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Original poster

House chain collapse/Gazundering

59 replies

Summertime85 · 12/06/2022 13:48

Not sure if anyone can offer any advice but I need to get this off my chest as beyond stressed.

We are 4th in a chain of 5. Due to exchange on Tuesday coming and complete the follow Tuesday. On Friday our EA informed us the first people in chain are now wanting a £7k reduction in the purchase price for our buyers property. Our buyers don’t have a spare £7k and wouldn’t have time to get a mortgage increase approved in time anyway.

Ive not been able to sleep since we got the news so stressed as our mortgage offer (also up with a newborn) expires at the end of this month, as does our buyers. My gut feel is our seller won’t want to sell to us if we need to re list as it’s been dragging on for 6 months. In hindsight we should have picked up signals that buyers at bottom of the chain were going to be difficult but by the time we cottoned on was too late.

I suggested to my husband we just pay the £7k to get it through but he’s dead set against this, and I’m not sure how practically this would work as we don’t have enough time to revised contracts etc if sale prices are changing.

Our buyers have informed their seller they pay the agreed price or it’s going back on the market on Monday. They’ve already said they will pull out if now - might they just be bluffing?

OP posts:
Gettingonabitnow · 12/06/2022 14:22

Not much advice but wanted to say I feel for you, it is a god awful process. Like you, I too would pay the £7k just to get it over the line, as you’d likely pay half that again if your purchase falls through x

Original poster
Summertime85 · 12/06/2022 15:52

Gettingonabitnow · 12/06/2022 14:22

Not much advice but wanted to say I feel for you, it is a god awful process. Like you, I too would pay the £7k just to get it over the line, as you’d likely pay half that again if your purchase falls through x

Yes that’s what I’m thinking but our buyers want to flatly reject her offer and put back on the market. It seems to wrong to try to lower at the last second when everyone has ploughed all money into surveys etc etc.

They’ve given no explanation as to why they are lowering their offer.

OP posts:
KarrotKake · 12/06/2022 16:07

The process sucks.

Might everyone in the chain be able to find 1500, and spread the pain between all the houses, but keep the chain going?

carefullycourageous · 12/06/2022 16:15

I agree the process is awful but I agree with your buyer, I also would tell them to fuck off decline the reduced price

Good luck, what arses they are.

something2say · 12/06/2022 16:18

You might find it all goes through anyway as the estate agent may have leant on them and they surely must be all packed and planned. How worrisome for you, I am sorry.

Spyderwillies · 12/06/2022 16:25

That's shit OP, I'm very sorry they've done this as the last minute, they clearly think they have your buyer over a barrel as so close to exchange and didn't expect them to call their bluff. Hopefully it was empty threats from CF at bottom of chain and things will go smoothly for exchange

I can see where your buyer is coming from though. They obviously know their buyer is a CF and won't give in to their underhand tactics. If there was a genuine reason to reduce offer this would have come up long before now, at search and survey stage.

Offering to absorb the cost yourself, or see if the chain will absorb the cost won't work through if your buyer refuses to play the games of the person in the bottom of the chain, but it a very throughful gesture on your part through to avoid everyone else suffering for one person's CF'ery.

Good luck - please let us know the outcome. Keeping everything crossed for your chain.

EnjoyingTheSilence · 12/06/2022 16:30

I would do the same as your buyer too. Cf, no reason to lower their offer. This process stinks. Hope it all goes through ok

HannahSternDefoe · 12/06/2022 18:38

Our buyers have informed their seller they pay the agreed price or it’s going back on the market on Monday. They’ve already said they will pull out if now - might they just be bluffing?

Pass it back along the chain?

greatblueheron · 12/06/2022 18:44

I'm constantly baffled at how houses are bought and sold in England. Bonkers!

RandomMess · 12/06/2022 18:48

Negotiate down to £4k and share the hit amongst the chain?

Original poster
Summertime85 · 12/06/2022 23:04

RandomMess · 12/06/2022 18:48

Negotiate down to £4k and share the hit amongst the chain?

I’m not sure we could get all the contracts etc altered in 2/3 days? Also our buyers don’t have any spare cash so would need to increase their mortgage.

