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Shit isn't it !
Isn't it illegal now?
I don't think it's in law yet is it?
Unfortunately not.Isn't it illegal now?
House was on the market for over 2 years on and off ( divorced couple). Recently reduced, price agreed. Chap's offer accepted on the empty property he wants. She lives somewhere else. Solicitor engaged, survey carried out. Everything tickety boo.
9 Days later, apparently they have been offered significantly more for it. I was at my limit with my offer, so as much as i really want it and had my heart set on it , financially its not viable to offer more.
I'm a bit old fashioned , so in my mind a deal is a deal. When we sold our first home, I wanted a first time buyer to get a chance , so tried to make sure it was sold to one. Did a deal at just under asking price, and despite being offered 10% more by cash buyers looking for property to rent out, i stuck to my guns.
I'm a firm believer in everything happens for a reason, just can't work out what this one is at the moment 😣
I find myself being highly cynical in wondering if that is real. I would not be surprised to either see it go back on the market or them come crawling back after being told no.
Offers massively over asking doesn't seem realistic after that amount of time unless it is in a really desirable area
I thought we were heading into an era of gazundering not gazumping!?
I find myself being highly cynical in wondering if that is real.
I am suspicious that this happened to my daughter recently. 2 interested parties, one of which offered a few grand over but pulled out 2 days later?!? Not even like you could get a survey or builder appraisal for serious defects in that time which may make you change your mind.
Revs, if they come back to you in a couple of days, and you've got the brass neck to do it, make a counter offer of £5k less. 😁
I thought we were heading into an era of gazundering not gazumping!?
That also stinks!
I was gazumped 15 years ago - ended up with a different propety that suited us better so it worked out for the best. I did smile when it went back on the market shortly after and for less that what we'd offered.
IDK if this is gazundering but we offered on a house before we bought the one we're in now, had it accepted, got the survey done and it came back with structural roof issues. So we informed the seller that we wanted a renegotiated price to cover remedial work - and he refused; 'I've got mates in the building trade and they say that survey's totally OTT, etc.'
So we said that if his mates could get the work done and resurveyed then the original offer would be honoured and he basically told us to **** off.
Almost as annoying is that the survey cost us a lot of cash at the time (albeit, that's why you buy a survey above the average drive by proof of existence one) and of course you lose that. We offered to sell it to the estate agent for a knockdown to inform future buyers but were told to **** off with that too 😉 - can't imagine why they didn't want a truthful appraisal of the work needed on the place to inform future sellers.
IDK if this is gazundering but we offered on a house before we bought the one we're in now, had it accepted, got the survey done and it came back with structural roof issues. So we informed the seller that we wanted a renegotiated price to cover remedial work - and he refused; 'I've got mates in the building trade and they say that survey's totally OTT, etc.'
No, that's fair. In fact my daughter is doing the same, lowering by £5k due to some drainage issues and a few other bits.
Gazundering is when you do it a couple of days before completion on the assumption the seller will just accept the reduction as they need the money to move.
Wait it out, not sure your area, but quite a few for sale atm, not sure if due to lease reform stuff, if it's gonna happen it will. Good luck.
Gazundering is when you do it a couple of days before completion on the assumption the seller will just accept the reduction as they need the money to move.
Been there. Had moved to Scotland for new job 3 weeks earlier. We were selling to some old neighbours who knew us relatively well just to make it even more salty.
The morning of exchange and completion they reduced by £5k and threatened to pull out. I wish we had the resources at the time to tell them to Foxtrot Oscar, but we caved at halfway and lost £2.5k on sale.
IDK if this is gazundering but we offered on a house before we bought the one we're in now, had it accepted, got the survey done and it came back with structural roof issues. So we informed the seller that we wanted a renegotiated price to cover remedial work - and he refused; 'I've got mates in the building trade and they say that survey's totally OTT, etc.'
Thing is.....I have survey trust issues. When we bought our first house we got a non drive by survey which threw up some issues with the roof and a party wall.
We went ahead anyway without negotiating the price for reasons I now forget. We got a friend's dad who was a builder with good renown (who used to sponsor a domestic road team and organised the traditional season opener race - many here will know Mick) to come have a look after we'd moved in to quote to do the work. He basically said the survey was bollocks and whilst he'd do the work and would if it was a stranger but he knew we were strapped for cash and it would be a waste of our money. So we didn't. And a few years later when we sold a different firm came and did the same level of survey and the same points weren't mentioned at all. To my knowledge, 20 odd years on, the house has never had the work done and no one has died.
I remember my parents getting gazundered back in the 70s and having no choice but to accept. Exchange and completion arranged for the same day - school boy error none of us have fallen for again. The initial accepted offer and the exchanged contracts had no mention of carpets, curtains, fixtures and fittings but prior to the gazundering my folks had said verbally they were going to leave them all. After the gazundering my dad arranged for a skip to arrive on moving day and ripped up and skipped or took with us every last item that he legally could. Dad had a conveyancer friend and went through it line by line to make sure they stayed just inside the legalities. I think the shed copped it too. I have vivid memories as a 6 year old being despatched with a screwdriver to unleash hell! Buyer was apoplectic. It nearly got physical which I suspect was what my dad was itching for remembering what he was like at the time. But karma won the day and the buyer ended up down by a good chunk and moving in might not have been quite as smooth as hoped.
Wait it out, not sure your area, but quite a few for sale atm, not sure if due to lease reform stuff, if it's gonna happen it will. Good luck.
Yeah, back to the drawing board. It was particularly annoying as it was the one property that we agreed we both liked . ( for different reasons - we have different tastes 😀 ). Countryside feel, with a slight sea view. Gutted.
The first time buyers of my house tried to gazunder me, five days before I was moving abroad.
I told them to f++k off and I'd rent the house out rather than sell to them at a reduced price. They changed their mind quickly enough...
We also made sure we cleared out absolutely everything that wasn't part of the agreed contract.
The property we were going to buy fell through because the seller withdrew on the day of exchange. We bought a house four doors down. Day we moved in a for sale sign went back up. They sold for £50k leas than we had agreed. Go figure. Mercifully, my company were paying for my relocation and funded the lost survey, solicitor and other fees. Turned out OK in the end.
The first time buyers of my house tried to gazunder me, five days before I was moving abroad.Had the same when i moved overseas.
Tried to drop the price by several grand, like 15% of the agreed upon price. Told him to swivel. He eventually paid what we had already agreed. (was a buy to let sale)
Got done for fraud and tax evasion a couple of years later.
The property we were going to buy fell through because the seller withdrew on the day of exchange
Yeah, we had exactly that, in a rising market ages ago. Dickhead seller was trading up, so wanted to wait and get more for his existing house - presumably without realising that his posher house would also go up. He was a financial advisor, apparently. He was definitely a ****
