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.

Hopefully the estate agent wouldn't be so unprofessional as to hand over keys without permission. The buyer can probably see the house is not being lived in anyway.

I thought it was gazumping. A guzunder is a chamber pot, because it “guz under” the bed.

They know it's empty as it was when they viewed with the surveyor recently. However that doesn't make me desperate to sell, a £10k drop is much higher than paying council tax etc for a while. It is insured, the agent won't charge more to remarked and I have insurance on legal costs.

Gazumping is when a second buyer comes in with a higher offer once the first offer has been accepted.

Gazumping is where Buyer 2 offers more than the price agreed between the vendor and buyer 1, and snatches the property from them that was. Gazundering is waiting until near completion to demand a reduction, in the hopes the vendor won’t want to lose the sale, @MyArtfulGreySloth.

Definitely hang on, they will probably go ahead and if not you have other interest.

You can be gazumped near completion too and there doesn’t always have to be another “real” buyer. In a rising market the seller can just say it’s now worth X and others are interested.

I thought it was gazumper/ gazumped.

Instruct the Agent either they exchange on the agreed date by Noon or the property goes back on the market £10,000 more than the agreed price! And Mean It.

Cheeky fuckers. If they wanted to renovate they would have known that from the first viewing and put their offer in accordingly. Do not budge, OP!

this isn’t gazumping