Muppetboy Posted February 4, 2008 Report Share Posted February 4, 2008 So last week I accepted an offer on my place and as I'd already had my offer accepted on the place I'm buying I went ahead with the mortgage application, valuation, survey etc. Today the mother****er buyer decides he's revising his offer down by 10k- what the f*ck??? We had an agreement! He can s*** my d*** if he thinks I'm going to budge a PENNY under what we have agreed on! What kind of a person operates in this way? I would have swung for the bastard had he been in the same room as me! So he makes an offer, has it accepted, I go out and blow a load of cash on fees/expenses and he turns round and reduces his offer by 10k and thinks I'm going to accept it! He can f*cking whistle, even if it means me missing out on the place I'm buying. F*ck him! I'm quite down over the fact that I'm possibly/likely going to miss out on the gorgeous place I was buying Link to comment Share on other sites More sharing options...
Dave Posted February 4, 2008 Report Share Posted February 4, 2008 Standard procedure for some feckers I'm afraid. agreed... stay strong and don't bend.. it's meant to be.... Link to comment Share on other sites More sharing options...
Cameo Posted February 4, 2008 Report Share Posted February 4, 2008 It's the wonderful system we have in England. The fecking Gov had a chance to change things more akin to the Scotish system where once you make an offer and the buyer accepts it the deal is all but done. What do we get? HIPS! 18 months ago we saw a house we liked. We quickly marketed and sold our house (within 3 days) and made an offer which was accepted. Did all the mortgage stuff, paid for the valuation etc. A week later we got our mortgage offer told the solicitor and Estate Agent and happily went on holiday. That afternoon we got a call from the Estate Agent saying the seller had been approached by another buyer increasing the offer etc etc. We had to cancel our holiday and look for an alternative house in our chose area. There wasn't anything so we got into a very, very stressful bidding war but lost out. Anyway, we looked elsewhere (about 20 miles away) and found a different place. It's a far nicer house and better way of life in a semi-rural location. At the time of the first problems I could have punched anyone who said "What's meant to be, will be and it will all work out in the end". But it's true, so good luck PS. I would still cause the original seller a considerable amount of pain if I ever met him for what he put me and my family through. :torture smiley: Link to comment Share on other sites More sharing options...
Scotty Posted February 4, 2008 Report Share Posted February 4, 2008 You're not gonna like this but it might be worth accepting. Property is on the way down. If you wait another few months then you may look back and wish you'd taken your asking price minus the £10k. Panorama just now revealed some other housing stuff which certainly won't help the market. They also predicted 35% drop over the next 5 years. Whether that happens or not, it's obvious it's only going one way at the moment. Link to comment Share on other sites More sharing options...
JonC Posted February 4, 2008 Report Share Posted February 4, 2008 Gutted to hear that Muppetboy. I'm afraid its all too common at present, especially down South (I'm an estate agent in Edinburgh). The fecker thinks he's clever by "exercising" his right to cash in on the media-driven "buyers market" at present. Has your house been on the market long before he came along? Is it priced correctly and marketed to the right target audience? If so, tell him to feck his butthole as you'll find another buyer soon enough. This is where your agent should be working for you He should be on the phone fighting your corner or sourcing another buyer. Can you ask the vendor of your intended onward purchase if you could have more time? If this is the first sign of a buyer in months, see if you can get what he's knocked you for off your vendor. Can your agent spread the money your buyer is looking to chip off the agreed price down the chain? Happy to advise further if it helps - pm me should you wish Link to comment Share on other sites More sharing options...
Muppetboy Posted February 4, 2008 Author Report Share Posted February 4, 2008 [ QUOTE ] It's the wonderful system we have in England. The fecking Gov had a chance to change things more akin to the Scotish system where once you make an offer and the buyer accepts it the deal is all but done. What do we get? HIPS! [/ QUOTE ] I still don't get this HIPS business... I paid out 500 quid for one and dont know what the feck it looks like or does! Got told that a hard copy will cost me £69! This just confirms that it's nothing more than a money maker... 69 quid to print a document? Link to comment Share on other sites More sharing options...
Muppetboy Posted February 4, 2008 Author Report Share Posted February 4, 2008 [ QUOTE ] You're not gonna like this but it might be worth accepting. [/ QUOTE ] Out of principal I wont. Link to comment Share on other sites More sharing options...
