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Gazumped & Gazundered

(61 Posts)
trueblue22 Wed 21-Sept-16 11:45:09

We're in the process of buying and house 60 miles away & selling ours.

One day after receiving our survey (which was not good) and having just made a special journey to visit our prospective house, the agent rings to say a cash buyer in rented accommodation had made an offer £25,000 higher and were ready to go. We already had our house on the market and had lots of interest, so reluctantly we increased our offer by £30,000. By doing that, we have even less money to do the essential damp proofing .

We quickly found youngish cash buyers for our house who offered the asking price and said would proceed quickly. However, it took 2 weeks before they dealt with compliance with their solicitors and seemed to be moving at a snails pace.

To add insult to injury, eventually this buyer receives his survey and was told there were potentially £270,000 of works to be done! Our agent said you could build a house at that price. We said no way would he get an reduction as our house was in near perfect order- no damp etc & just needed remedial works like painting & new kitchen. His builder came round yesterday and told him this morning there were approx £50,000 of non essential works.

Last week another prospective buyer for our house, who has been waiting on the sidelines, popped a letter into our door to say if the first buyer dropped out they were desperate to get our house. We told them to 'get their ducks in line' and we would proceed with them if the first buyer dropped out.

After being told by our agent that we will not reduce by a penny, as we had put house on the market well under market price, and just before exchange which is supposed to happen tomorrow, first buyer has asked for a £25,000 reduction. He hasn't told his wife yet - who according to the agent is desperate for our house.

Our agent says i 30 years in the business, he has never known anything like it. We have bought and sold many properties, and neither have we.

Ironically, this couple have just won THE business award in our city and yet the husband seems to have becoem morally bankrupt in the process.

notanan Thu 22-Sept-16 17:15:37

Notanan it is the same in England, the whole chain has to complete on the same day unless there is someone with the cash in the chain

It's not the same in england because prior to exchange the chain can change as exchange is the contract, not the offer

So if someone's forward chain doesn't seem like it's happening any time soon, they can pull out and put an offer in on somewhere else with a fast completion condition, this those behind them in the chain aren't caught up in a never ending chain.

Where the offer is the contract, everyone is left static if one person's forward chain isn't moving forward.

So there are some advantages to offers not being a contract here

granjura Thu 22-Sept-16 17:55:15

If a survey clearly shows that expensive repairs have to be done- like waterproofing course, etc- then fair enough to ask for that to be taken into considerations and lower the offer. Very different to gazundering though.

We had several visits sent by agent who proceeded to say things like 'oh we will have to add a full width conservatory, and that will cost xyz - or we will have to build on to the side to enlarge kitchen and add 1 bedroom and bathroom, and that will cost £$£ ... and I quietly replied that they had the wrong house then and good bye! One of them turned round and said 'but it is a buyers' market' to which DH replied ' might well be, but that doesn't mean we have to sell to you'. So cheeky and rude- we just had to laugh.

M0nica Thu 22-Sept-16 18:36:27

Antonia, even the French system has flexibility and uncertainty. We signed a contract to buy a house, but subject to certain conditions being met, and when the conditions were not met we were able to withdraw from the sale with all our money.

A lot of the delay with housing transactions lies squarely with solicitors. Unless you constantly chase them they just let proceedings drag on. When DD was selling her flat there were problems with one clause in the lease. Every one who viewed the property was told about this and given a copy of it. The solicitor had his attention drawn to it when the legal process started. Six weeks later, the day before exchange, the solicitor rang DD to say he had just read the lease and there was a problem with one clause.

This was not a ploy over the price, the buyer was tearing his hair out as well, he had an advantageous mortgage offer but had to exchange by a rapidly approaching date. it was sorted in the end with about 24 hours to spare. The delay was caused by the solicitor, and this is not the first time time solicitors have held up proceedings by just being dilatory.

foxie Thu 22-Sept-16 18:51:34

The shenanigans of buyers, surveyors, solicitors, builders and estate agents are well know and it shouldn't be a surprise to learn that you've been on the of what can only be described as sharp practice. Keep a cool head and don't be impatient for quick results because that won't happen. Good luck

Hattiehelga Thu 22-Sept-16 21:30:03

I sent a photo of trial batch - or thought I had !! They taste quite nice. I will put sunflower spread frosting on proper batch. Is cake Hulk ? If so will do a few with green icing.

Hattiehelga Thu 22-Sept-16 21:36:20

Gransnetters !!!! Totally ignore photo and post regarding cakes. I have no idea how it got posted as intended for DIL !!!! Story is DGS third birthday party on Saturday and I have been asked to make totally vegan muffins for a little boy with many allergies. As it has reached Gransnet mysteriously, anyone got foolproof recipe for began muffins ?

seacliff Thu 22-Sept-16 21:37:03

Yum, they look nice Hattie, could just fancy one whilst still warm.

Not sure if you posted on wrong thread as I haven't read it all - perhaps the smell of fresh baked cakes will help the sale.

seacliff Thu 22-Sept-16 21:38:25

Ha ha, what a mystery cupcake

Witzend Wed 05-Oct-16 08:51:33

I had a flat where my buyer tried to knock £8k off the price the day before exchange of contracts. Even my estate agent was trying to pressure me into giving in. I was particularly mad since I'd had a higher offer just after accepting hers, and had turned it down so as not to mess her about.
I called her bluff and the sale went ahead anyway.

I agree about chasing solicitors. We had a horrendous experience with one not long ago - it would have taken sticks of dynamite up his a*se to get this particular one moving.
OTOH when DD bought her first house, I told her it would take at least 3 months from offer to completion - an expensive pain since she was in inconvenient and expensive short term accomm.
I was amazed when the whole thing was wrapped up in 6 weeks. She used the EA's in house solicitor, which I wouldn't have necessarily thought a good idea before, but of course it's in their interests to get a sale wrapped up quickly. She also used the in house mortgage advisor - but only after finding the exact same deal online that he had found - for £300 less in fees. When she told him, he said he'd match it.
Always worth a try!

rosesarered Wed 05-Oct-16 14:56:49

As Monica says, the Scottish system, and the French have pitfalls, so certainly not perfect. Also as Sarahellen says, the best possible thing to do is to sell your house and rent in the area you are interested in, and with money in the bank, keep an eagle eye out for a good house to buy.