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Original poster

Gazundering idiots - buyer demands £7k reduction on eve of exchange

37 replies

bluebirdswhistle · 06/10/2021 20:18

Just been subject to a gazundering attempt and i'm furious! Buyer offered £5k more than asking to win the bidding war as we had multiple offers on viewing. Fine we accepted. Got a survey done in August, two weeks ago indicated they wanted to exchange contracts and complete by 30th september for stamp duty savings. Our onward purchase wasn't ready as they had a few enquiries outstanding so we said no not ready. Now buyer is demanding £7k off of property price. Citing some rubbish excuses about the survey which he has had since August but not mentioned since, wants a whopping £3k for "redecoration" We were all ready to exchange this week and now it looks like it's all falling apart. There is no way we can afford a £7k reduction as the property we are buying is taking every penny. We've made that crystal clear. Ready to put the property back on the market but to be honest I can't even be bothered anymore and wondering whether to just pull the property from the market altogether and just stay for a couple more years until the market normalises. We don't really need to move, we just saw a nicer house that we really wanted. I really feel sorry for the vendors above me as they wanted to complete by the end of the month to get their daughter into her preferred secondary school. Now it looks like it won't happen so that's life changing for the poor girl. These terrible people have no idea what they do to others when they pull stunts like this it's terrible really that it's allowed to happen!

OP posts:
tobedtoMNandfart · 06/10/2021 20:20

So tell them no, take it or leave it.

toolazytothinkofausername · 06/10/2021 20:22

@tobedtoMNandfart

So tell them no, take it or leave it.
This. Call their bluff.
Muchtoomuchtodo · 06/10/2021 20:23

Such cheek! Be firm that it’s out of the question.
They either proceed at the agreed price or you’ll put it back on the market (even if you don’t know if that’s what you’ll do).

Ladyof · 06/10/2021 20:26

Definitely hold your nerve tell them no you'll go to one of the other offers you had, they are just trying it on.

CloseYourEyesAndSee · 06/10/2021 20:27

Will they really want to pull out if you say no?

DunderMifflinSalesRep · 06/10/2021 20:29

Call their bluff. It would be a big inconvenience for them for the chain to collapse so say no and there's a good chance it will go ahead anyway.

Georgie8 · 06/10/2021 20:41

If it doesn’t matter if you move, then call their bluff. Worst thing that happens is that sale doesn’t go through.

It’s not your fault if the sale stalls. You can’t worry about your vendor - if they needed to be within catchment by the end of the month then they should have been more organized.

Alternatively, you can tell your solicitors that this is what’s happening and ask if the people you want to buy from can lower their price. Then they’d have to consider how important it is to move by a certain date to be within catchment and if dropping the price to ensure that is worth it.

But yes, last minute haggling is absolutely dreadful and very stressful and shouldn’t be allowed. It seems no one keeps their word nowadays.

Chloemol · 06/10/2021 20:47

Call their bluff. Speak to the EA to see if they still have others from before interested.

£3k for redecoration, they are taking the piss

MzHz · 06/10/2021 21:19

Honestly tell them have until noon tomorrow to confirm they’re going ahead or you’re back on the market

HollowTalk · 06/10/2021 21:20

That's really disgraceful.

I would call their bluff.

aishahsk · 06/10/2021 21:22

My buyers did this a few years ago, they wanted a 10% reduction, we told them to get fucked and went back on the market.

HermioneWeasley · 06/10/2021 21:23

The market is crazy at the moment, your house will only have gone up in value since the offer was made.

Ignore the cheeky fuckers and I’d be considering whether to continue with them - they’re going to be a nightmare all the way along. Definitely see if your EA still has interested parties who could move quickly.

Gazelda · 06/10/2021 21:23

You can't afford the reduction, so you have no choice but to tell them no. It's up to them what they do next, but I hope they were just chancing their arm and will sheepishly go ahead with the purchase so that you can move.
Arseholes.

hannahcolobus · 06/10/2021 21:26

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

jesusmaryjosephandtheweedonkey · 06/10/2021 21:29

Honestly just tell them no.
If it's not completed by x time and date then you will re list it.

friendlycat · 07/10/2021 11:11

Yes call their bluff, especially if you don't actually have to move.
Anybody asking for a £3k reduction for decorating is really, really trying it on just before exchange.

Virtually everybody has to redecorate on moving and this would have been apparent to your buyer when they viewed. It's not something new that has come about in the buying process.

This is the problem with some offering over asking and then trying to pull it all back at the point of exchange. It sounds a nightmare out there at the moment. Good luck.

Roselilly36 · 07/10/2021 18:16

Don’t be held to ransom, tell the buyer to take it or leave it. Our buyers wanted us to drop from the agreed price, we told them to get lost, they paid the agreed price. Good luck, hold firm, they have paid for solicitors, survey etc so they have a lot to lose.

NorthSouthcatlady · 07/10/2021 18:19

Another vote to not be held to ransom. The market is buoyant in most places and lm surprised they don’t know this

Cheesepuff1 · 07/10/2021 18:23

redecoration is it not a reason to reduce their offer as surely the bid on the house when they saw what It looked like.
say no, hold your nerve . if they genuinely pull out for 7k it's their loss in this rising market!

ChateauMargaux · 07/10/2021 18:27

If you are supposed to exchange contracts tomorrow, they are written with the price in it. Just say no, we will instruct our solicitor to exchange contracts tomorrow as they are, if you choose not to sign and exchange, we will consider the sale off.

Ladyof · 08/10/2021 21:20

How did you get on OP?

Kingsmead · 09/10/2021 08:05

This market is awful people are paying more than a house is worth to secure a property and then regretting it, getting scared they paid too much and have been a bit foolish, maybe they have!

Mumoftwo1990 · 09/10/2021 08:10

@bluebirdswhistle

Just been subject to a gazundering attempt and i'm furious! Buyer offered £5k more than asking to win the bidding war as we had multiple offers on viewing. Fine we accepted. Got a survey done in August, two weeks ago indicated they wanted to exchange contracts and complete by 30th september for stamp duty savings. Our onward purchase wasn't ready as they had a few enquiries outstanding so we said no not ready. Now buyer is demanding £7k off of property price. Citing some rubbish excuses about the survey which he has had since August but not mentioned since, wants a whopping £3k for "redecoration" We were all ready to exchange this week and now it looks like it's all falling apart. There is no way we can afford a £7k reduction as the property we are buying is taking every penny. We've made that crystal clear. Ready to put the property back on the market but to be honest I can't even be bothered anymore and wondering whether to just pull the property from the market altogether and just stay for a couple more years until the market normalises. We don't really need to move, we just saw a nicer house that we really wanted. I really feel sorry for the vendors above me as they wanted to complete by the end of the month to get their daughter into her preferred secondary school. Now it looks like it won't happen so that's life changing for the poor girl. These terrible people have no idea what they do to others when they pull stunts like this it's terrible really that it's allowed to happen!
I work in an EA and when stuff like this happens, we tend to call their bluff and you'll most likely find a better buyer. If your onward buy is happy to give you a couple weeks to find someone new
shrugshrug · 15/10/2021 09:23

Any update @bluebirdswhistle ?

ThirdElephant · 15/10/2021 09:27

@tobedtoMNandfart

So tell them no, take it or leave it.
This.