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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:
Gracesquirrel · 27/08/2021 00:27

Yeah I've been where you are too ... think on this ... would you give a complete stranger a gift of £15k from your own pocket? Because thats what they are asking you to do.

Angliski · 27/08/2021 00:54

OP even if you pull out with cf and secure new buyers it doesn’t have to mean you break the chain. You can notify as to what’s happened and ask for some flexibility… you can exchange on your purchase with a delayed completion perhaps…

Anyway my money is on that they wil back down. Cf’s!

amiadillo · 27/08/2021 01:06

Call their bluff. Then a few months down the line burn their house dow

Er...

QueenBee52 · 27/08/2021 01:09

@Gracesquirrel

Yeah I've been where you are too ... think on this ... would you give a complete stranger a gift of £15k from your own pocket? Because thats what they are asking you to do.
Agree... it's a shocking practice

Stand firm OP Flowers

amiadillo · 27/08/2021 01:11

We received four full asking price offers for our house; we chose the ones who claimed to be cash purchasers, turning away three lovely other families.

Why did you chose the cash buyers over the three lovely families in the first place?

timeisnotaline · 27/08/2021 01:12

Ask the agent how much more you should relist it for tomorrow for a quick sale, and for them to tell the buyer that it goes back on the market for a 10k (or whatever) higher asking price tomorrow, and other agents will know their name as not good faith buyers.

amiadillo · 27/08/2021 01:12

I hate gazundering but I've been a victim of gazunpjng. There's never the same outcry about that though.

amiadillo · 27/08/2021 01:16

I knew they’d be first time buyers.

Why so much hatred for FTBs? I think it's understandable they get more anxious about the process in general & they are often committing to huge sums. Were you never a FTB?

WaterIsBest · 27/08/2021 01:32

CF’s ! Trying it on

mellicauli · 27/08/2021 01:52

They are first time buyers. They don't really have any comprehension of what it's like to be in a chain and the agonies of selling a house. They read it all the time and figure it's the done thing. Take it lightly and say OK that's fine. We'll put it back on the market.

DIanaRiggFan · 27/08/2021 02:13

It’s not being bought by a company is it? We had this and just wondering if it’s the same people - exactly 15k as well - told them it was going back on the market by midday if they didn’t proceed at original price and they went ahead

I think it’s very very cheeky and an awful thing to do to someone

NumberTheory · 27/08/2021 02:17

@amiadillo

I hate gazundering but I've been a victim of gazunpjng. There's never the same outcry about that though.
I don't think it's really true that people aren't just as outraged by gazumping. I think there is the same level of outcry over either buyers or sellers at the last minute requesting a change in price just because. There is less outcry when there is a good reason, and the better the reason, the less the outcry.

If OP knew buyers needed to move in now because they were just about to lose current home/had baby due/etc. and she just demanded an extra 15k people would be just as outraged.

When people have posted about sellers demanding more at last minute they have been advised to walk if they can with a few pragmatic people telling them to consider if it was a reflection of the market place and to consider if it was still a fair price and they could meet it and could they demand more for their own place (and if the market were slow right now, those same people would be telling the OP to consider whether a lower offer was just a reflection of the market place, etc.).

If buyers had shown report, dated recently, to OP and it had showed 15k of critical repairs, people would not be as outraged. If OP had received another bid for 15k extra and said to seller they had to meet it or she'd go with new bid there would be less outrage with some people saying you have to maximise what you can and others saying it was a bit unfair, and more people still pointing out that it was a risk to go with the new buyers as it was much more of a bird in the bush.

I think the outrage is to do with the reasons for upsetting a difficult and fraught process, and whether they appear to be taking advantage, not so much whether it's the buyer or the seller making the demand.

YoBeaches · 27/08/2021 02:29

I had this a few years ago. Buyer dropped the offer 12k the day before exchange based on some report he'd received. I told the estate agent to readvertise the property with immediate effect as I wasn't selling for that price.

We exchanged on time the next day.

Set a deadline, don't be sitting around all day for them To decide. Tell them you will
Not proceed with the sale after 12 noon and be emotionally prepared for that to happen.

cocktailclub · 27/08/2021 02:32

We recently moved and the FTB at the bottom of our (long) chain started messing around on the day we were meant to exchange. Our solicitor started thinking they may not have the funds. We all stood firm in the chain and they eventually exchanged as agreed only a few days late. But we knew it was a huge risk they would pull out however their behaviour was so poor we decided we wouldn't be bullied. It's so stressful and I really feel for you but as others have said don't budge unless they produce solid evidence of a real issue. If they do have evidence then decide what you can afford and how much starting again would cost versus a drop in price. As the market is still increasing in value you might be able to sell even with a defect for the original price. Good luck

DeRigueurMortis · 27/08/2021 03:21

Don't renegotiate on price without seeing the reports.

The fact they have not shown these to you suggests they are pulling a fast one.

Assuming there are actually no issues I'd suggest you hold firm and say exchange by X date/time or we re-list and will not sell to you at any price.

That said if you're not willing to to go all in, there is the option to ask "the chain" to help.