Scotty Posted February 4, 2008 Report Share Posted February 4, 2008 I respect that and I'd probably do the same. I wish you the best with the sale. I hope you get a new buyer quickly Link to comment Share on other sites More sharing options...
AZURES3 Posted February 4, 2008 Report Share Posted February 4, 2008 [ QUOTE ] [ QUOTE ] You're not gonna like this but it might be worth accepting. [/ QUOTE ] Out of principal I wont. [/ QUOTE ] I agree I would look at accepting if you want to move, the market is not stable and people are making silly offers. Either way good luck AZ Link to comment Share on other sites More sharing options...
Muppetboy Posted February 4, 2008 Author Report Share Posted February 4, 2008 [ QUOTE ] Gutted to hear that Muppetboy. I'm afraid its all too common at present, especially down South (I'm an estate agent in Edinburgh). The fecker thinks he's clever by "exercising" his right to cash in on the media-driven "buyers market" at present. Has your house been on the market long before he came along? Is it priced correctly and marketed to the right target audience? If so, tell him to feck his butthole as you'll find another buyer soon enough. This is where your agent should be working for you He should be on the phone fighting your corner or sourcing another buyer. Can you ask the vendor of your intended onward purchase if you could have more time? If this is the first sign of a buyer in months, see if you can get what he's knocked you for off your vendor. Can your agent spread the money your buyer is looking to chip off the agreed price down the chain? Happy to advise further if it helps - pm me should you wish [/ QUOTE ] I'm down south This guy literally walked in 5 minutes after I signed the agent and offered the next day. It's now been on the market around 2 weeks. I think it's priced correctly as it's the 3rd cheapest property in the area on like properties, also based on what similar places sold for over the last 12 months. The agents been great so far and I really believe in him but difficult to know if he's advertising to the correct audience. The other problem is that the place I'm buying did have another offer albeit lower but from someone not in a chain, so I had to stump up more to secure the place. I can ask for more time but I think I know the answer... hope the other person has found somewhere else since No more viewings on mine, which is depressing in itself... Link to comment Share on other sites More sharing options...
Muppetboy Posted February 4, 2008 Author Report Share Posted February 4, 2008 [ QUOTE ] I respect that and I'd probably do the same. I wish you the best with the sale. I hope you get a new buyer quickly [/ QUOTE ] It's funny, only 2 weeks ago I was advising one of my close friends to accept 10k less than the price they had agreed on when the buyer revised his offer down the day before exchange! It was quite a different circumstance but the principal was the same nonetheless. And cheers, hopefully someone will turn up soon Link to comment Share on other sites More sharing options...
JonC Posted February 4, 2008 Report Share Posted February 4, 2008 [ QUOTE ] [ QUOTE ] Gutted to hear that Muppetboy. I'm afraid its all too common at present, especially down South (I'm an estate agent in Edinburgh). The fecker thinks he's clever by "exercising" his right to cash in on the media-driven "buyers market" at present. Has your house been on the market long before he came along? Is it priced correctly and marketed to the right target audience? If so, tell him to feck his butthole as you'll find another buyer soon enough. This is where your agent should be working for you He should be on the phone fighting your corner or sourcing another buyer. Can you ask the vendor of your intended onward purchase if you could have more time? If this is the first sign of a buyer in months, see if you can get what he's knocked you for off your vendor. Can your agent spread the money your buyer is looking to chip off the agreed price down the chain? Happy to advise further if it helps - pm me should you wish [/ QUOTE ] I'm down south This guy literally walked in 5 minutes after I signed the agent and offered the next day. It's now been on the market around 2 weeks. I think it's priced correctly as it's the 3rd cheapest property in the area on like properties, also based on what similar places sold for over the last 12 months. The agents been great so far and I really believe in him but difficult to know if he's advertising to the correct audience. The other problem is that the place I'm buying did have another offer albeit lower but from someone not in a chain, so I had to stump up more to secure the place. I can ask for more time but I think I know the answer... hope the other person has found somewhere else since No more viewings on mine, which is depressing in itself... [/ QUOTE ] Well I guess its very much in the hands of fate. Also, your vendor has a choice depending on what their onward circumstances are. Should they elect to take their money early and proceed with the lower offer, then there's not much you can do about it. However, should they decide to give you longer to secure another buyer, then that's your answer and hopefully you'll find another buyer within that extended time frame. Good luck; I hope it works out for you. Link to comment Share on other sites More sharing options...
