Attempted to negotiate price after survey but instead got gazumped. How to recover?

[miggles33]

After our survey we attempted to negotiate on the price. The seller did not budge. So we accepted this and agreed to continue. Enjoyed Christmas then found out that in the meantime they have gone back to another buyer who had been lingering and accepted a higher offer. So we have been gazumped. All fees paid for and close to exchange. I guess there is nothing we can do? How does anyone recover from this. We totally love the house but stupidly thought we could negotiate with problems in survey. We are nearly a year into this now and I want to give up. Uggghh.

No advice but this once happened to us so you have my sympathies.

If it helps, we ended up buying a much nicer house.

Well did you attempt to negotiate because there were issues identified you hadn't foreseen or just to get a bit of money off? If the house isn't worth what you would have to pay that's fine. If the latter it's a bit of an own goal.

If you really love the house then maybe consider offering more? The new buyers will need time to go through the legalities, you are nearly done so if money talks.....

Presumably you tried to negotiate because of problems the survey threw up that you needed money off the house in order to afford to fix them.

So it's good news that you're not buying it after all.

If you just tried to haggle for the sake of it then meh... I hate buyers like you when we were selling. Once the price is agreed (assuming no huge survey reveals) then that is IT!

Don't offer more, that starts a bidding war. You offered what it was worth to you. If you offered less because of faults on the survey, that's what surveys are for.

What do you want to do? Can you and are you prepared to pay more? Speak to the estate agent and plead your case. Good luck.

The crucial thing here is have the other buyers had a survey yet and if not, are they aware of the issues your survey highlighted? If they have a survey done, presumably the same issues will surface and they will also be looking to negotiate. I would sit tight, be clear that you are willing to proceed at x price and can exchange asap. If the sellers choose to take the risk of going with the other buyers then more fool them, don't be pushed into paying too much because there will always be another house.

What did the survey say that made you offer less?

i think if you really want the house, you offer the asking price

What did the survey say? Unless it was something major that would be expensive I think you was wrong to try to reduce the price last minute.

We totally love the house but stupidly thought we could negotiate with problems in survey.

The survey is rendered irrelevant by your desire to own the house.

Gazump the gazumper.

The survey had structural work needing and damp to fix. Total cost would be in excess of £6k. More realistically higher. The surveyor said we should renegotiate based on the survey results. We cannot go any higher as we offered our complete maximum and would need to save for repairs. We have already agreed to stick with original offer and not lower based on survey. Yet still they have been offended we asked and have gone to the other higher buyer. I just think this is so immoral and we cannot match their offer so we are stuck. Just why wait so far into the process before doing this to us. So horrible.

Did the survey actually say the house was not worth what you had offered and had agreed? Did it say that the work needed fixing immediately, or was it a "nice to have" at some point in the future? I agree that from a sellers point of view, when you've priced a house realistically, accepted an offer and then a buyer starts haggling on the price, its frustrating. I think you have probably shot yourself in the foot.

Wont the people they have gone with get a survey done and discover the same issues?

On the mortgage valuation what was the value of the house? Was it what you offered or was it downValued?

It might be that they were dependent on your original offer to proceed with a subsequent purchase, and your attempt to renegotiate caused them huge stress as it made them see you as potentially unreliable and chain-breakers, so I think 'immoral' is a bit harsh, though I understand your frustration.

As PPs have said, the new buyer might pull out or lower their offer when the survey problems come to light, so there is still hope.

If the house was valued on the mortgage valuation at the price you originally negotiated then you gazundered - which is legal but some would say immoral.

Did you have a homebuyers or a buildings survey in addition?

If the house had structural problems the lender would be very unlikely to lend. If it was 'roof has new tiles but needs supports in roof' or chimney breast/wall between dining room and living room removed, this is really common and may come up on another property you purchase. Damp is very common and typical on surveys on Older properties.

tell the agent that your offer remains on the table for [1 week] and that you will be able to exchange within [2 weeks].
make it clear you're procedable at the price they'd previously agreed and can complete potentially months before the other lot.

I don't think it's immoral. They wanted a price and you tried to negotiate it down. They probably needed that amount to work their purchase work.

If you really love it, you offer more. Otherwise walk away and find somewhere else.

Property is always worth what someone is willing to pay and that may be more than you.

The sellers are already annoyed by your negotiation, so the only card you have to play is that you can complete much quicker than other buyers.

What is the quickest you can complete and can you made completion as appealing as possible to then?

If not, just be pissed off then move on. Lesson learnt.

But you were the one trying to renegotiate the price so far down the line, not them. I fail to see the immorality in their actions.

They probably suspect that after all this time your attempt to gazunder would be a risk - you could do it to them again at completion.

why wait so far into the process before doing this to us
So horrible

Let's all move to Scotland.

In fact I applaud the sellers - more people should be taught this lesson.

OP for you, this sucks. But from your vendor's POV you've waited until you are a year in then tried to reopen negotiations. in the old days this was common, but I wouldn't do it, and wouldn't expect my buyer to do it - surveys pretty much always throw things up, and IMO you have to suck it up, unless it's something really major.

I hope you find something you like better, and with a little bit of money left over so you can 'make it your own'.

They haven't "done it to you"; I expect the other interested party got back in touch and they thought a keen purchaser at a higher price a better bet after your lower offer. If they are not in a rush, why shouldn't they change horses?