I'm really angry. My house went sale agreed almost 4 months ago and with delays over some minor issues the contracts have still not been signed (mainly due to delays from the buyers side may i add). We have been more than accomodating to their every request and now the buyer has today told my auctioneer that they want to re-negotiate the price because the market has fallen since they offered. Its about 5% off what they offered and i'm extremely livid. I'm very tempted to tell them to bog off and put it back on the market. Its a first time buyers house so i'll defo get another buyer but not sure if i can go through all this waiting again. Any advice out there would be welcome!
Bidding lower than was orginally agreed!
- Thread starter Streets
- Start date
paddywhacker
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To be honest, I think you should take it. They are probably right in saying that the market has fallen since, and if contracts are ready to go then personally I would go for it, even at 5% lower as it could take months to go sale agreed again. There's bad news about the housing market and wider economy every single day so hardly surprising people are feeling jittery!
Good luck with it whatever you decide to do.
Good luck with it whatever you decide to do.
don't let emotion enter into your decision
yes, you are being gazundered and it feels wrong and you feel angry. Fair enough, it's a normal reaction.
sit down and work out realistically whether you could get any more for the property by withdrawing from the deal and putting it back on the market now (where circumstances are agreed to be much worse than they were four months ago).
If the answer is 'no', take their revised offer (through gritted teeth obviously)
yes, you are being gazundered and it feels wrong and you feel angry. Fair enough, it's a normal reaction.
sit down and work out realistically whether you could get any more for the property by withdrawing from the deal and putting it back on the market now (where circumstances are agreed to be much worse than they were four months ago).
If the answer is 'no', take their revised offer (through gritted teeth obviously)
C
cotton eye
Guest
Two options in my opinion-
1. If they want to negotiate then do- offer them a 2.5% reduction because the delays were caused by them this way everybody gets a little moral victory.
2. If they won't budge give them the 5% discount and when moving out take everything with you - lights switch's, bulbs, shades........wallpaper
1. If they want to negotiate then do- offer them a 2.5% reduction because the delays were caused by them this way everybody gets a little moral victory.
2. If they won't budge give them the 5% discount and when moving out take everything with you - lights switch's, bulbs, shades........wallpaper
Look at negotiating a better deal, both sides have used solicitors so they will have already incurred fees, they won't want to simply drop the deal if you don't play ball. It doesn't matter who delayed the process, you only have to think about where its at now. Try get up to 2% and if you feel that you will get a better price on the current market go for it, but use your head and not your heart.
aircobra19
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How do you know for certain you won't get 10% less?
newhomeowner
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If you stand to make €200k in profit surely €10k of that bottom line is not worth compromising by putting the property back on the market?
I would understand if you were only making €20k on the deal but seriously you are doing extremely well to walk away with that in this market.
I appreciate its frustrating for you but mortgage approval is getting harder to get day by day so you may not even get to sell it on quickly to a first time buyer as you say...
R
rmelly
Guest
It would most likely be more than 10K - the 200K is 'profit' AFTER paying the outstanding mortgage, not the total sale price?
Total sale price could be anything e.g. 400k in which case 5% would be 20K...
Yep its an offer of 25G less (originally agreed to sell at 500 which was well below asking, now they want to buy at 475).
Its not really the numbers that annoy me, its the fact that these guys purposely delayed signing of which we were accomodating and then they try and take advantage of the falling market. Its pure cheek.
Well it looks like it willbe a 2.5% agreement currently. But i will be doing what cotton eye suggested and take everything with me. And i think i will be getting a friend of mine in the black magic game to put a curse on the house. That will make me feel a little better.
Its not really the numbers that annoy me, its the fact that these guys purposely delayed signing of which we were accomodating and then they try and take advantage of the falling market. Its pure cheek.
Well it looks like it willbe a 2.5% agreement currently. But i will be doing what cotton eye suggested and take everything with me. And i think i will be getting a friend of mine in the black magic game to put a curse on the house. That will make me feel a little better.
excellent suggestion
does your friend do call-outs? I have a few neighbours I wouldn't mind jinxing....
Don't take it personally, they delayed it because of the constant gloom surrounding property, many people have had sales delayed and then the purchasers pull out, your lucky that they are still willing to do business because when a house has been off the market (sale agreed) for a long time it can take a while for it to get going again because any viewers will say 'its been on the market a long time now' and will sense a problem.
R
rmelly
Guest
OP, any concerns that the delays were engineered so they could attempt to gazunder?
Without doubt they were engineering the delays. They constantly went over the same points looking for clarification after we had already given them sufficient info and then took ages (over 3 months) in getting an architect to do a structural survey. They didnt return any of our calls for almost 2 weeks at one stage. I am sure they did this on purpose and therefore have no problem letting them buy the house only to find out that it is now recently possesed by an evil spirit called Bobby. What goes around comes back around.
Be warned before you gazunder. It will come back and haunt you - literally in this case!
Be warned before you gazunder. It will come back and haunt you - literally in this case!
@ Streets. I am going through a very similar situation as yourself.
My house went Sale Agreed 10 weeks ago. The buyers put a booking deposit down but since then have been giving me the run around. Every other day there was a new 'problem' and any time they were due into the EA offices to give them a update on the situation they would never turn up.
