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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:
Ohmydaisy · 27/08/2021 19:35

Hope all went smoothly today xxx

COPPER3 · 27/08/2021 19:41

I had a neighbour who went through hell with her buyers about 10 years ago, but I have never forgot it! The buyers, who ended up as our neighbours, did this to her 3 times! A day before exchange, they 'invented' some excuse and dropped the price by £5K. In the end, she was so exhausted and so mentally worn down, she agreed as she was in no man's land and would have lost the flat she was moving to. She made nothing on that house! She was a single parent and was down-sizing to pay debts. Apparently, our nasty/vile neighbours owned several properties and had pulled this trick for years!

Please be very aware of these people. Follow the advice of everyone and do not budge an inch!

Hopeisnotastrategy · 27/08/2021 19:47

@Leedsfan247

Thanks for that - I am entitled to my opinion. If the bluff gets called and the chain collapses…. £15k is cheap
Of course it isn't, especially if prices have risen in the meantime. Every case is different, but best not kowtow to people like this if you can avoid it. Injustice rankles for a very long time.

We intend placing our property on the market at some point. DH and I were discussing this only the other day, and if we got any CFs like the OP's vendors, the response will be, "Oh, so sorry you can't afford it", and straight back on the market.

At this stage of our lives, we do not need to sell, it's more about forward planning.

MrsScrubbithatescleaning · 27/08/2021 19:53

Good luck OP.

I had a young first time buyer try that trick on the day before exchange of contracts many years ago when I was selling my house. I think she was either very stupid or just naive, because I wasn’t in a chain or buying another property as I was moving in with DP.

I told her to get stuffed and asked the EA to take it off the market. I left it for 3 months then re-marketed it for £40k higher and sold it immediately to someone who wanted to turn it into a buy to let.

She was already at her borrowing limit so I suspect she’ll have struggled to find anything comparable in her price range as house prices were steadily rising.

Original poster
BenjiCat · 27/08/2021 19:57

Gosh. Feeling overwhelmed with how many people have commented since I last looked on this thread this morning (and thanks to you all for being as equally enraged as us!! Grin).

Unfortunately we haven't exchanged Sad but there has been a bit of a turn of events throughout the day...it's still on, but don't worry we haven't budged. I don't want to give too much away on here before we've definitely gotten over the line (fingers crossed now planned straight after the Bank Holiday). I promise to let you all once (if!?) we make it (fingers crossed).

OP posts:
WB205020 · 27/08/2021 19:57

@BenjiCat
How did it go today? Hopefully you got the result you wanted.

SchadenfreudePersonified · 27/08/2021 20:03

@BenjiCat

Gosh. Feeling overwhelmed with how many people have commented since I last looked on this thread this morning (and thanks to you all for being as equally enraged as us!! Grin).

Unfortunately we haven't exchanged Sad but there has been a bit of a turn of events throughout the day...it's still on, but don't worry we haven't budged. I don't want to give too much away on here before we've definitely gotten over the line (fingers crossed now planned straight after the Bank Holiday). I promise to let you all once (if!?) we make it (fingers crossed).

Shock
juleswatford · 27/08/2021 20:13

Just take a breath and try to keep calm, your buyers are playing with you, they will want this done before the end of September as they will have to pay more stamp duty.

Ring the agent tomorrow and tell them that you are going to put it back onto the market. The agent will freak out and do a hard sell on the buyers, that is what you are paying the agent for. And the agent wants their commision ASAP.

Also talk to your conveyancer, get their opinion, after all you are paying them to look after your interests.

Saying that you have to make the choice, way up what is best for you and whether you are prepared to accept £15k less. But remember this is the best market for seller and there is not enough stock.

Twilight7777 · 27/08/2021 20:13

I personally would put it straight on the market, don’t consult with them, if they want to play dirty beggars then game on! But I’m petty

Welshiefluff · 27/08/2021 20:24

Great news now don't forget to leave a kipper under the floorboards.

Bleachmycloths · 27/08/2021 20:29

@Bollindger

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.
Thank you. I’d heard of gazumped but not gazundered.
Kaz308 · 27/08/2021 20:29

Tell them to fuck off same happened to me last week I put mine back on the market for another £25k as the prices had gone up that much in the 3 months they messed me about trying to knock money off after the survey was done . Call there bluff

QueenBee52 · 27/08/2021 20:31

@BenjiCat

Gosh. Feeling overwhelmed with how many people have commented since I last looked on this thread this morning (and thanks to you all for being as equally enraged as us!! Grin).

Unfortunately we haven't exchanged Sad but there has been a bit of a turn of events throughout the day...it's still on, but don't worry we haven't budged. I don't want to give too much away on here before we've definitely gotten over the line (fingers crossed now planned straight after the Bank Holiday). I promise to let you all once (if!?) we make it (fingers crossed).

good good... your doing the right thing 🌸

Bawse · 27/08/2021 20:31

Arseholes! I would say no out of principle. They’ll probably relent.

Bawse · 27/08/2021 20:32

@Kaz308

Tell them to fuck off same happened to me last week I put mine back on the market for another £25k as the prices had gone up that much in the 3 months they messed me about trying to knock money off after the survey was done . Call there bluff
Ha, good for you!!!!
Bawse · 27/08/2021 20:36

@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!!!! 😁 😂

Oh my god that is shocking! What absolute vile bastards!
Eggshausted · 27/08/2021 20:39

Hope it goes the way you want it to!

Tomasinabombadil · 27/08/2021 20:42

Only commenting because I want to know the outcome.
Good luck to @Benjicat 🤞 Try to have a good weekend🙂

MrsPerfect12 · 27/08/2021 20:45

Fingers crossed for after the weekend. Please try and enjoy yourself. Shame you cant have a stiff drink.

Nsky · 27/08/2021 20:46

I hope it goes to plan

Datsandcogs · 27/08/2021 20:49

@BenjiCat

Gosh. Feeling overwhelmed with how many people have commented since I last looked on this thread this morning (and thanks to you all for being as equally enraged as us!! Grin).

Unfortunately we haven't exchanged Sad but there has been a bit of a turn of events throughout the day...it's still on, but don't worry we haven't budged. I don't want to give too much away on here before we've definitely gotten over the line (fingers crossed now planned straight after the Bank Holiday). I promise to let you all once (if!?) we make it (fingers crossed).

Ooh, plot twist incoming, hope it’s in your favour!
Mirw · 27/08/2021 20:51

Pee in all the cupboards...

QueenBee52 · 27/08/2021 20:55

@Mirw

Pee in all the cupboards...

🤣😂

RidingMyBike · 27/08/2021 20:59

Good luck!!

Annamaywong25 · 27/08/2021 21:00

NEVER give in to these sort of last minute tactics. There will always be another house. Sounds like you have called their bluff as a lot of posters have advised so really hoping it all goes according to plan for you OP! Grin