Thursday, Jun 19, 2008
Boot on the other foot at last!!
Guardian: How to avoid being gazundered
I like this one: "Get evidence State you want proof of the buyer's reasons for reducing the offer." Surely all the evidence they need is the fact that the house is worth less now than it was when they started the process!
Posted by inbreda @ 02:39 PM (796 views) Add Comment
12 Comments
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1. yorkshireman said...
A bit rich of the Grauniad to talk about morality as there was no mention of this when prices were rising and buyers were priced out and desperate. As you say Inbreda, the boot is on the other foot and people will need to learn that value and price are not the same thing. To quote Mervyn King (nearly), value is imaginary and price is real and as far as that goes twas ever thus.
2. Rental John said...
As a past gazunpee I would love to be a gazunderer....
Way back in 1989 I was sort of gazumpted on a house in Preston, we had agreed their asking price of 50K {oh those far off days}, but the week we expected to exchange the sellers said there was going to be a delay before they could move out, and as they felt prices were moving up in the meantime, they wanted to increase the price to 55K {10 F@cking% due to them not us!}....I walked away from the deal, and bought a vacant house in St Annes (for 52K).
So gazunder away my friends. Market forces means you haggle either way - right?
3. techieman said...
Dont try and sell the house!
4. letthemfall said...
Proof: I hereby declare that I want to pay a lot less for this ropey old pile of bricks.
5. fun 4 now said...
gazumping...?...ahh thats ok then
6. Bobsto said...
Its simply a logical mechanism in a volatile and falling market to get to the correct price at the point of exchange of contracts.
You don't have to prove anything, if you think its worth less than you thought tell 'em, and if they don't agree they can walk away
and try to find another buyer.
7. Will said...
It's interesting that the Guardian are protecting vendors interest. How about the rest of us who have been priced out of the market - perhaps they will publish an article on how buyers should get a cracking discount.
8. paul said...
The fact is, estate agents make more money out of gazumping than gazundering - that's why both the latter and the former will never be made illegal.
9. paul said...
... more money from gazumping than they lose from gazundering I mean
10. Just Interested said...
Estate agents make money only when they sell, so why would they really care?
11. bidin'matime said...
Still doesn't make sense, Paul, but I think I know what you are trying to say...
12. paul said...
bidin'
If the NAEA wanted, they could outlaw gazundering. However the change in the law (to make the verbal contract between buyer and seller binding) would relegate gazumping to the history books also. EAs make lots of money out of gazumping because they take their cut based on the percentage of the sale and rising prices means more business. Gazundering is (or has) been less frequent so less of a problem.