G
But you have to ask yourself if this is the right thing to do, morally.
Legally, it's clear. You can pull out and get your money back.
But you agreed a price. They have taken it off the market. They have spent money to draw up the contracts.
They may well have agreed the purchase of another house based on going sale agreed with you.
We all make agreements which we later regret. But generally we stick to them.
Unless there was some significant change, you should go ahead at the agreed price.
Brendan
In fact, whats to stop the seller pulling out?
There is nothing to stop the seller pulling out. And when the market was good, sellers were pulling out or demanding higher prices. That was wrong as well.
Go Tapaidh
What if you really liked this house and were excited about moving into it and the sellers told you that they had an offer of €10k more? How would you feel?
What you are planning to do is more serious, because it could have a knock-on effect on a chain of buyers and sellers.
Brendan
You are moving in line with the market and you should do the best to acheive the ture market price or a price you are happy with.
The OP and MR DT's attitude is partially to blame for where we currently are as a society, it's the same attitude that tolerated nay encouraged gazumping in the boom times.
Its not an attitude its a belief in letting the market decide the price.
They have a right to negoiate up until the point a legal contract is signed in my opinion. If either party don't like it then they can pull out!
So in your opinion you should go with the price you offered, NOT the price you sign a legal contract for?
Were we are currently in society is a far more complex issue and has nothing to do with selling and buying houses i hope (mmmm but then again as this is all we did for several years may be it does......mmmm)
That is not correct. The market is moving all the time. But when I make an agreement to buy a house, I am buying it at that price. I am not saying "I will buy the house at the price prevailing on the date we exchange contracts".
About two years ago, a friend of mine had his heart set on a house and agreed the price. Just before issuing contracts, the sellers came back to him asking for an extra €20k as the market had moved up. He was gutted and really wanted the house. But on principle, he decided not to buy the house.
They offered it to him 6 months later at a reduction of €100k. He told them to go ...
But it's Go Tapaidh's moral choice at the end of the day.
I know that it sounds very old-fashioned, but so far as I am concerned, when I make a deal, I should do my best to keep to it. The fact that the law might allow me to behave dishonourably does not change that.
Gazundering/Gazumping only works when one party takes (attempts to take...) advantage of the other. Part of the "attractiveness" of doing so, is that the other party has already made a commitment in time and money (fees etc.) and thus it is less desirable for them to sacrifice this and walk away. The whole act is premised on the "victim" acting honourably, and taking advantage of this. This is arguably confidence trickery within the narrow though not legal meaning of the term.
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