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Gazundering dilemma??

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  • Gazundering dilemma??

    We are first time buyers and have found a lovely little 2 bed house. We had our offer accepted and the seller agreed to take the house off the market. We got surveys, solicitors and mortgage sorted and all was going well.

    A week later the seller accepted a higher offer on the property. We didn't want to lose the house so we increased our offer. Now we are in a bit of a dilemma as the higher price has pushed us over a loan-to-value threshold so we cant get the best deal on a mortgage. We can afford the new price but it is a stretch.

    Considering house prices seem to be falling, is it acceptable to gazunder? Normally I wouldn't consider it but as the seller has squeezed more money out of us i may have changed my mind.

    Any advice?
    Many thanks

  • #2
    If they had done the trick to me, then I would have no qualms about doing the same back... try and find out how desperate they are to sell first. (It will serve themselves right).

    However, the choice is yours. They tried it on... should you? Only you can make that decision.
    Community spirited? http://www.AshfieldFOCUS.com

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    • #3
      Personally I'd cancel the offer and go shopping around again - in an environment of falling prices, there's a bargain around every corner - but you also need to push prices down as many sellers are still over-pricing, and it would be easy to imagine disreputable sellers claiming fake offers to push the prices back up. I've actually seen similar before, so stick to your guns, and keep within affordability.

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      • #4
        Thanks for the replies.

        I'm very tempted to pull out, but we really love the house and compared to everything else we've looked at in the area it is very well priced, even with the increase. I don't think we'd find anything better for the money in the area.

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        • #5
          I have to say that although I would normally never consdier gazundering, as they did it to you I see no reason why you shouldn't do it to them. It would serve them right!

          That said, if you are happy with the price, think you are still getting good value and and really want the property, is it worth risking it?
          Independent Mortgage Advisor, expert in residential, buy to let, holiday let, and refinance mortgages

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