Bidding lower than was orginally agreed!

Dee101 - I wasnt messing about the black magic. While it would be more acceptable if they had valid reasons for the delays, the fact that they, from the word go, engineered the delays to get a lower price is what really frustrates me. So they are getting some payback for their dishonesty.

Tink - if you tink 10 or 20 grand (it was actually 25 grand as i posted earlier but you obviously didnt read it properly) is a measly sum of money then you must be loaded. That 25 grand gets me a lot more of a new mortgage when i go to buy my next house so i am being screwed on the other end. More than likely i wont be buying a new car now so will make do with my old banger.

Like i said before in an earlier post, its not the amount of money involved (which everyone seems to jump on), its the fact that we in Ireland pretty much feel it is acceptable for this type of behaviour to go on. IS anyone a legitimate business person anymore? Can we not do deals without trying to screw each other?
 
Everyone seems to have forgotton that in the last couple of months mortgages interest rates have been increasing, offer letters from banks withdrawn, 100% mortgages no longer available etc. It is entirely possible that the purchasers bank has not given them the amount of money they want and they have therefore reduced the offer price. There are many people here on AAM in this situation recently, some with contracts that are enforceable and they cannot borrow enough to purchase. OP - in the current market you would be advised to accept it (my personal opinion), it is possible your house has decreased in value and you will not even get what the purchasers are now offering.
 
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OP can you not transfer the loss into savings on the next house i.e look for a reduced sum so you are basically in the same position pre-gazundering?
 
I think its pretty common. A few in my office are in the same boat. Deposit down, contract paid, but the build delayed and the bank refusing to give the mortgage originally agreed saying the property is no longer worth what is was originally. Seller and bank won't back down and the buyer is caught in the middle, having to wait it out. In one case the house has fallen so much it would now make sense to lose the deposit 10k and then buy the house afresh at the new price as its 40-50k less.

Streets if you have such a poor opinion of the buyer, and so certain you can sell at your asking. Why not just pull out of the deal and sell to someone else. The only reason for not doing this is if you are in fact not sure you can get your asking from someone else.
 
aircobra19 said:
I think its pretty common. A few in my office are in the same boat. Deposit down, contract paid, but the build delayed and the bank refusing to give the mortgage originally agreed saying the property is no longer worth what is was originally. Seller and bank won't back down and the buyer is caught in the middle, having to wait it out. In one case the house has fallen so much it would now make sense to lose the deposit 10k and then buy the house afresh at the new price as its 40-50k less.

Streets if you have such a poor opinion of the buyer, and so certain you can sell at your asking. Why not just pull out of the deal and sell to someone else. The only reason for not doing this is if you are in fact not sure you can get your asking from someone else.
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I agree Streets. You shouldn't complete a deal that you are going to have such a bitter feeling about. And you seem confident that you will manage to get another buyer. Why not trust your gut feeling. What ever happens please update this forum with how it ends.
 
Ahem! Quote:

'30k for new car (never had a nice new car before!!)
20k to rid of all loans
50k on stamp when we eventually buy
100k on house price'

Excuse me but my heart is not bleeding for you, at the end of the day the deal wasn't done and they have every right to try and get a better price as the truth is as you have said yourself that the house has fallen by 5% My point is that you have made a lot of profit out of this so why are you begrudging someone a fair price? At the end of the day you don't have to sell your house to these people so if you don't want to, stop going on about 'black magic' and withdraw your house ! No one is forcing your hand here
 
I think I would meet inthe middle and say its the last drop you'll accept or you'll find another seller. Bird in the hand. You might another 3 or 6 months going through this with another seller for 20k even 40k less.
 
Streets said:
I wasnt messing about the black magic.
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I don't really understand how you can believe in something like black magic, yet have a hard time believing the buyer is in their right to only pay what your house is worth.

Take your massive profit and run.
 
Face up to the fact that it's a buyers market and take your profit while you can. Can't you do the same on the other side of the transaction (ie: if you're buying)?
 