Scotty Posted February 4, 2008 Report Share Posted February 4, 2008 It's such a fecked up way of buying selling. When the markets dropping people renege on agree prices and when it's going up you get gazumped Link to comment Share on other sites More sharing options...
Muppetboy Posted February 4, 2008 Author Report Share Posted February 4, 2008 [ QUOTE ] It's such a fecked up way of buying selling. When the markets dropping people renege on agree prices and when it's going up you get gazumped [/ QUOTE ] You can't feckin win whatever happens can you? Link to comment Share on other sites More sharing options...
962C Posted February 4, 2008 Report Share Posted February 4, 2008 Did you accept his first offer? I'm not condoning it, but you can understand why he is trying. Last time I paid big money for something where the price was totally open to negotiation - something automotive - I made a very low first offer and was surprised when the seller accepted. Since then I have always wondered 'how low could I have gone?' To be honest I pitched in at a nice round figure, but there was always the thought in my mind of how close I was to the 'minimum sale' price. However, I honoured my first offer and went though true to my word, and this is what the chap should do on your house. The principles and morals are just so fecking wrong! Don't let him bluff you into a 10k discount. Link to comment Share on other sites More sharing options...
Muppetboy Posted February 4, 2008 Author Report Share Posted February 4, 2008 I initially rejected it as it was made the day after I put the house on the market and it was way off the mark but then when my own offer was accepted my circumstance changed and I was willing to accept a lower price so I could get moving. When I first rejected the offer the guy had stated that he would still be interested at the offered price if I changed my mind but that's all he could afford to pay at the moment. I aint budging! Link to comment Share on other sites More sharing options...
962C Posted February 4, 2008 Report Share Posted February 4, 2008 too right. So he made his first offer, you said it was too low already, sat on it for a while, then went back and accepted it.... only for him to come back and try and hack another 10k off? i hope for your sakes the house is still on the market and you never took it off Link to comment Share on other sites More sharing options...
Muppetboy Posted February 4, 2008 Author Report Share Posted February 4, 2008 That's exactly what happened! Cheeky fecker! Never took it off the market, not that it's made any difference! Link to comment Share on other sites More sharing options...
962C Posted February 4, 2008 Report Share Posted February 4, 2008 Good decision. I'd only take it off the market in this climate if a) the asking price was matched and b) the buyer asked you to Link to comment Share on other sites More sharing options...
Adam Posted February 5, 2008 Report Share Posted February 5, 2008 [ QUOTE ] It's such a fecked up way of buying selling. When the markets dropping people renege on agree prices and when it's going up you get gazumped [/ QUOTE ] this phemoenon actually has a name now - gazundering or being an opportunistic w*nker in my book Link to comment Share on other sites More sharing options...
Calm Chris Posted February 5, 2008 Report Share Posted February 5, 2008 I'd play Poker, go back and say you've had an offer that is in keeping with your pricing schedule and that's the reason for you rejecting his amended offer . Tell him that you will not accept an offer as binding until exchange, so if he wants to revise his offer or become part of a two horse race then he's welcome. How much fun would it be to accept his offer and then allow someone else to take it from him in 8 weeks time, 10 minutes before exchange Link to comment Share on other sites More sharing options...
randellp Posted February 5, 2008 Report Share Posted February 5, 2008 I am concerned this is going to happen to us with our house sale. Our purchaser seems a bit, lets say, "wide" and couldn't get the idea that we really wanted as close to the asking price as possible, and not drop 10% he was originally offering. So despite us accepting an offer from him, I am certain he's going to try and pull a fast one running up to exchange. I sawe this happen on Location Location. It was quite funny seeing Phil go ballistic, and they ended up meeting half way to ensure teh sale, but I'm not sure how funny it will be if it happens to me! Some useful ideas above though.... Link to comment Share on other sites More sharing options...
garcon magnifique Posted February 5, 2008 Report Share Posted February 5, 2008 Going back to muppetboy's first post... Look at it this way. If you accept his new offer, at least you'll know where the c*nt lives... Link to comment Share on other sites More sharing options...
randellp Posted February 5, 2008 Report Share Posted February 5, 2008 And you will know where the spare back door is kept too! Link to comment Share on other sites More sharing options...
Dave Posted February 5, 2008 Report Share Posted February 5, 2008 My opinion is that if they have put an offer on a place, it is because they like it. It's a well used tactic now to save money, and i think you have two options.. hold your ground, or do the same to who you are buying from. Link to comment Share on other sites More sharing options...
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