The latest was this week when the EA rang me to tell me that the buyers had decided to get rid of their broker as he wasnt doing their job and they had gone to the bank themselves but could only get mortgage approval in principle for 10 grand less than the price they agreed to buy the house for (280,000 instead of 290,000)
I agreed to this on codition that the contracts were signed ASAP. This mornign I rang the EA and was told that buyers broker had been on to say that the mortgage pack should issue in about a week... which is funny as they buyers were meant to have gotten rid of the broker this week.
I got the EA to ring the buyers and they said that they were using the buyers AND the bank to get the best deal.
Its all very stressfull and I am at the stage where I feel like pulling out of the sale and just renting the house out.
My house went Sale Agreed 10 weeks ago. The buyers put a booking deposit down but since then have been giving me the run around. Every other day there was a new 'problem' and any time they were due into the EA offices to give them a update on the situation they would never turn up.
The latest was this week when the EA rang me to tell me that the buyers had decided to get rid of their broker as he wasnt doing their job and they had gone to the bank themselves but could only get mortgage approval in principle for 10 grand less than the price they agreed to buy the house for (280,000 instead of 290,000)
I agreed to this on codition that the contracts were signed ASAP. This mornign I rang the EA and was told that buyers broker had been on to say that the mortgage pack should issue in about a week... which is funny as they buyers were meant to have gotten rid of the broker this week.
I got the EA to ring the buyers and they said that they were using the buyers AND the bank to get the best deal.
Its all very stressfull and I am at the stage where I feel like pulling out of the sale and just renting the house out.
Which is a lot easier said than done, rent inventry on daft is rising by 100 units a day
Which is a lot easier said than done, rent inventry on daft is rising by 100 units a day
Well If do have to rent the house out I will price it at 200 euro a month lower than other houses in the area. I reckon advertising a 3 bedroom house for 1100 a month in the D15 area will generate some interest.
I am lucky in that I can afford to do this as the house I am going to be renting when I move out of Dublin is very cheap so I have a bit of leeway with money.
Well If do have to rent the house out I will price it at 200 euro a month lower than other houses in the area. I reckon advertising a 3 bedroom house for 1100 a month in the D15 area will generate some interest.
I am lucky in that I can afford to do this as the house I am going to be renting when I move out of Dublin is very cheap so I have a bit of leeway with money.
aircobra19
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Dunno about that. Lot of choice in D.15 at the moment. Know a few places that took longer than expected to rent in that area. One took 6 weeks at 1100/1200
I understand the annoyance of the sellers here and I would be peed off it was me in that situation but there has to be an element of "what goes around, comes around here". There was a time when people where being totally priced out of the market by all these bidding wars taking place and the sellers/estate agents (obviously) were trying to squeeze as much out of buyers as possible. And more to the point, gazzumping was also a regular occurance. The shoe is now on the other foot. All of that is part of what has the housing market in the mess that its in at the moment by the way!. Houses were never worth the silly prices people were paying over the last few years and it was bound to crash down to earth at some point.
Anyway,its now a buyers market these days and buyers are trying to get the best deal and not leave themselves in more debt than they need to.
Gazzundering is wrong but in all fairness if i put a deposit down a couple of months ago and then found the price had dropped by 25k, I would be very reluctant to sign contracts. And I'm not a bad person who would try to do anyone out of money or try to pull a fast one. And I don't condone gazzundering before anyone starts biting the head off me, but at the same time that's life!. Its not always fair!
I just think its not always a case of the buyer being cynical, its just in this climate people are not as free and easy when it comes to buying property as they once were. The economy is very unstable at the moment and people are scared.
By the way, as someone else said, if you are walking away from your house with 175k in profit you are doing very well in the current climate.
I also hope you are joking about the black magic curse thing!
Anyway,its now a buyers market these days and buyers are trying to get the best deal and not leave themselves in more debt than they need to.
Gazzundering is wrong but in all fairness if i put a deposit down a couple of months ago and then found the price had dropped by 25k, I would be very reluctant to sign contracts. And I'm not a bad person who would try to do anyone out of money or try to pull a fast one. And I don't condone gazzundering before anyone starts biting the head off me, but at the same time that's life!. Its not always fair!
I just think its not always a case of the buyer being cynical, its just in this climate people are not as free and easy when it comes to buying property as they once were. The economy is very unstable at the moment and people are scared.
By the way, as someone else said, if you are walking away from your house with 175k in profit you are doing very well in the current climate.
I also hope you are joking about the black magic curse thing!
A similar thing happened with someone I know recently. The sale was agreed at 500k, then the buyers came back with a bid of 470. After giving it some thought, the seller agreed, and then the buyer came back with a bid of 425, at which point they were told to get stuffed. It eventually sold to someone else for something in between.
If you're going to agree to a reduced price, make it clear there will be no further negotiation, and contracts will need to be signed within a specified period (say 7-14 days), otherwise you may find the bidder trying to take advantage of your anxiety to sell and try to force the price down further.
If you're going to agree to a reduced price, make it clear there will be no further negotiation, and contracts will need to be signed within a specified period (say 7-14 days), otherwise you may find the bidder trying to take advantage of your anxiety to sell and try to force the price down further.