HELP! We've been gazundered!!

[eastlondonseagull]

Help! The fuckers who are buying my house have sprung an expected 'surprise' on us today, a week before exchange of contracts, saying they're having difficulty raising the deposit needed to buy our house. All this, six weeks after having their offer of £165,500 accepted.

They now want us to drop the price to £160,000. They're buy-to-let buyers and claim they've had to raise their deposit using equity on their existing properties - because of the credit crunch, their houses aren't worth as much as they'd thought, hence the £5,500 short-fall. But it doesn't half seem convenient. Surely they should've known about this weeks ago?!

They said they had a 50% deposit, but have failed to raise all that was needed - so why not just raise a slightly smaller deposit and then have a slightly larger mortgage?! It's not going to cost them much extra!!

Uncle S warned about gazundering and we had prepared ourselves, but it's still been an almighty shock.

We've already dropped the price from £200K to get the sale - so an extra £5.5K takes the total drop to 20%! We can't afford to drop it that much! What do we do?! HELP!

.

 

[countrygull]

Sell, before it goes down to 150

 

[aftershavedave]

tell them to poke it.

if they are "professional" investors of any sort they could quite easily find 5,000.

they are taking the piss!

mind you, if house prices continue falling as they do......

 

[lost in london]

Guess it depends on how desperate you are to move, are you in a chain and buying somewhere else?

 

[Brian Fantana]

To be honest, as much as you can't afford to take a further drop in price, I think that you would struggle to find a new buyer if this one jogs on. In short, take the offer.

 

[Stoo82]

Sell, before it goes down to 150

I would agree with that. My folks had thire house for sale for £275K and after lots of them bringin it down sold for £245K, (this was last year) they have not looked back and am glad they sold. Or if you can afford to keep it, then do that. Good luck.

 

[eastlondonseagull]

Guess it depends on how desperate you are to move, are you in a chain and buying somewhere else?

No chain, we're going to rent for a while because the money we'll 'make' on this one isn't a big enough deposit to buy again. But we do need to move, cos our house is far too small and it's driving us crazy.

.

 

[Easy 10]

They are blatantly taking the piss. Tell em' you've had other offers you can quite easily go back to, so either they stump up or f*** off.

 

[The Large One]

No chain, we're going to rent for a while because the money we'll 'make' on this one isn't a big enough deposit to buy again. But we do need to move, cos our house is far too small and it's driving us crazy.

.

But... with house prices falling, the money you 'make' on the rent will surely mean that you will soon be able to afford the deposit on a lower priced house?

In which case, you can tell them to f*** off.

 

[Lord Bracknell]

Are they chums of HB&B, who have taken his advice on how to strike a deal in the housing market?

 

[eastlondonseagull]

But... with house prices falling, the money you 'make' on the rent will surely mean that you will soon be able to afford the deposit on a lower priced house?

In which case, you can tell them to f*** off.

...or accept the revised offer and sit tight a little longer. I dunno

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[Monty]

Think with your head mate, dont make a quick, rash decision. As you say, you need to move and prices certainly wont be going up anytime soon.

My advice, as long as you can afford to sell at £160,000 is to go into rented accomadation for at least 6 months and buy when the market bottoms out, they are still dropping very fast. Most sellers have dropped by at least 20% on last years prices.

 

[Easy 10]

For the sake of £5k it just sounds like they're testing the water, using the current "financial meltdown" headlines, and seeing if they can get away with it and save a few quid. I say call their bluff, but then thats very easy for me to say sitting here, isn't it.

 

[Monty]

For the sake of £5k it just sounds like they're testing the water, using the current "financial meltdown" headlines, and seeing if they can get away with it and save a few quid. I say call their bluff, but then thats very easy for me to say sitting here, isn't it.

No , please dont call there bluff, just get the dam thing exchanged. Unless your agent is very confident he can negotiate around this just accept and get it done.

 

[hans kraay fan club]

Offer to meet them halfway, or the deal's off.

 

[Marshy]

f*** em, a deals a deal i say.
I wouldnt take it personally.

 

[Monty]

f*** em, a deals a deal i say.
I wouldnt take it personally.

Even in his situation, needs to move! Remarket and potentially lose thousands when he finnally finds a new buyer. Grow up mate, this is serious.

 

[Tricky Dicky]

...or accept the revised offer and sit tight a little longer. I dunno

.

They may be trying it on, but I can imagine it's harder for them to raise funds to buy in this climate. As said, can't imagine finding another buyer at the mo, and looks like prices are only going to go down for a while.

 

[beorhthelm]

tell them to stuff it. in fact, if you wish to piss in their cornflakes point out that a verbal agreement is binding and threaten to see them in court. they must have had the money when they made the offer, so its bollocks. remember, they will have incurred costs to get here (surveys etc) so they have more to lose than you if you are going to rent.

 

[hans kraay fan club]

Negotiation is the way forward. HALFWAY is the ONLY WAY.