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Gazundering Is Back As Falling House Prices Give Buyers The Upper Hand

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Love this :)

http://www.dailymail.co.uk/news/article-1319381/Gazundering-falling-house-prices-buyers-upper-hand.html?ito=feeds-newsxml

Estate agents are reporting a return of gazundering as falling house prices give buyers the upper hand.

Up to 25 per cent of purchasers are attempting to renegotiate the price downwards at the last minute.

Gazundering involves buyers waiting until they are about to exchange contracts before forcing down an offer which was previously agreed verbally.

25%? I find that hard to believe it's so high.

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Everytime I see this word an image comes to my mind. Of all things its the 7 dwarfs from the Disney cartoon. They are in a line skipping down a road with houses on either side with "for sale" signs up everwhere. They are singing "Hi Ho, Hi Ho, a-gazundering we will go!"

Edited by Realistbear

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"Lisa Stanley, 33, from Clifton, Bristol, told how she overcame a gazundering attempt when she and her husband put their flat on the market in February and had an offer within weeks"

I wonder if this little tale was included at the end of the article, to try and put off, would be gazunder'ers,?

Sounds like this seller was lucky, but maybe others will not be so lucky, if they put their places back to market.

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I wonder if this little tale was included at the end of the article, to try and put off, would be gazunder'ers,?

Sounds like this seller was lucky, but maybe others will not be so lucky, if they put their places back to market.

I'd say it was the first buyers who were lucky!

They always have to add a bit of a 'feel good' end to these gloomy articles. Like the times supplement yesterday talking about prime country pads having to reduce by millions in some cases, at the end they had to add that one last month had 30 viewings in a week and sold well above asking!

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I'd say it was the first buyers who were lucky!

They always have to add a bit of a 'feel good' end to these gloomy articles. Like the times supplement yesterday talking about prime country pads having to reduce by millions in some cases, at the end they had to add that one last month had 30 viewings in a week and sold well above asking!

It is the newspaper equivalent of ITN's "And finally... " stories of some cute bunny after having shown you misery and death for the previous 20 minutes.

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I'm all for lower house prices, but gazundering seems a bit much. If you're not willing to pay that much, don't offer it. People should stick to their word.

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I wonder if this little tale was included at the end of the article, to try and put off, would be gazunder'ers,?

Sounds like this seller was lucky, but maybe others will not be so lucky, if they put their places back to market.

How many people here would be entirely happy to gazunder?

Not in theory - in practice, i.e. exchange is tomorrow and you're going to call the EA in 5 minutes.

Would you feel bad but do it anyway?

Not give a toss - stuff them?

Not feel able to do it (however much you might want to) because you've given your word?

Just curious.

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I'm all for lower house prices, but gazundering seems a bit much. If you're not willing to pay that much, don't offer it. People should stick to their word.

Since a lot of these sellers will have acquired their properties by gazumping in the rising market, I find it hard to support this.

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How many people here would be entirely happy to gazunder?

Not in theory - in practice

It's been discussed on here a fair bit, and it's divided the forum.

The "Principled, honourable types" and the "Why not, it's just business" types.

Personally, I don't think you can sink much lower and there are better ways to achieve the same thing without being such a ****

Edited by exiges

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I think the optimal gazundering strategy would be to first close the deal under a fake identity, making sure theres a nice chain formed form the seller onwards, then gazunder at the very last minute with a ridiculously low offer Then step is with your real identity to "save the day" with your not-quite-so-ridiculously-low offer.

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How many people here would be entirely happy to gazunder?

Not in theory - in practice, i.e. exchange is tomorrow and you're going to call the EA in 5 minutes.

Would you feel bad but do it anyway?

Not give a toss - stuff them?

Not feel able to do it (however much you might want to) because you've given your word?

Just curious.

There is nothing unethical about saving money. I would do it in a heartbeat.

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I think the optimal gazundering strategy would be to first close the deal under a fake identity, making sure theres a nice chain formed form the seller onwards, then gazunder at the very last minute with a ridiculously low offer Then step is with your real identity to "save the day" with your not-quite-so-ridiculously-low offer.

Does this plan include a fake moustache, top hat and cape?

fate1.jpg

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There is nothing unethical about saving money. I would do it in a heartbeat.

Is there anything unethical about lying i.e. saying you will pay £x when you don't actually intend to?

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There is nothing unethical about saving money. I would do it in a heartbeat.

There's nothing unethical about saving money. There is a lot unethical about being dishonest and going back on your word, and being dishonest with someone about your intentions.

As much as I enjoy seeing the boot on the other foot against former gazumpers it still doesn't make it right.

Edited by Riedquat

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How many people here would be entirely happy to gazunder?

Not in theory - in practice, i.e. exchange is tomorrow and you're going to call the EA in 5 minutes.

Would you feel bad but do it anyway?

Not give a toss - stuff them?

Not feel able to do it (however much you might want to) because you've given your word?

Just curious.

Long story but I fully intended to gazunder a previous vendor. We walked away in the end but in desperation he dropped his price to what I was going to reduce my offer to anyway.

He accepted our offer in march and said that they had another house so would move out asap. The goalposts were shifted to a definate completion in july, then august, then sept, oct until eventually they were moved to us definately being in by christmas. All the time he was diking us about I am sure he was waiting for a better offer to materialise from someone else being able to sell and gazump us. The value of the house had fallen over the 8/9 months and I fully intended to drop my offer by £30k.

