Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

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:
fruitbrewhaha · 27/08/2021 18:33

I'm hoping OP is busy packing.

RB68 · 27/08/2021 18:34

I would tell them price just went up myself especially if market hot - then get onto estate agent to market the shit out of it

Blackcat333 · 27/08/2021 18:34

This once happened to me but I was the buyer! The agent rang me at 7pm... I'm assuming so I couldn't ring my solicitor, and said that the price was another £5k....I said... Oh OK I'll have to go so I can ring my landlord to tell him I won't be moving out.

I put down the phone and suprise suprise... They changed their minds! However.... On the day I moved in I saw how much they resented it. They had allowed their children to draw on every newly decorated wall with black markers... They smashed the built in fridge freezer inside so it wouldn't be insulated... The gas fire has been disconnected... The dog has peed in every corner running all the new carpets. Inside every kitchen cupboard was smashed glass.

Really stressful on the day if the move but I quickly got over it and was even more glad that I had made the decision that I did!!!! 😁 😂

momtoboys · 27/08/2021 18:38

@Blackcat333

This once happened to me but I was the buyer! The agent rang me at 7pm... I'm assuming so I couldn't ring my solicitor, and said that the price was another £5k....I said... Oh OK I'll have to go so I can ring my landlord to tell him I won't be moving out.

I put down the phone and suprise suprise... They changed their minds! However.... On the day I moved in I saw how much they resented it. They had allowed their children to draw on every newly decorated wall with black markers... They smashed the built in fridge freezer inside so it wouldn't be insulated... The gas fire has been disconnected... The dog has peed in every corner running all the new carpets. Inside every kitchen cupboard was smashed glass.

Really stressful on the day if the move but I quickly got over it and was even more glad that I had made the decision that I did!!!! 😁 😂

What in the world is wrong with people???
PurBal · 27/08/2021 18:38

@BenjiCat hope you exchanged!

fussyhousewife · 27/08/2021 18:38

I had this happen to me buyer wanted new windows or £3000 just 1 hour before exchange. I said no and she backed out but I never regretted my decision. Sold the house for £5,000 more than her orginal offer to another buyer so I won. I would definitely say you are not prepared to drop your price and see what they do. If they back off then you can put it back on the market. You will get a buyer and they will be the losers as they have already outlayed legal and survey fees.

Yayhelen · 27/08/2021 18:39

@NumberTheory

Finding another buyer and potentially another house sounds really stressful (it is) but that 15k is money you lose, it's basically a direct drain from your savings.

What percentage of your income and the house price is it?

Unless it's fairly insignificant I would tell the estate agent to put your house back on the market and open it up for viewings to qualified cash buyers immediately. And tell your buyers you will not consider a drop in price without a look at the report and a fresh valuation on the house (since it's been nearly 6 month since the offer and the market is hot) and that until such time as they are prepared to actually go ahead you will continue to consider other offers.

Completely agree with this paragraph.
Manth0914 · 27/08/2021 18:40

awful. Fingers crossed for a good ending!

Trudij123 · 27/08/2021 18:43

Hope they exchanged as planned and you’re boxing as we speak @BenjiCat !! What utter twatwaffles.

Bleachmycloths · 27/08/2021 18:45

Gazumped?

Justonemoreepisode · 27/08/2021 18:47

So many stories like this - the English home buying process is so wrong.
We had exactly the same happen to us, 2 days before exchange our buyers (first time buyers being guided by father who had purchased a number of houses in the 80’s crash) reduced their offer by £10k. It had already been a long drawn out process so think they thought we were desperate. We declined and told our estate agent that we were removing our house from the market - amazingly within 15 mins we had a call to say it was all on to proceed at the originally agreed offer.
Really hope it has all worked out for you today

Bollindger · 27/08/2021 18:48

Gazumped? is where someone bids more will your sorting the sale, so you lose the house.
Gazunder is where the buyer wants a reduction very near the final finish of the deal.

custardbear · 27/08/2021 18:48

Fingers crossed for you!

oggie679 · 27/08/2021 18:50

No way, don't do it, not until you see the report. We got a full survey of a place we were buying years ago and it came back that there were numerous significant issues and it was worth tens of thousands less than they were asking. I would expect the seller to want to see the report, I wouldn't even think about asking for money off without supplying it. We asked that the buyer either make the improvements or reduce the price so we could, but she refused to believe the report so we pulled out. Do not exchange without seeing the proof though.

Shallwegoforawalk · 27/08/2021 18:52

@Alcemeg you're wrong. Situation described by OP IS gazundering - requesting a lower price, so "going under" the original agreed price.
Gazumping would be if OP's seller up the chain accepted a higher offer and let her down.

AnnieSnap · 27/08/2021 18:54

Fingers crossed. I’m dying to know how they responded!

MadeForThis · 27/08/2021 18:58

Good luck

SciFiScream · 27/08/2021 19:02

I hope it's been good news OP?

QueenBee52 · 27/08/2021 19:04

@Blackcat333

This once happened to me but I was the buyer! The agent rang me at 7pm... I'm assuming so I couldn't ring my solicitor, and said that the price was another £5k....I said... Oh OK I'll have to go so I can ring my landlord to tell him I won't be moving out.

I put down the phone and suprise suprise... They changed their minds! However.... On the day I moved in I saw how much they resented it. They had allowed their children to draw on every newly decorated wall with black markers... They smashed the built in fridge freezer inside so it wouldn't be insulated... The gas fire has been disconnected... The dog has peed in every corner running all the new carpets. Inside every kitchen cupboard was smashed glass.

Really stressful on the day if the move but I quickly got over it and was even more glad that I had made the decision that I did!!!! 😁 😂

I hope you used your 7 days to reclaim financially for the damage they caused ?
sadie9 · 27/08/2021 19:10

@BenjiCat dying to know what happened?

GettingItOutThere · 27/08/2021 19:17

@BenjiCat

An update is that we've called their bluff. Said exchange by the end of the day at the original price, otherwise, we'll assume the sale is off and take it off the market until sometime next year (and we mean that!). Here's hoping they'll see sense eh!
any word op??
smallgoon · 27/08/2021 19:20

Where is OP? We need an update!

chipsandgin · 27/08/2021 19:25

So glad to see your most recent response OP, fucking cheeky bastards - fingers crossed it worked out (& even if it didn’t, despite the massive inconvenience to you it’s still worth it, they can fuck off to the far end of fuck rather than walk off with 15k they don’t deserve IMO!),

Barmychick · 27/08/2021 19:26

Nasty greedy buggers! Don't back down op!😬

juleswatford · 27/08/2021 19:29

I am in the industry. Please play hard ball. littlehalapeno and SheldonsqueTheBstard are right. It is a sellers market at the moment as there is little to buy. Also tell your estate agent that you want put it back on the market, you might even get more that you originally negotiated