£15k is a lot for you to shoulder, but if everyone in the chain contributes a proportionate share to get it back on track then it's in everyone's interests.

I don't like to see CF's win so I'd generally only advocate this in different circumstances where there was a legitimate survey issue but regardless it is an option to think about discussing with your EA.

Netaporter · 27/08/2021 04:04

@BenjiCat

I’m sorry this has happened to you and agree that your buyers seem a bit naive as to what you can do but you certainly don’t need to capitulate in the absence of your EA having sight of the survey ‘issues’. Obviously given that you are expecting this is added stress no soon to be mother needs right now so remain calm and pragmatic. You’ll be in for your own aborted fees for your new home plus maybe mortgage arrangement fees unless you find another buyer quickly. So concentrate on minimising your own losses above anyone else’s. In this situation I’d do the following;

  1. Give your EA two instructions to run simultaneously: firstly, give your buyers a deadline (suggest today 5pm) for the purchase to go ahead or the flat goes back on the market and secondly ask them to line up viewers for the weekend. Tell the EA to let them know you are getting the property ready for fresh viewings. If your EA is not willing to sort viewings look at your contract to see if you can engage another EA having first asked your current EA to disclose all interested parties they have on your property to avoid paying double fees. The EA is then on notice that you are serious about walking away from them too (EA tend to take the path of least resistance to keep a chain going and asking you to bridge the £15k without the survey ‘issues’ being disclosed rather than giving the vendor short shrift bears this out) .
  2. Ask your Solicitor to ask your purchaser’s solicitor if it is possible for you to purchase their searches. That way if you do find another buyer you have more chance of a sept 30th completion to get in before the stamp duty rises for the rest of the chain as searches are a pinch point right now. It also shows your buyers you are deadly serious to walk away from them.

As PP’s have said, your purchasers mortgage offer will have a time limit and a reduction will need a reassessment by their lender so ask the EA to point this out. They probably think they have you over a barrel right now, but they don’t have. You have options including getting more for your flat! Good luck to you with it all.

season2 · 27/08/2021 04:25

Bugger that! We had similar a few years ago. They negotiated hard until we dropped significantly at the start and then shortly before exchanging they tried again. We were selling from another country but stuck to our guns as the market was a lot cooler at the time. So glad we did as it went through. Best of luck OP, I hate dirty tactics like that, probably planned al along!

Original poster
BenjiCat · 27/08/2021 05:55

Exactly what our theory is @Gazelda! The buyer's parents have been very involved throughout the process and we think it's a mixture of naivety about the property market and chancing their arm regarding our situation.

You're right. I've barely slept last night stressing about it all and can't bear spending the Bank Holiday weekend fretting further. It's get on with today as agreed or I guess the chain will be collapsing. Ahhhhhh

OP posts:
Billybagpuss · 27/08/2021 05:56

Hope all goes ahead today, if it does make sure all your old neighbours know exactly what their new neighbours tried to do.

fizzandchips · 27/08/2021 06:30

@Netaporter ‘s advice is spot on, although as it’s a bank holiday weekend I’d suggest a 12pm or 1pm deadline. So stressful. Good luck OP.

Eralos · 27/08/2021 06:35

Tell them to get to fuck

purplesequins · 27/08/2021 06:40

good luck for today.

we had similar.
only our buyer gave us their builder's quote for a full refurbishment and wanted that off the selling price.
(we put the house on the market again and sold within days)

Icepinkeskimo · 27/08/2021 06:53

Wow this is like an attempt at blackmailing you OP.

I can only echo what a lot of posters have highlighted. You have to hold firm, also the purchaser must surely be aware that if the sale doesn't go through they will be to late (if it applies to them) to qualify for the stamp duty holiday deadline.

Your holding the cards not them, dirty rotten pieces of work. I can anticipate there will be nothing on the survey to justify the request for this type of discount. Chancers.

Chin up, stand your ground, don't buckle x

BarbaraofSeville · 27/08/2021 06:53

Oh how awful.

Definitely look on Rightmove for your area now so you're ready to talk to the EA when they open.

If it looks like you'll sell quickly at the same (or even higher!) price, it needs to be back on the market today as there could be people looking over the weekend.

When the EA/solicitors open, tell them you need a copy of the survey report by 10 am, or midday at the latest and an explanation of what points they are basing their negotiation on. Remember that anything that was in the EA details, was clearly known during viewings, or there has been any prior communications on should have already been factored into their offer.

If they haven't exchanged by 3/4 pm this afternoon, or are really looking like they're doing so, it goes back on the market by close of business, or at the very least, your estate agent knows that if anyone asks about a property where your's fits the bill, it is available.

The buyer's parents have probably been filling their heads with some crap about when they bought in the mid 90s recession or some other time when the buyers held all the power.

Good luck and fingers crossed that they see sense and you can go into the BH weekend knowing you're moving house next week Smile

balzamico · 27/08/2021 06:57

Surely prices have risen in the months since you accepted their offer?
I'd be putting a deadline of today to proceed or you'll put the price up not down, bastards