Jump to content
House Price Crash Forum
redgenieuk

Gazundering...... Fair Or Foul?

Recommended Posts

I thought this would make a nice poll.

Would you Gazunder, or not?

I seem to remember someone saying they got people to offer the vendor more for their house to seee if they would Gazump them, if they did take it, they'd get Gazundered. Sound fair?

So what do you all think?

Share this post


Link to post
Share on other sites

I picked Yes, but in answer to the "is it fair" question.

Not sure I'd do it though, morality aside, I just wouldn't want to have to search the house for the hidden prawns under the floorboards.

Share this post


Link to post
Share on other sites

If you get a bad survey and change your offer as a result - would you regard that as gazundering? I think that'd be fair, but if you take the mick and do it just before exchange then that's not particurly nice is it?!

Share this post


Link to post
Share on other sites
I thought this would make a nice poll.

Would you Gazunder, or not?

I seem to remember someone saying they got people to offer the vendor more for their house to seee if they would Gazump them, if they did take it, they'd get Gazundered. Sound fair?

So what do you all think?

I think it depends on the reasoning behind it.

If, for example, you have had an offer excepted only to find out that your mortgage provider will not lend the amount required, you may be forced to reduce your offer in line with what you are able to borrow.

I'm sure it would be a nightmare to anyone selling their house under these circumstances, but the world is a tough place.

Providing it was explained to the vendor in those terms: ie " my hands are tied guv, take a lower offer or it gets withdrawn completely. Not my fault - it's the nasty banks"

Housing deflation has to start somewhere after all......not nice, but the more and more of these stories that creep into mainstream media, the faster sentiment will turn and we may actually start to see houses on the market at realistic valuations.

Share this post


Link to post
Share on other sites
If you get a bad survey and change your offer as a result - would you regard that as gazundering? I think that'd be fair, but if you take the mick and do it just before exchange then that's not particurly nice is it?!

Agreed.

I think I would tend to do it for people i thought would do it, but not to nice old ladies e.t.c.

I think bottom line though, say 20K..... that is a lot of money. You'd be silly not to try in most cases, although I agree, not nice at all.

Someone will do it to you one day I am sure, and I will tell them to go ****** themselves, unless I am desperate.

Share this post


Link to post
Share on other sites

It's depends on your take on "my word is my bond."

My view is that once you have made an offer that has been accepted or accepted an offer you are bound to it (in a moral not legal sense - a strange quirk of the property system here). I don't think I would gazunder and I don't think I would accept a gazumping offer (not that there will be many of those around in the current climate!).

Depends, maybe if I was forced (eg financial)

I hope that I would never find my self that stretched financially that I would have to gazunder. Something would definitely be rotten in the state of Denmark if that happened!

Regards,

Q

Share this post


Link to post
Share on other sites

Perfectly fair. Afterall gazumping on the way up is allowed why not gazundering on the way down?

Share this post


Link to post
Share on other sites

In general I'd say that gazundering, like gazumping, is wrong. But then I thought about the current scenario. What if a sudden general HPC coincides with a purchaser having their mortgage offer trimmed? It would seem reasonable to reduce the offer as opposed to having to walk away altogether - the vendor can always refuse the offer, after all. Buyers seem to be having their mortgage offers gazundered by their lenders.

Edited by Sofa Spud

Share this post


Link to post
Share on other sites

I wouldn't do it but then neither would I accept a higher offer if I had already accepted one.

Having said that, if it came to it and the person I'm dealing with was a total s*it, I'd possibly go down the route of getting somebody to put in a higher offer and see how they reacted, if they took it I'd definately stick in a lower offer. One thing is definatelty sure no house is unique enough to make it a must buy, there are literally rows and rows of the same thing just a case of waiting for another one to come on the market.

Share this post


Link to post
Share on other sites
I thought this would make a nice poll.

Would you Gazunder, or not?