Whats acceptable when the market is rising must be acceptable when its falling.

I'm sure you wouldnt be complaining if the market was healthy and you were getting higher offers despite going sale agreed with one party.

Gazumping was a hugely widespread practice in the last decade in Ireland. It was immoral in the same way that gazundering is. However, there are no laws against either practice here in Ireland so there will always be cases where this happens. Someone will only complain if they are on the wrong side of it.

My advice it to try to meet the buyer halfway i.e. 2.5%. If they won't budge then you can call off the deal and risk getting a lower price for your house. If you do sell, why be spiteful and take the bulbs/switches etc? Be happy that you got what your house is worth in the current market.

Being nasty about something will ALWAYS come back to haunt you.
 
I'll tell you one thing OP..

I am in the same position as your buyer and am s***ing it that the house I am about to sign for will not be worth near what I am paying for it. I not only worked hard for that money, but saving it was hard too. It stinks.. but count your blessings..
 
Streets said:
Dee101 - I wasnt messing about the black magic.
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Absolutely ridiculous carry on.
If you don't like what you are being offered then pull out of the sale and find someone else who will pay what you are looking for. You won't do that though because you know the house is not worth now what you were offered a few months ago and you won't get the price you want.
But yet you are seriously expect these people to go through with the sale and pay €25k (plus interest may I add) more than what the house is worth and leave themselves in unneccessary debt just to keep you happy?.
I'm sorry but you sound like a greedy person. As another person has said, take you're 175k profit and be happy with it like you should be.
 
Yes it's frustrating, but there could be many reasons why they delayed, no-one likes to sign contracts without being 100% certain they can go through with the purchase and if you really believe you could get another buyer easily why didn't you pull out of the sale long ago. We experienced the other side when the Vendor caused the delays and then pulled out in the last few days - its a buyers market out there now so who can blame them for taking advantage of that fact - I bet a lot of your €200 Grand profit is down to the fact that it was a Sellers Market for so long!
 
The question is, if someone had of come in with a better offer two weeks after you agreed a price with the current buyers, would you have taken it?? of course you would.

I have no sympathy for you, your 'getting out' of the housing market now because its crashing, and your planning on buying again when the market bottoms out. So your just saddling your over priced house (and dept) on someone else.
 
Streets said:
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.
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What a load of drivel. You will still make a handsome profit. Do you want sympathy? None here.
 
If I was the buyer I would pull out of the deal alltogether!! Only an idiot would buy now in my opinion!
Be glad you have found one of the last fools who obviously has no tv and doesn`t read any newspapers....grab the money and head for the hills!!!!
 
They might not be the idiots, they might even be forming their own opinions rather than following the mob.
iggy said:
If I was the buyer I would pull out of the deal alltogether!! Only an idiot would buy now in my opinion!
Be glad you have found one of the last fools who obviously has no tv and doesn`t read any newspapers....grab the money and head for the hills!!!!
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They might not be the idiots, they might even be forming their own opinions rather than following the mob.
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Mr. Man, thinking for yourself is very praiseworthy.

However, the trend is your friend - the herd mentality that drove prices up for the last ten years will also drive prices down (in real terms) for the next ten. Buying for the next year or two is way too early if you are interested in value for money.

History has some useful pointers here - after the crash in the UK (the 1989 one, not the current one) prices only stopped falling 5-6 years later (94/95).

The OP should take the buyer's hand off, and talk of cursing the buyer is fairly disgraceful in my opinion.
 
We will use the 200k in the following way (very rough figures):
  • 30k for new car (never had a nice new car before!!)
  • 20k to rid of all loans
  • 50k on stamp when we eventually buy
  • 100k on house price
You want to spend 30k on a nice new car that will depreciate by a few thousand as soon as you drive it out the garage. Buy a reasonable priced second hand model and it will compensate you for the 5% reduction you have been offered for your house.

PS Grow up, accept that it is now a buyers' market and refrain from using black magic on innocent people. How childish and pathetic is that.:(
 
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