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Friends Gazumped

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First thread in a long time, friend of the wife has just been Gazumped on a new build by a local builder who's son she went to school with. Not only that but her parents too. Both have completed on selling their own properties and are all living at their soon to be sold parents house. Wife's friend went to school with the builder and he has basically strung both families along assuring them that he would let them complete at the agreed price until, (but letting them know he had had better offers a week before exchange. This will leave them all homeless shortly.

It's pure greed, on the builders behalf.

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That's a bit of luck some other idiot gets to own them over priced shoe box weight round their neck.they should phone them up and start laughing down the phone.

Edited by TheCountOfNowhere

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It's a seller's market.

(until suddenly it isn't)

Boom and bust cycles, and the untold misery they bring.... It's enough to make your blood boil.

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Same situation for me this week.

Couldn't exchange yesterday as my buyer hadn't got her shiv together. My vendors then asked for £25k more.

I told them I didn't have the money and then they said they would be re marketing property this week £25k higher.

I then called their vendors estate agent :lol: and told him what was going on, explaining that if my vendor has to find a new buyer his sale to them will be delayed for at least another 2 months (he's already waited 6 months for them to exchange and his client is already fuming)

He then called my vendor and said his vendor wants £15k to wait for them to find a new buyer.

Suddenly an extra £10k for at least two months waiting doesn't seem so appetising (it was let slip they are paying £2k per month mortgage and their business needs cash flow)They've now given us until Thursday to exchange at the agreed price.

Anecdotal: spoke to my IFA: Nationwide and Woolwich taking up to 8 weeks to process mortgage applications and Santander taking 6-8 weeks. IFA says there is nothing he (or their relationship managers with lenders) can do to speed up the process - apparently huge backlogs due to numbers of applications.

This is good news for those whose vendors try and gazump them as any price increase has to be reported back to lender with new mortgage offer then processed and issued, regardless of whether the extortion price increase is paid for in cash (I.e. not borrowing more). Always a good one to go back to them with. Also I've heard that surveyors are down valuing properties (in London) so their extortion attempts could double back fire if the house is not valued up correctly.

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Anecdotal: spoke to my IFA: Nationwide and Woolwich taking up to 8 weeks to process mortgage applications and Santander taking 6-8 weeks. IFA says there is nothing he (or their relationship managers with lenders) can do to speed up the process - apparently huge backlogs due to numbers of applications.

God almighty! It was so much easier when they just lent the money without checking anything then bundled up the crap mortgages and sold them to a German dentist. It's so unfair! I hope they don't now also expect people to actually pay back the money they borrowed over the term of the mortgage... What is the world coming to?

<sarc>Processing the mortgage applications must really be hammering their profits</sarc>

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