Help. We've been gazumped!

krishna · 25 June 2007 at 4:22PM

We put in an offer on a property of £275k (the asking price). We had confirmation in writing from the agent that our offer has been accepted, providing us with details of the vendor and their solicitors. That was last week. We've just had a call from them to say someone else has put in a higher offer. What's the best way forward. I presume we have to either walk away or put in a higher offer? Agent won't tell us what the other offer is.

frivolous_fay · 25 June 2007 at 4:25PM

How much do you love the house?

Under these circumstances I'd be telling them where to stick it.

arthur_dent_2 · 25 June 2007 at 4:31PM

horrible, nasty evil process that should be outlawed. Unfortunately having had it happen to us about a week ago, I know how you feel. We walked away and have now started proceedings on another house. Everything happens for a reason, good luck with whatever you decide to do.

Rover · 25 June 2007 at 4:38PM

krishna wrote: »

We put in an offer on a property of £275k (the asking price). We had confirmation in writing from the agent that our offer has been accepted, providing us with details of the vendor and their solicitors. That was last week. We've just had a call from them to say someone else has put in a higher offer. What's the best way forward. I presume we have to either walk away or put in a higher offer? Agent won't tell us what the other offer is.

The God's have smiled on you. Bide your time....................

Nicki · 25 June 2007 at 4:49PM

How odd the EA won't tell you how much the other offer is. That doesn't give you any chance to match or improve on it. Maybe if you told him that was your intention, he would divulge it. On the other hand if you aren't out any money on survey or searches, maybe you should cut your losses and find a more ethical seller!

servalan · 25 June 2007 at 4:54PM

This happen to me the other week. Told them where they could stuff it. wasn't going to up the offer they had excepted .found a much nicer house now and their's has fallen through. theirs always something else out their. Also on my house i excepted an offer someone else came in with a higher one they were told no as i have morals . didn't like it happening to me wouldn't do it to someone else . there should be a law against it

frivolous_fay · 25 June 2007 at 5:19PM

Nicki wrote: »

How odd the EA won't tell you how much the other offer is. That doesn't give you any chance to match or improve on it. Maybe if you told him that was your intention, he would divulge it. On the other hand if you aren't out any money on survey or searches, maybe you should cut your losses and find a more ethical seller!

I put a few offers in before we had one accepted (exchanging next week, with luck!)

In almost all cases where there was a competing bidder, the agent wouldn't tell me how much. If they did, it was 'off the record' They'd only tell me it was higher.

krishna · 25 June 2007 at 5:22PM

Well, just had a call from the agent to say "we have been instructed by the vendor to accept the other offer".

So I guess that's the end. Bizarre that they wouldnt tell us what the offer was. A friend said that he has come across cases where the agents themselves buy the properties. It needed completely redoing inside so was really good value.

cattie · 25 June 2007 at 5:58PM

It's very rare that an agent will let on what the other offer is in my experience.

I just lost out on a house that someone else had offered on. I asked the agent where I needed to be at to secure the house, as I know they rarely give you an actual figure of what the other offer is, but she said she couldn't say other than it needed to be above asking price. My offer obviously didn't match what the other one was so I wasn't lucky.

Help. We've been gazumped!

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