I seem to remember someone saying they got people to offer the vendor more for their house to seee if they would Gazump them, if they did take it, they'd get Gazundered. Sound fair?

So what do you all think?

To me a very hard question to answer. I know it is different but I remember selling my first house and agreed on a price and then at the last minute they buyers came back to me and said they want £1500 off as the loft was not boarded. I was fuming ( 1 day to go ).

I took the inside lining from the garden shed and lined the loft, anyone over 4 stone would go straight through it and the shed was damp before I did this anyway.

They bought it in the end.

I am the sort that if I was desperate enough to accept a last minute price drop, I would chase a whole lobster into the plastered walls and spary ammonia behind the radiators.

Jesus, I am angry today :angry:

Share this post


Link to post
Share on other sites
In general I'd say that gazundering, like gazumping, is wrong. But then I thought about the current scenario. What if a sudden general HPC coincides with a purchaser having their mortgage offer trimmed? It would seem reasonable to reduce the offer as opposed to having to walk away altogether - the vendor can always refuse the offer, after all. Buyers seem to be having their mortgage offers gazundered by their lenders.

That all depends on your definition of gazundering, for me gazundering has to be done in an underhand way or without external factors under your control effecting the situation, getting your mortgage offer trimmed is not the same thing in my opinion. That's just my definition.

Share this post


Link to post
Share on other sites
Guest DissipatedYouthIsValuable
To me a very hard question to answer. I know it is different but I remember selling my first house and agreed on a price and then at the last minute they buyers came back to me and said they want £1500 off as the loft was not boarded. I was fuming ( 1 day to go ).

I took the inside lining from the garden shed and lined the loft, anyone over 4 stone would go straight through it and the shed was damp before I did this anyway.

They bought it in the end.

I am the sort that if I was desperate enough to accept a last minute price drop, I would chase a whole lobster into the plastered walls and spary ammonia behind the radiators.

Jesus, I am angry today :angry:

Terribly bad for your blood pressure, old bean.

Share this post


Link to post
Share on other sites
Yes, yes, yes, I would do it. It's business. This housing lark has contributed to me losing my morals :(

I'm with you, my play in all this is to wait for things to get really, REALLY bad before finding myself a distressed BTL investor so I can make their lives hell- preferably stupid, greedy, middle age and middle class- although anyone will do really. Frankly, I'm going to enjoy it too. Although I seem to have friends IRL, I'm probably not a very nice person. :(

If anyone knows where Rosie Millard has her BTLs I would appreciate a heads up. ;)

Share this post


Link to post
Share on other sites

Only if I found something that would justify lowering the offer - after survey, for example. Otherwise, no.

Share this post


Link to post
Share on other sites

As with so many things in life, "it depends".

If my most-hoped-for scenario comes to pass (i.e. buying in the trough within the the next five years), then I would certainly consider it if the process became overly drawn out, and the market had deteriorated further whilst I waited. In fact, it may be that the bank makes the decision before me. However, it's not something I'd use a tactic just to force the price down further in a situation where it arguably hadn't "dropped" while I was waiting.

Share this post


Link to post
Share on other sites

Well I took someone all the way to Exchange once and then pulled out just before. I decided I was paying over the odds and didn't have the nerve to gazunder.

Some months later, still the only property on the market I fancied was the one I had pulled out of. So went back and offered 9k less than previous. A drop of about 8%. Seller was fuming but desperate.

On the day I moved in he took everything - lampshades, light bulbs, carpets etc - which was fine as I was going to rip the place to pieces. He was so angry on the day he could not bring himself to look at me or speak to me. We had to sit around for a couple of hours waiting for his removal blokes to finish. He was down on his hands and knees ripping up the disgusting carpet in the bathroom. I stuck my head around the door and said 'thanks for taking that up, I wasn't looking forward to that job.'

Share this post


Link to post
Share on other sites
That all depends on your definition of gazundering, for me gazundering has to be done in an underhand way or without external factors under your control effecting the situation, getting your mortgage offer trimmed is not the same thing in my opinion. That's just my definition.

