Might start on the cooking wine in a mo.

"I think that you have to accept the property market is a zero ethics market and behave accordingly"

I disagree with this so, so strongly.

Actually it should be - could be - quite the opposite. If everyone remembered the value of morals, gazumping and gazundering wouldn't even exist.

Call me old-fashioned...

there seems to be some massive misconception that a negotiation based on results of a survey, the state of the property and market position is the same as a large % drop in offer two days prior to exchange based on nothing more than the purchaser's wish to add some kind of outbuilding in the garden. what if they fancied a £17k Ligne Rosset sofa?
it's sweet FA to do with the value of the property, it's solely to do with the prospective purchaser's own finances and what they fancy spending it on.

Pinot,

In theory I agree. But would you want to join a poker circle where everyone bar you was playing with marked cards?

Morals only work where at least a reasonable majority of participants practise them. Otherwise, as the old saying goes, if you don't know who the fool is, it is you.

The whole housing market has no ethics, it works the same both ways, it's just the house seller seems to cry the loudest when things don't go their own way.

Er... no. Buyers who are fucked about by the seller also cry very loudly. I would say it is pretty equal.

plim Any update?

Everyone cries. Houses are very emotive. I sold two identical (fairly crappy) properties a few months apart (part of an inheritance) at £100k difference. In the first instance, I wanted to sell quickly to pay inheritance tax. In the second instance two crazy people decided to try to outbid one another and it literally went up £100k over 2 days.

It is best to buy and sell properties if you remember:

1/ There is not one "perfect" house for you. Don't get wedded to a property until you have exchanged.

2/ No one is honest and everyone will try to get the best deal for themselves. If you truly believe that, you won't ever get upset and can use it to your advantage.

3/ If selling, keep showing until you have exchanged to avoid gazundering or the dodgy practice of "long" completion, leaving you having to finance an empty property until your buyers choose to move in at their own sweet convenience.

4/ No one has a real clue what a house is worth, though the land registry figures of actual sold houses is the best guide. Estate agents will always lure you in with a high price and then allow it to not sell for a while, before suggesting you drop the price.

5/ Never just sell through one agent. That way he KNOWS he will sell your property and has no rush to show yours versus someone else's where he is in competition.

Just what I have learned through some hard lessons...

We once "gazundered" and I don't feel at all guilty about it. Had an offer accepted, house was then valued at 15k less than we offered - so we lowered offer by 10k (still £5k over valuation) - sellers turned us down. We found another house within a fortnight. The original house eventually sold over a year later for £10k less than we'd offered. tits