Gordon Gekko
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Out of principle, I would sell at a lower price to someone else rather than deal with a person who sought to renegotiate our deal.
Well, the reality is that a lot of folks have suffered significant pay cuts or job losses so they are restricted in terms of the amount they can borrow.Out of principle, I would sell at a lower price to someone else rather than deal with a person who sought to renegotiate our deal.
Out of principle, I would sell at a lower price to someone else rather than deal with a person who sought to renegotiate our deal.
Still though, it might be legal and possible but it's not nice. Gazumping always had an odious quality about it. Gazundering is the same really. Karma will get you!!Different times and different measures- no need to cut one's nose off to spite one's face...............
mf
Different times and different measures- no need to cut one's nose off to spite one's face...............
mf
Still though, it might be legal and possible but it's not nice. Gazumping always had an odious quality about it. Gazundering is the same really. Karma will get you!!
Possibly but a receiver has a duty to exercise all reasonable care to obtain the best price reasonably obtainable for the property.
Personally, I wouldn't proceed without a 10% reduction from a price that was agreed pre-pandemic.
I simply expressed a view as to the level of discount that I would personally require from a price that was agreed pre-pandemic. Fairness doesn't enter the equation.How are you calculating a 10% reduction as fair?
I don't think it is.Why is it seen as more acceptable for a purchaser to renege than a vendor?
For example, the pal that I referenced earlier has just suffered a 20% pay cut - he couldn't proceed on the basis of the originally agreed price even if he wanted to. He simply can't raise the funds.
Where does that reality fit into your moral calculus?
Possible? Yes.Whats the confusion here. No deal is done until contracts are signed. The reality is renegotiation is possible until then - whether liked or not and it works both ways.
You're the purchaser in this transaction, right? In that case, I think you're nuts not to look for some sort of reduction before you put ink to page.We went sale agreed a bit before Xmas and we are now just about to sign contacts in the next week.
You're the purchaser in this transaction, right? In that case, I think you're nuts not to look for some sort of reduction before you put ink to page.
This is pretty "honourable" but with the amount of money involved in what is most peoples' biggest purchase of their life, I'm not sure I would approach it like this.We are, but in our situation we are in the same position financially as we were when making the offer and have largely been unaffected by the pandemic. It’s this reason why I felt it would be wrong to seek a reduction, the vendor didn’t cause the pandemic and as another poster mentioned an executor or receiver has a duty to seek the best financial outcome for their clients.
Could happen that there will be so few houses on the market with vendors withdrawing that falls may not amount to anymore than 5% to 10%. Hard to know but there will be less buyers too.This is pretty "honourable" but with the amount of money involved in what is most peoples' biggest purchase of their life, I'm not sure I would approach it like this.
I know there is no certainty about what this will do to prices, but my instinct would be either to press pause or to look or a significant reduction in asking price.
Even if my own financial position was the same, I believe the market will become more of a buyers one, that would be my logic.
We went sale agreed pre-Corona. Has anyone successfully negotiated a reduced price in the last number of weeks? Interested to hear what kind of % movements are happening generally.
We have not signed contracts and are not in a chain. Buying from a receiver, but so far they are only agreeing to a small reduction less than 5% which we don't think is near enough. We like the house but it needs a complete renovation to make it liveable.
We've gone back looking for an 8% reduction, from the agreed price down to the original asking price. We need as it as the CV has affected our employment status and ability to repay the mortgage we intended to get. We're absolutely prepared to walk away from the deal rather than put ourselves in possible future difficulty.