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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:

mirrorballer · 03/07/2022 10:49

I can see why you'd be so tempted to pull out but it would be an awful thing to do.
I guess guilt isn't a reason to go ahead though, especially as others have been more than willing to screw up your purchase.

How much do you need to move? What if you're here in 6 months time with another big chain, people dicking about and it costs you more money?

You have a buyer, could you sell and go into rented? That puts you in a strong position next time.

Spaghag · 03/07/2022 11:02

Trust your instincts OP. £625k is a huge amount of money, don't allow yourself to spend it just to please others.

If you could now spend that money better (ie buy in the area that you want) then definitely do that. The others in your current chain won't be paying your mortgage for you for the next 25 years.

The only thing is, if house prices have now fallen/stabilised in your area, will your current home still be worth as much?

Mosaic123 · 03/07/2022 11:06

Put yourself first. Everyone else does with house buying.

Don't give the Govt stamp duty for a property you don't really want.

mirrorballer · 03/07/2022 11:12

Spaghag · 03/07/2022 11:02

Trust your instincts OP. £625k is a huge amount of money, don't allow yourself to spend it just to please others.

If you could now spend that money better (ie buy in the area that you want) then definitely do that. The others in your current chain won't be paying your mortgage for you for the next 25 years.

The only thing is, if house prices have now fallen/stabilised in your area, will your current home still be worth as much?

That's why I think selling and renting might be worth it. Depends how much the drop could be.

JenniferPlantain · 03/07/2022 11:23

OP the system allows you to do this, so while it feels icky you wouldn’t be awful for pulling out. Please don’t go through with this just out of guilt xx

925XX · 03/07/2022 11:26

What a horrible situation. The law has to be changed more inline with Scotland. The problems with renting is its dead money plus you will have to pay removals twice either by putting your furniture into storage or moving it to the rented house and then again when you find another property. I have bought and sold 11 times and it is very stressful.

Allthegoodnamesarechosen · 03/07/2022 11:31

I second all the people who say you have to do what’s best for you. It wasn’t your fault the chain fell apart in the first place.

FortonServices · 03/07/2022 11:57

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.

Is this true? I've just pulled out of a purchase because the valuation was less than offer by 30k. I said I could find another 15k and meet them half way but it would be coming out of the money I'd set aside for new carpets (threadbare) and blinds (falling apart) and bathroom (1980s) etc. The agent was fuming and basically told me I'm not allowed to view through them again.

I'm in a good position with a 50% deposit and no chain. I'm not so sure this agent's vendors are going to be too happy, given that buyer demand is dropping.

RosieLeaLovesTea · 03/07/2022 12:01

I think you have to do what is right for you and your family. I think your DH is right.

ThroughThickAndThin01 · 03/07/2022 12:04

Look after yourselves. It would be madness not to. Unfortunately the house selling/buying business is precarious and until exchange happens people pull out all the time - redundancy, unexpectedly pregnant, death in the family, 100s of reasons.

No one would put you first over their own situation.

Daisydoesnt · 03/07/2022 12:08

*Look after yourselves. It would be madness not to. Unfortunately the house selling/buying business is precarious and until exchange happens people pull out all the time - redundancy, unexpectedly pregnant, death in the family, 100s of reasons.

No one would put you first over their own situation*

This with bells on. You absolutely must do what is right for you and your family. Your solicitor will understand, the EA will have seen it a million times before.

justfiveminutes · 03/07/2022 12:34

"Believe me, EA's do not care and wont be wary."

I guess it will depend on the EA but my friend would definitely be putting you at the bottom of her list, and vendors lucky enough to be considering more than one offer might be steered away. But the market is changing so maybe this will be less of a consideration going forward.

DaphneduM · 03/07/2022 12:57

I agree with your husband, you're spending a huge amount of money so you need to be absolutely happy with your house. So if the location itself feels wrong and you can now get what you need in your present area, I would definitely pull out. The delays are absolutely not your fault and in that time the market has definitely changed. Here (Gloucestershire) things are definitely slowing and there are a lot of reductions, even in the most desirable areas. Don't buy just to please others - you are perfectly entitled and it's perfectly legal to pull out at this point.

Allicando · 03/07/2022 14:10

Pull out OP that's 21.5k in stamp duty you'll waste. You feel sick for a reason just pull out and you'll feel much better!

Youaremysunshine14 · 03/07/2022 14:16

Don't listen to the guilt trippers saying you should do it because you'd be letting people down. These are people who have no bearing on your life beyond you being in a business transaction with then. Now the situation has emerged that it would be bad business for you to go through with the sale and purchase, so you need to do what's right for you and your family. Yes, these people will be annoyed, but you can't really buy and live in a house in an area you'd rather not live in just for the sake of politeness!

stayathomegardener · 03/07/2022 14:16

I'd pull out especially as the location is not ideal.

stayathomegardener · 03/07/2022 14:17

Think of it as fate, you'd be in by now if it wasn't for other people messing you around.

justfiveminutes · 03/07/2022 14:43

Youaremysunshine14 · 03/07/2022 14:16

Not one person has said not to do it.

ElsieMc · 03/07/2022 14:47

@FortonServices Ridiculous conduct by the EA here toward you. All your actions were completely justifiable. What I have mentioned is the lack of care by our agents who just want to get as many people through the door without seemingly any checks at all. Evidenced by a pressurised Sunday viewing where a viewer spent 1 hr 15 mins at the house criticising everything about my home and the EAs failed to tell me she did not even have her own house for sale nor did she bring her DH.

They are meant to have our interests at heart because we are or will be paying them. They know we want to downsize yet have failed to suggest any houses on their books to us, not one. I feel I have lost confidence in my own home's merits. That said, I have never heard of anyone being denied a viewing.

Youaremysunshine14 · 03/07/2022 14:48

justfiveminutes · 03/07/2022 14:43

Not one person has said not to do it.

Show quote history

I know they haven't, I meant in general, like if the EA or other people in chain try to guilt trip them.

Original poster

Summertime85 · 03/07/2022 15:02

stayathomegardener · 03/07/2022 14:17

Think of it as fate, you'd be in by now if it wasn't for other people messing you around.

We expected to be in before end of March, I don’t think we would of started the process whilst I was pregnant if we knew how long it would take and the stress involved.

DH is already resigned to what we need to do.
Its a long shot but we hope our buyers might still want our house and wait, when their buyer pulled out we said we would hold on for them. We have befriended vendor and buyer which we now know is another mistake. Feels right we cover their costs incurred.

Ive told DH I think we’ll be blacklisted from the local agents. If we can’t make offers we will have to stay where we are.

OP posts:

Lulu1919 · 03/07/2022 15:04

A gazunder is a potty that goes under your bed !

Highfivemum · 03/07/2022 15:25

You will not be black listed. The truth is YOU are the ones who have been messed about in the first place. A good agent r we pups have reduced there fees to assist the chain. I didn’t see them doing that. You are the ones paying extra. Due to the delay not caused by you you are now in a different situation. Do what is best for you

trickyex · 03/07/2022 15:36

Poor you OP.
Pull out and dont feel bad, its a shit system in this country and you have been messed around.
Do what is right for you and your family.

sunshinesupermum · 03/07/2022 15:41

FWIW I also agree with your DP.

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