I’m thinking it’s looking very bleak just have to hope are sellers has pity on us and waits. They did have other offers on the property after ours but they didn’t want to gazzump us so stuck with our offer.

OP posts:
TigerLilyTail · 13/06/2022 00:24

They're utter bastards for doing this to everyone. I don't blame the sellers for sticking firm even though it's shit for everyone in the chain. I really hope the buyers back down.

EveryName · 13/06/2022 00:59

💐💐💐 I'll keep my fingers crossed that it turns out ok.

user1471542288 · 13/06/2022 18:35

Even if everybody agrees, this will delay the whole process as contracts will have to be redrawn.

TulipsfromAmsterdam · 13/06/2022 20:36

If I was in your buyers position I would go back on the market. It could sell really quickly and not hold up things too much.
Your sellers should give you a chance for them to get a new buyer. If they don't they have to go through all the viewings, surveys and everything else involved to get back to the stage you are currently at.

Original poster
Summertime85 · 13/06/2022 22:48

Just an update. Buyers at start of chain flatly refusing. We’ve had a new mortgage quote, assuming we wouldn’t get the chain re completed in 3 weeks and it’s 20k higher over the 5 years.

We’ve decided to offer £5 reduction if people below us in the chain take a £2k hit. We’ve got a 2 week extension on our mortgage offer so now to see if we can push it through in time or not. No one had an altered mortgage but need some quick action on updates contracts and so far as solicitors have been really slow at replying.

We’ve started tidying up/de cluttering again in preparation for viewings if we need to go back on the market. Not easy with a newborn baby but hoping will be worth it in the end.

OP posts:
EnjoyingTheSilence · 23/06/2022 22:04

@Summertime85 how did it all go?

Weenurse · 24/06/2022 12:10

Any news?

Original poster
Summertime85 · 03/07/2022 10:07

I have an update but it’s not a great one.

After the gazundering we started looking at the market again as we couldn’t see it ever going over the line after 8 months. The markets changed where we are and we can now afford to buy in our preferred current location and avoid all the school upheaval.

Wish we had never agreed to fund the reduction but we couldn’t face prospect of being back to square one. This stress of this whole thing has ruined my pregnancy and first months of having my baby. We’ve had our vendor threatening to drop us on several occasions.

Anyway exchange now ready and both husband and I feel sick at prospect of going through with it when we could stay in current location. I feel we have no choice but to go through with it after all this time but he wants to pull out. My view was we could just move back but worried about all the costs. For ref new house is 625k.

Not sure could live with myself if let all these people down at this stage.

OP posts:
P205 · 03/07/2022 10:13

I was wondering how it was going. I think you have to take the view that it’s in the hands of the gods now. I hope that whatever happens you will be happy.

justfiveminutes · 03/07/2022 10:17

Oh gosh yes you would be letting an awful lot of people down. You were so desperate to complete last time you posted, what has changed, is it just that you think you could 'do better' now that the market is changing? How would you feel if your buyers did the same? Ultimately I think it is too big of a life/financial decision to make if you are not happy with it and must pull out. But the local EAs will be wary of you when you start searching again.

Original poster
Summertime85 · 03/07/2022 10:27

Our whole reason for moving was more space for new baby and had to compromise on location back in Nov. We were ready to exchange back in Feb but been long protracted chain with issue after issue. We weren’t actively looking until looked like falling apart and our buyers put their back on market and our vendor was looking to do the same. Yes now we can meet our needs in current area for our budget.

OP posts:
justfiveminutes · 03/07/2022 10:30

Well judging by how many are coming back on in our area, you are not alone.

ElsieMc · 03/07/2022 10:41

I agree with your DH op. You must not move and do trust your instincts. You will get heavy criticism but you have also been put through months of stress. Your seller has threatened to pull out, you have given a big reduction and the beginning of the chain gazundered. If you feel sick at the prospect, do it first thing Monday. I am sorry for all involved but do the right thing for you.

Believe me, EA's do not care and wont be wary. We have had unprecedented levels of time wasters and fantasists including the " we have inherited" brigade x 3. I have thought of charging at the door for the day out.

Highfivemum · 03/07/2022 10:46

You have to look after yourselves. It is so much money. I think your DH is right. Things have changed. That is not your fault it is down to delays in the chain. I would personally pull out.

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