Once offer has been accepted,can the sellers pull out to go with another offer?

katew87

jenny74 wrote: »

Where abouts in the midlands are you? I have a 3 bedroomed detached house for sale. lol!

Have you got a rightmove link to the house you liked? Just cos I'm nosey!!!

We've only been on the market a few weeks and have had several viewings, one came back for a 2nd viewing, but his wife wanted a bigger kitchen ( Our kitchen/dinner is a fab size, 19ft I think, so goodness knows what she's expecting!)

Jenny

Hi Jenny

Im in warwickshire, Leamington Spa..if your near me get that link over so I can see:D

chewmylegoff

katew87 wrote: »

:mad: Im really annoyed!!!!

I put an offer down on a house for 5k less than it was advertised and it was accepted, I was ready to instruct the solicitor for a quick move in when a cash buyer appeared from know where and matched my offer with cash and now mine has been refused. Surely this isnt fair once an offer has been accepted and we were in the process of doing the paper work?!

Im sooo angry grrrrr:mad:

it's completely fair.

just as you would be able to pull out of the sale at any point before exchange, so the seller can do the same thing/

a cash buyer is less risky for him. if i was in his shoes i'd do the same thing. i'd probably even accept less from the cash buyer. plenty of sales are falling through at the moment because the buyer cannot get the mortgage they thought they could.

Mr_Matey

Wow, does everyone here feel this is a fair way to treat the original poster? I expected a different reaction after reading many people's responses about Gazundering.

You have been Gazumped. A better deal has come along and the seller has renegged on the agreed deal.

So people who replied, how do you feel about Gazundering? If you think the seller has acted fairly, I assume you think it is ok, after all it is legal.

First Post btw :j

poppysarah

It's happened to us. Luckily for us the gazumper pulled out.

It's more common in a rising market. In the current market I'd say someone was messing about.

chewmylegoff

Mr_Matey wrote: »

Wow, does everyone here feel this is a fair way to treat the original poster? I expected a different reaction after reading many people's responses about Gazundering.

You have been Gazumped. A better deal has come along and the seller has renegged on the agreed deal.

So people who replied, how do you feel about Gazundering? If you think the seller has acted fairly, I assume you think it is ok, after all it is legal.

First Post btw :j

as far as i'm concerned both gazumping and gazundering are fine. they both come with their own risks (either you over pay, or the seller tells you to shove it and refuses to sell to you, or gives you an increased counter offer to your gazump).

the system allows it, and it's legitimate to use the leeway within the system as is appropriate to you as a buyer (or seller). you don't have any moral duty to the other party - selling a house is a financial transaction, and you have every right to get the best deal for yourself.

Welshwoofs

Mr_Matey wrote: »

Wow, does everyone here feel this is a fair way to treat the original poster? I expected a different reaction after reading many people's responses about Gazundering.

So people who replied, how do you feel about Gazundering? If you think the seller has acted fairly, I assume you think it is ok, after all it is legal.

I don't like gazumping or gazundering but the OP seemed to be asking if it can be done and, of course, it can. From what I understood from the original post, this wasn't really a gazump as the cash buyer offered the same amount. It sounds as though the seller is crapping themselves that the OP won't get the mortgage...which seems to be happening a lot recently.

Personally, if I'd been the seller I'd have gone with the OP if I'd already accepted the offer and asked the EA to contact the cash buy if the OP failed to get the mortgage after all was said and done.

PropertyPro

It's frustrating when people accept more than one offer, but English property law allows people to change their mind and play the system a little too readily.
Kate, if you are now thinking of pursuing the new-build property, bear in mind that developers are on the whole prepared to accept much lower offers than in years gone by - especially if the property has been on the market a little while.
The selling agent will of course try to get the highest price for the vendor, but research what similar newer builds have sold for over the last few years, and bid a bit less. You may just secure a bargain.
Mark

Mr_Matey

Hi again and thanks for all your comments.

Welshwoofs I would still consider this a gazump, although instead of offering more money they have offered more security (i.e. being a cash buyer). Both have value to the seller.

And yes I agree that the OP wanted to know if it is legal, and it is. Fair enough.

As for my personal opinion, I think if both Gazumping and Gazundering are in the law, which they are, then it's fair game, but neither are particularly nice things to do.

I've noticed, however that whenever someone brings up the topic of Gazundering everyone goes on about what a terrible tactic it is and it should be outlawed etc, whereas if someone complains about a Gazump people say it happens and it's legal get over it. Not pointing the finger at anyone, just an observation.

PropertyPro

Mr_Matey wrote: »

Hi again and thanks for all your comments.

Welshwoofs I would still consider this a gazump, although instead of offering more money they have offered more security (i.e. being a cash buyer). Both have value to the seller.

And yes I agree that the OP wanted to know if it is legal, and it is. Fair enough.

As for my personal opinion, I think if both Gazumping and Gazundering are in the law, which they are, then it's fair game, but neither are particularly nice things to do.

I've noticed, however that whenever someone brings up the topic of Gazundering everyone goes on about what a terrible tactic it is and it should be outlawed etc, whereas if someone complains about a Gazump people say it happens and it's legal get over it. Not pointing the finger at anyone, just an observation.

Good point Mr M,

I feel both tactics are wrong because somebody else gets badly affected by it. In my view, there is not enough protection for either vendor or purchaser.

I work on behalf of the property purchaser, but would never entertain the idea of gazundering just before exchange of contracts - which seems to be happening more and more at the moment. Some people have very few morals.

hethmar

To be fair, if a buyer can see the value of the property dropping before their eyes - it would make good business sense to renegotiate the price before exchange. Its business, not sentiment - would you really give someone an £5 or £10k over the value of an item because it would be bad form not to do so?