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! :(

This is a moral issue because of the timing but it is becoming very common atm. I know lots of agents and very few sales completing because of this sort of thing. Buyers are thinking that with how things are what they are buying will almost have lost value before they settle in and are trying their luck. Maybe the bank have reduced their mortgage offer? This is one of the top reasons for collapse of chain atm.

the entitlement comes from the idiots who think it is perfectly acceptable to drop a price at the eleventh hour.

If the house was that overpriced the op wouldn't be in a position where she's had another three offers within 24 hours of putting it back on the market. As I said before, all this "the market is crashing" bullshit is just used as justification to treat people however you see fit. The housing market isn't crashing and isn't likely to any time soon. Anyone who thinks that is delusional.

It's one thing to overprice a house and not be prepared to drop accordingly at the point of offer, it's quite another to be expected to accept a drop, any drop in offer at any point on the basis the buyers think they have the right to do what the hell they want under the excuse that it's "a buyer's market."

workingnomad I assume you're 'trolling' as you don't actually seem to understand much about the buying and selling of property.

Have you bought or sold many places, and if so how did those transaction go to form the views you hold today? Or alternatively are you speaking from a position of ignorance, with no experience to draw upon?

I get the impression that you're expecting a major nominal house price crash (you mentioned 40%) with a flood of properties on the market for everyone to pick and choose their 'bargain' house.

Maybe you weren't involved in the last crash following the boom of the 1980s. It might surprise you to know that whilst prices dropped off a cliff, so did the number of listings and transactions. So for most people, it meant the hypothetical value of their house had fallen through the floor, but they just stayed put. Listing and transaction volumes only increased along with prices as the 1990s progressed.

The same thing is happening now, and in my view will continue to happen. There is no pointer towards forthcoming high unemployment, so whilst prices will fall, you'll actually find very few places for sale at those lower prices.

no news sigh

I see what you mean, larry, but I still believe in acting and behaving well. I'd rather be the fool and be able to hold my head up high. And like I say, if we all did that, then no-one is the fool. I wouldn't lower myself to act like this, I just wouldn't.

Oh plim :(

It is crashing. I work in property and now even agents are saying its over! I have been looking all this year and most things I view haven't sold and if they do they are re available within weeks. Even politicians who historically will say and do anything to prop it up admit is needs a sharp correction. This thread is not about that though it is about inconvenience and taking a chance. Every newspaper today is reporting that things are sliding and it is a GOOD thing for all our children and their families. A home is a home and if you plan to stay in it this won't affect you. Only if you over borrowed initially.

Plim,

You will be happy about it in a few weeks. I think that if you have managed to rustle up 2-3 offers in a matter of days, the property is underpriced. You will do better if you hold your nerve. Maybe get it with another agent a.s.a.p to get the agents competing with one another.

is trolling when someone acts like a twat and spouts provocative rubbish to stir things up?

Got it in one, plim.

Hope the corian-loving couple come through for you then. That way no need to divest the house of its plugs, the oven if its trays and the garden of its turf.

But what horrible conduct from the first would-be buyers though.

You have 3 more offers you really have no problem! Let the first buyers go as a solicitor can do the work required quickly in an emergency. You need to tell them about the other offers they may relent.

op - I would ring the agent now and say "as we haven't heard from mr and mrs x we consider that they are no longer in the running and will get back to you with regards too which other offer we will be accepting. Please tell mr and mrs x that we will no longer be selling to them and we wish them well in their search for a new property." And then consider which other offer you want to accept. These people don't need to be in control - you are now in a position where you are in control.

noddy, I agree with you rearding the current gradual change in sentiment in the media (although it would very easily swing the other way with the odd stat that helped), I agree that prices are falling, will continue to fall, and that for the country as a whole that is a good thing.

Talk of 40% below current valuations to get a sale is nonsense. There are still relatively few listings (last time I checked RightMove had roughly 1/3 of the listings as H1 2007) and houses priced well against the current median asking prices find buyers. Yes, lots of sales collapse and the houses are relisted generally with a tiny drop on the original asking price.

We don't have a market that's crashed. We have a market that's stagnated to the degree where you can't form any useful macro views on house prices. I think we're here for some time.

A major trigger (mortgage rate rises, major unemployment) would spill things over into an active crash, but otherwise we could have years of the status quo.

Anyway, sorry I'm digressing from the OP's thread - all the best with getting things wrapped up quickly.

so we have told our sellers what is going on and they have taken it badly understandably, they have gone back to the other family who offered same time as us. boo.

But will the other family be able to proceed in time? Can you advise them you have 2 offers/1 pending and solicitor will process the one you accept asap?

bloody bastards still nothing. ea close in 10. other not so single bloke hasn't even got a mortgage approved yet so they have just told us. christ what a mess.

I thought the not single was good to go.
Can they get an offer in principle for a mortgage by Monday, and agree to use your solicitors to save time?

Bastards.
I wld think the EA would be chasing this to get their fee if things are as bad as is being mooted on this thread..l...

Oh how shit for you. Probably a really stupid question & I have no idea what time it is... But have you phoned to chase solicitor? Ridiculous that you should have to but that was the only way i got anything done when we moved last year.

Yep.
I spent -literally - days chasing documents/letters from both solicitors and mortgage provider.
It was awful :(

so update, the ea just called to say they are at the house now with the buyers! wtf!!!!!!!!! why the hell are they looking around again. I don't get it, they must have cold feet. said they will call us after but i can't help but be totally deflated after all this. :(

Who is at which house? Your buyers are at your house?

Your ea is earning their fee.