I agree with Gilf. Deliberately waiting until just before exchange of contracts and then renegotiating to save money is just underhand. I prefer the Scottish system where you make an offer via a solicitor and the deal is legally binding on both sides within 24 hours.

I wouldn't class knocking a few thousand off for any repairs that show up on the survey as Gazundering, as you normally make a verbal offer to buy subject to survey. In the Scottish system all interested parties survey first and make a binding offer through their solicitor.

Just put the boot on the other foot - how would you feel if somebody tried this trick on you just before exchange? I wouldn't stoop so low to try this myself, and would hope that others wouldn't do it to me.

Share this post


Link to post
Share on other sites

Yep I would....and will when the opportunity arises.

It's a market and open to market ethics. Did they stop to think when gazumping..... No.

Let's face it. In a falling market the 'real' value is going to be 5-10% less of your offer depending on the duration of the sale.

Make your head rule your heart and be prepared to walk away

Frank

Share this post


Link to post
Share on other sites
Guest DissipatedYouthIsValuable
Well I took someone all the way to Exchange once and then pulled out just before. I decided I was paying over the odds and didn't have the nerve to gazunder.

Some months later, still the only property on the market I fancied was the one I had pulled out of. So went back and offered 9k less than previous. A drop of about 8%. Seller was fuming but desperate.

On the day I moved in he took everything - lampshades, light bulbs, carpets etc - which was fine as I was going to rip the place to pieces. He was so angry on the day he could not bring himself to look at me or speak to me. We had to sit around for a couple of hours waiting for his removal blokes to finish. He was down on his hands and knees ripping up the disgusting carpet in the bathroom. I stuck my head around the door and said 'thanks for taking that up, I wasn't looking forward to that job.'

You should have asked to use the bathroom and pissed liberally on the remaining carpet before he took it up.

Share this post


Link to post
Share on other sites
Only if I found something that would justify lowering the offer - after survey, for example. Otherwise, no.

Agreed, & I have had it done to me ...

Just before completion the buyer wanted as last minute second viewing of the property, so discuss things (relating to price), and so I obliged.

The next day the agent rang me to say that I had agreed to a 5k drop. Which I hadn't and it hadn't even been discussed!

I refused this, and the agent got back and said the buyer would actually proceed with just a 3k drop.

When I refused this drop the agent actually had the nerve to call me and say he could 'get the sale through if I dropped 1k !'

I told him to f-off, and the sale went through anyway.

I would never do this to anybody else, it is a seriously shameful practice.

Share this post


Link to post
Share on other sites
I'm with you, my play in all this is to wait for things to get really, REALLY bad before finding myself a distressed BTL investor so I can make their lives hell- preferably stupid, greedy, middle age and middle class- although anyone will do really. Frankly, I'm going to enjoy it too. Although I seem to have friends IRL, I'm probably not a very nice person. :(

If anyone knows where Rosie Millard has her BTLs I would appreciate a heads up. ;)

With you on that one.... trouble is too many distressed BTL'ers will be beholden to the bank and not be able to do much about it if you offer lower.

oh yeah, apart from BLEED to death and CRY and e.t.c

:lol::lol::lol:

Share this post


Link to post
Share on other sites
Agreed, & I have had it done to me ...

Just before completion the buyer wanted as last minute second viewing of the property, so discuss things (relating to price), and so I obliged.

The next day the agent rang me to say that I had agreed to a 5k drop. Which I hadn't and it hadn't even been discussed!

I refused this, and the agent got back and said the buyer would actually proceed with just a 3k drop.

When I refused this drop the agent actually had the nerve to call me and say he could 'get the sale through if I dropped 1k !'

I told him to f-off, and the sale went through anyway.

I would never do this to anybody else, it is a seriously shameful practice.

Good for you sticking to your guns. That is the best defence.

personally I would do it, but i'd be happy to find they had some balls and said no.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 294 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.