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Original poster

Gazundered day before exchange

823 replies

BenjiCat · 26/08/2021 20:48

We were all on track to be exchanging this week with completion on for the end of next week. We were waiting on our buyer's searches etc for some time and they finally came through earlier this week.

Call this morning from the estate agent. Buyer has dropped their offer by £15k due to 'immediate issues flagged in the survey' with no details about what these are, no copy of the report and no estimations on how that figure has been calculated. We've said we'd need to see the report to understand the basis for their drop (and to potentially renegotiate... No promises). But they've been reluctant to do this and says they'd be happy to proceed with exchange tomorrow still should we agree to the £15k Hmm

Fuming does not cover feelings right now Angry!!

OP posts:
50ShadesOfCatholic · 27/08/2021 11:57

@BenjiCat

👏 👏

PatchworkElmer · 27/08/2021 11:57

Good luck @BenjiCat

LalalalalalaLand123 · 27/08/2021 11:58

That is so terrible OP, I'm sorry they are doing this to you. I just can't believe they are not providing you with the report and a breakdown of costs, def CFs. PP have given good advice, good luck OP.

Cattenberg · 27/08/2021 11:59

In the current market, I think gazumping is even worse than gazundering. When I was gazundered, I had options. But if I get gazumped, I’ll struggle to find another suitable property - there are very few coming on to the market in my area. My sellers have yet to find anywhere as they keep being outbid. One of the properties they offered on, had seven offers above the asking price.

Bythemillpond · 27/08/2021 11:59

I think the mortgage companies are the ones adding to the time.
Even though my buyers had a mortgage offer before viewing. When they said which house they wanted to buy they had to go through the whole process again, that took so long that their paperwork ran out and they had to start again.
Absolutely ridiculous.
One mortgage company I went with to buy a place in the last few years asked for paperwork one piece of paper at a time with about a 10 day delay between being asked to send the next bit of paper in.

Till we ran out of time and had to start again.
But this time we knew what we had to hand in.
Why couldn’t they have given us a list in the first place.

Puzzledandpissedoff · 27/08/2021 11:59

Very well done, OP - hope it works out for you Flowers

HermioneKipper · 27/08/2021 12:01

@Cattenberg

In the current market, I think gazumping is even worse than gazundering. When I was gazundered, I had options. But if I get gazumped, I’ll struggle to find another suitable property - there are very few coming on to the market in my area. My sellers have yet to find anywhere as they keep being outbid. One of the properties they offered on, had seven offers above the asking price.
Oh go away @Cattenberg how is this relevant to the OP’s problem.
WaterBottle123 · 27/08/2021 12:02

Yes! Good luck OP!

HermioneKipper · 27/08/2021 12:02

Well done @BenjiCat really hope it all works out and karma gets these fuckers either way

CatkinToadflax · 27/08/2021 12:06

Bravo OP! Hope it gets sorted. Total CFs.

Our FTBs treated us appallingly. What made it worse was that we actually knew them - they weren’t friends of ours, exactly, but acquaintances, and we had several good mutual friends. It made us wonder how badly they’d treat a vendor that they didn’t know! Needless to say, after their monumental CFery we didn’t either sort or tell them about the leak in the roof that had started after the survey took place, and we removed the labels from the huge bunch of keys so they could have the pleasure of working out which key for which lock by themselves (and some of them didn’t fit any of the locks at all! Grin)

Roselilly36 · 27/08/2021 12:07

Well done, hold your nerve & good luck, keeping everything crossed for you Flowers

Notonthestairs · 27/08/2021 12:08

Well handled Op. Will be keeping fingers crossed for you. Regardless of sale you have lots of wonderful times ahead of you with your baby.

Mildura · 27/08/2021 12:09

Even though my buyers had a mortgage offer before viewing

No they didn't. You can't begin a mortgage application process until you have the address of the property you are buying to put on the application.

GammyLeg · 27/08/2021 12:11

Good luck!

Bythemillpond · 27/08/2021 12:13

Mildura

But you can go through all the credit checks and paperwork about earnings etc and get a figure indicating how much, depending on the property you can borrow. How else do you know your budget.

Carboncheque · 27/08/2021 12:13

I’m sorry this is happening to you but you’ve handled it so well.

HermioneKipper · 27/08/2021 12:16

@Bythemillpond

Mildura

But you can go through all the credit checks and paperwork about earnings etc and get a figure indicating how much, depending on the property you can borrow. How else do you know your budget.

That’s not a mortgage offer, it’s a decision in principle. You can get one in 10 minutes online. Everyone should get one before making an offer on a property.

You then have to get your mortgage agreed once you have have an offer accepted which is an entirely different process.

MayorGoodwaysChicken · 27/08/2021 12:17

Good for you, might make them think twice before they dick people around like this again.

Blossomtoes · 27/08/2021 12:18

I think the mortgage companies are the ones adding to the time

I don’t think you’re right. It takes for ever for cash, chain free sales too.

Malbecfan · 27/08/2021 12:18

Well done OP and fingers crossed for you that they see sense.

I've been in a similar position and trying to be nice doesn't work. MiL signed her house over to DH around 25 years ago for complex reasons on her solicitor's advice. Then when our DC came along, we all decided it would be better for MiL to live closer to us than the 300 miles at the time. She chose an agent and sorted the viewings. The agent was pushing DH to accept a low-ish offer. In the end, DH caved and agreed on condition that contracts were exchanged within a particular time-frame. They then pulled the £15k reduction (why is it always £15k?) the day before exchange. DH told our solicitor that I had his authority to act for him - she was brilliant anyway. I phoned the EA and told them to put it back on the market unless exchange happened within 2 hours. They argued that I had no authority, it wasn't worth the money (less than they themselves had valued it at) blah blah so I got them to call the solicitor. 45 minutes later, the solicitor called to say exchange had happened at the original price. Because we were not emotionally involved, we "might" have left some unpleasant surprises for the buyers in the form of things under the floorboards and washers on plumbing strategically loosened. Best of all, they now had to live next door to the arsehole neighbours who had made MiL's life a misery. In our case £15k was a 20%+ reduction, so CF of the highest order.

Bythemillpond · 27/08/2021 12:19

HermioneKipper
When ever we have got a mortgage we had all our paperwork, bank statements, payslips checked before we even started viewing so as long as we found something quite quickly then that paperwork was dealt with and it was ust about the house we were buying

Maybe that is why it takes so long nowadays
This should be brought back as it would certainly speed up things.

HeronLanyon · 27/08/2021 12:23

Good update op. And good luck. If exchange does go ahead I’d behave impeccably but keep an eagle eye out for any shenanigans Re completion date/arrangements, requests etc. Appointments for measuring or builders or whatever absolutely not at time of any inconvenience to you etc etc. Good luck.

Shedbuilder · 27/08/2021 12:25

Good luck, OP. We have friends due to exchange contracts in a fortnight's time and already braced for this situation.

HermioneKipper · 27/08/2021 12:25

@Bythemillpond it has certainly been this way since I have been buying/selling property (well 3 of them - am no developer!) in the last 10 years.

TreadLightly3 · 27/08/2021 12:25

Good for you OP and fingers crossed!

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