If you are a seller and a buyer has just tried to gazunder you we suggest the following reactions:.
Stay calm; do not lose your temper with your prospective buyer as they may still end up purchasing your property . Remember that your estate agent is not part of the problem but the solution. Your agent has to pass on the bad news – if they don't, they are breaking the law.
Request evidence or ask your conveyancer to request evidence of their reasons for reducing the offer (e. g a similar property has fallen in price, or the survey revealed a hidden problem) and wait for them to prove it to you.
If the reduced offer comes directly from the purchaser, don't make any comment to them yourself and certainly don't enter into any negotiation with them. Keep to the advice set out above. Do your own research and recheck prices in the area and ask builders for a free quote if the gazunder is based on works required to the property, so that you understand your position fully.
After you have received the buyer's documentation take time to review it before you decide whether or not to accept the offer. It may be that your buyer has a valid reason for a price reduction. Try and remain objective and take the advice of people you respect. If you can see the buyer's side of the story, try and be reasonable. Maybe you could make a counter-offer which you think is fair. Use the agent to help you negotiate! After all they are supposed to be working for you.
The above process should help you to see where the buyer is coming from. If your conclusion is that their expectations are completely unrealistic and unreasonable, consider the chances that the same thing might happen again with another buyer and the costs you would lose on this sale.
Ask yourself how desperate you are to move fast. If you don't have to move immediately and can afford to wait for another offer, that may be your best course of action.
In the worst case scenario, when you can't wait for another offer, your agent can usually work up and down any chain on your behalf to see if it possible to make up the loss.