Buyer tried gazunder before exchange

[PickNMixwe]

Selling a house but I've already moved, so though I'd like to complete sooner rather than later, there's no chain, just the buyer due to move from rented upon completion.

It is a very good house in a popular area. There were multiple offers back in June when it went on the market, it was priced low (my choice) as I wanted to get on with it. The buyer has a mortgage offer, survey with no known issues and all legal work completed.

We were due to exchange this week, but the buyer unexpectedly said they want to do some renovations due to parts being a bit dated and so they want a £10k reduction.

I have said no, the agent also advised me to say no, they've got a great house at a great price. Now I'm waiting to hear on Tues whether we're proceeding at the agreed price (which apparently they can easily afford). The agent is very decent and it won't cost me £10k to start again, he can easily get another buyer at this price, but the whole thing is very frustrating.

I think often buyers go ahead once a gazunder has been declined? They've spent a load on surveys and legal work. Feeling a bit fed up.

I think you’re being very generous. I would have told them to fuck right off.

It's a real fault in our property buying system. It needs to be massively overhauled. Gazundering before exchange is becoming more common and is completely immoral.
I bet your buyer is trying it on and will exchange.

I think if a survey throws up an issue that will cost money to rectify, it’s not unreasonable for a buyer to negotiate towards the cost of repair or replacement.

Thats not the case here and the buyer is just trying it on. On Tuesday, I’d insist on exchange and completion as arranged, or the house goes back on the market.

I thought a guzunder was a chamber pot?

Agree renovations is a personal choice so do not budge. They’ll loose search fees, survey fees their loss. Set an exchange deadline as long as all enquiries are satisfied and stick to it.

They are just trying it on. Say no, you have already moved out, are in no desperate hurry and can wait for another buyer if necessary; but you would like to complete their purchase if possible, and hope they will understand that the renovations they are planning are not needed because of any unexpected problems.

This is the complete total and utter stupidity of buying a house in England.

The stress is unnecessary.

Yeah, no! Tell them you are putting it back on the market.

Unless your house is going for a million pounds, then a 10 grand drop is a piss take. Tell them to take a long walk on a short pier!

A 'guzunder' IS a chamber pot.

OP is talking about 'GAZUNDER.'

Gazunder is a real estate term for when a buyer lowers their offer on a house at the last minute, just before contracts are signed

2 different words.

Call their bluff, tell them no and instruct the agent to put it straight back on the market.
They have deliberately waited until the last minute to try and force a reduction. CFs.

She shouldn't tell them she's already moved out. There have been cases of buyers asking the estate agents for keys to "measure up", and then moving in before completion when they know the properties are empty.

It was already priced low, so they do not need a further discount for their choice to do non-essential work on it.

They're both spelled gazunder round here.

It should be made illegal. I’d rather lose money than accept someone doing that to me.

Don’t forget gazumping, weirdly many are fine with that…

Asnits such a saleable property I’d actually tell them they have to pay £10k more now after that stunt or contract withdrawn.

Where is 'round here?'

Someone tried this with a friend of mine once. Just before exchange the buyers decided they wanted £10k off because of some plumbing work that ‘needed’ doing. Unfortunately for them they hadn’t realised my friend was a plumber! He told them none of that work needs doing, exchange today at agreed price or it goes back on the market. They then exchanged at the original price.

We did this in a rising market. Told her that the price would be £10k more if she continued to faff around. Buyer went ahead at the agreed price.

I wouldn’t even bother telling them just put it back on the market and let him find out that way. I would expect a flurry of offers with it being undervalued and it will be a costly lesson for him

They're trying it on. I'd tell them they either exchange by x date or the house goes back onto the market.

Stick to your guns. I would. If they try to negotiate put it back on immediately.

I’m petty and give no fucks so not only would be I telling them to piss off but I’d be putting it back on the market and the only way to stop me would be to pay £10k more. Hate that kind of CFuckery.

Gazzumping not gazunder…..

A guy I vaguely know was selling his house and he sold it to a young couple who were first time buyers even though he had offers from landlords wanting to add to their portfolio as it was in studentville. I can't remember the exact figures but let's just say a price of £300k was agreed. Anyway, literally the day before completion was due, the estate agent called him to say that the couple had decided that they didn't want to pay that and offered £285k presumably hoping that the seller would accept so as not to collapse the chain at the last minute. Unfortunately for them, this guy is not short of a few quid and wasn't relying on the sale to move to his next house so despite the agent urging him to accept (obviously they just want the commission) he said no, they can fuck off and not only that, the new price to them is £315k not a penny less and if they don't want to go there or can't afford to, then the house will be re-listed but then he will not accept an offer from this couple no matter what they offered.

The agent went back to them and all hell broke loose. Apparently the couple turned up at the house saying they were sorry and begging him to accept their original £300k offer as they were due to complete and they had paid for surveys, solicitors etc. He said no unless they pay £315k. Apparently the young woman in the couple was crying her eyes out but he didn't budge and they had to pull out as they couldn't get a mortgage for the extra. He said they seemed like a nice couple who didn't seem like the type to pull a stunt like that but who knows if a friend or family member suggested it or if they had seen some bollocks on Tiktok? He felt bad but stuck to his guns and re-listed this house and eventually sold it for about £310k anyway so he made £10k extra although obviously it took a while longer.

This story is very satisfying and an object lesson in the importance of behaving ethically.

Thanks, it would be preferable for all if we just proceed at the agreed price, the contracts are all done, mine signed, theirs ready to sign, their mortgage offer etc.

The agent has provided them with very good reasons to proceed at the agreed price - its a great property, they secured a great price, it is in good condition (not perfect, but only the usual 'obvious' things, like slightly dated in places).

I will definitely remarket if they've changed their offer, perhaps one of the previous offers which was close in price is still looking, or a new one. Great catchment for schools, station etc.