When in december it became clear that completion was not going to happen we started looking for a rent and pretty much abandoned the idea of buying the house. In mid december the wonker called to say that they would have to put it off until jan but I knew they were going on a cruise for a month in jan so that really put it back to mid feb. I told the ea we were out of patience. An offer came back £30k less which is what I would have reduced to. I told him to go feck himself.

Deliberately gazundering seems unfair although I can see the business deal side of things. When it comes to a situation like figures of 3.6% falls being released then I would fully expect some renegotiation and would do it myself. Why would I want to overpay if the price of the asset has fallen? £10k is still £10k, infact to me it would be more because £10k borrowed would likely end up over £20k paid back.

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Is there anything unethical about lying i.e. saying you will pay £x when you don't actually intend to?

I think it's rather more to it than that.

If you offered x on property y on v date then prices had fallen in large percentage terms nearing completion, then how is that lying? You would be merely making an assessment as to the value of the property y is on a given date z taking all thing into consideration. Which you would have done in the first instance.....

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Two people at work have exchanged in the past month and both were gazundered. Listening to their outraged squealing has been pure, unalloyed joy.

For many, it's not the money, it's the principle, and the annoyance of people going back on their word.

If the vendor and buyer have agreed a price, and the vendor has played fair the whole time, they have every right to be miffed if the buyer tried to stiff them at the last minute.

It's wrong to assume that the vendors would have done the same if they were given a higher offer from a third party, not everyone is a money-grabbing twunt. Many people are at peace with the world.

I am a man of my word, I wouldn't do this sort of thing either as a vendor or buyer. Money isn't everything.

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I'm all for lower house prices, but gazundering seems a bit much. If you're not willing to pay that much, don't offer it. People should stick to their word.

Cant agree, the market can change between the time of your offer and the time you exchange, you may also find out more "facts" about the house and area that can lower the houses value to you, also the fixtures and fittings and home survey will all lead to renegotiation on the price.

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How many people here would be entirely happy to gazunder?

Not in theory - in practice, i.e. exchange is tomorrow and you're going to call the EA in 5 minutes.

Would you feel bad but do it anyway?

Not give a toss - stuff them?

Not feel able to do it (however much you might want to) because you've given your word?

Just curious.

I don't think many people would feel comfortable gazundering, so wouldnt do it, so I am surprised that this article shows there are so many doing it now.

But maybe it is being done by some people who have been gazumped in the past, who now feel tempted to gazunder, now things have changed, and it is a buyers market? .

Or maybe buyers who did not intitially intend to gazunder, when they hear of a 3.6% drop in prices in one month, would feel spooked, so then decide they now want to gazunder, because of such a change in market condtiions?

Or maybe, now we have unfortunately moved further and further away from merely buying homes to live in, that property business investors are less relucatant to use gazundering as as a business tool, than an individual buying themselves a home might be?

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For many, it's not the money, it's the principle, and the annoyance of people going back on their word.

If the vendor and buyer have agreed a price, and the vendor has played fair the whole time, they have every right to be miffed if the buyer tried to stiff them at the last minute.

It's wrong to assume that the vendors would have done the same if they were given a higher offer from a third party, not everyone is a money-grabbing twunt. Many people are at peace with the world.

I am a man of my word, I wouldn't do this sort of thing either as a vendor or buyer. Money isn't everything.

id tend to agree with this, if you agree a price on both sides , thats it really, whatever happens up to completion should be built into the agreed price at the time, its not just the money. The other party may well have made plans based on the agreement that a change of terms will ruin. In a nutshell its why everything is fcked up today, too many idiots out there who only interest is oneupmanship at the expense of other larger considerations

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Long story but I fully intended to gazunder a previous vendor. We walked away in the end but in desperation he dropped his price to what I was going to reduce my offer to anyway.

He accepted our offer in march and said that they had another house so would move out asap. The goalposts were shifted to a definate completion in july, then august, then sept, oct until eventually they were moved to us definately being in by christmas. All the time he was diking us about I am sure he was waiting for a better offer to materialise from someone else being able to sell and gazump us. The value of the house had fallen over the 8/9 months and I fully intended to drop my offer by £30k.

When in december it became clear that completion was not going to happen we started looking for a rent and pretty much abandoned the idea of buying the house. In mid december the wonker called to say that they would have to put it off until jan but I knew they were going on a cruise for a month in jan so that really put it back to mid feb. I told the ea we were out of patience. An offer came back £30k less which is what I would have reduced to. I told him to go feck himself.

Deliberately gazundering seems unfair although I can see the business deal side of things. When it comes to a situation like figures of 3.6% falls being released then I would fully expect some renegotiation and would do it myself. Why would I want to overpay if the price of the asset has fallen? £10k is still £10k, infact to me it would be more because £10k borrowed would likely end up over £20k paid back.

If a sale has been dithering on for months on end, with unnecessary delays on the vendor's part, and the market has changed a lot in the meantime, I can see how anyone might feel justified.

I still wouldn't like doing it, I'd probably be agonizing and downing a large something before calling the EA, but then if you don't look after number one, nobody else is going to.

Edited by Mrs Bear

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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