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Buying a Repo and being gazumped!
helbo_2
Posts: 4 Newbie
HELP!
We are trying to buy a repo. Sellers price 400k. Been on the market a year with no offers and no interest (6 viewings!). The house is underpinned.
We placed an offer back in september 08 for 300k It took 6 weeks for them to finally agree to sell it to us for that price. It went in the paper and immediately another offer came in from an apparently exsisting client from the other EA the property was on with. Our EA found out that we had been gazumped by 9'500k, so we put in an offer of 310k. We got the ball rolling with mortgage, solicitors etc. 2 weeks later we get gazumped again by same people. We are told by our EA that these people went into our EA and said they didnt like their EA and wanted to offer through our EA instead and that they wanted to offer 320K, they apparently were told they had to speak with their EA. So we are advised that we should offer 325k (which we then did). 2 weeks later we get a phone call saying that we have been gazumped again but that they managed to find out how much and the other party were offering 328k. I cried! I said we'd match it. We then get told we have been accepted. 2.5 weeks later I go and look around the property, on my way out with the estate agent, he gets a call from his manager to say that we have been gazumped again but they have been told to see if we can match their offer of 330k. I'm hopping mad at this point and say no chance!. I am then told that the house will not be sold to us.
I then go looking for other houses. One house I liked was being sold by the other EA that was gazumping us. When I speak to the manager and he tries to get me to view the house. I then tell him that I am not dealing with their EA as they have helped to ruin our dream of buying the house we wanted. He then tells me he will call his clients and then give me a call back. 1 hour later I get a call from this EA who says that his clients no longer want the house and that we can buy it again. Confused?? So am I! Why would he try and help me, when he had the opportunity to sell me a house that he had on the market? He makes no attempt to book a viewing for this other house.
On speaking to the solicitor I am advised that they are still aware that they are selling the house for £325k and no other interested parties. The solicitor informed me that the two estate agents are run by the same corporate sales team but just work independantly as two seperate EA's
Now here are my questions. Do you think this is one big scam to get us to up our bid? Do you think we are being played? We are days away from exchange, is it worth considering gazundering them, or would this put them off selling it to us (or take weeks for them to make a decision). If we gazunder we may be at risk of loosing the house if these are genuine other people. If we do gazunder they may think that we will still go back to our final price. Its hard to know what to do, and any advice would be great!
We are trying to buy a repo. Sellers price 400k. Been on the market a year with no offers and no interest (6 viewings!). The house is underpinned.
We placed an offer back in september 08 for 300k It took 6 weeks for them to finally agree to sell it to us for that price. It went in the paper and immediately another offer came in from an apparently exsisting client from the other EA the property was on with. Our EA found out that we had been gazumped by 9'500k, so we put in an offer of 310k. We got the ball rolling with mortgage, solicitors etc. 2 weeks later we get gazumped again by same people. We are told by our EA that these people went into our EA and said they didnt like their EA and wanted to offer through our EA instead and that they wanted to offer 320K, they apparently were told they had to speak with their EA. So we are advised that we should offer 325k (which we then did). 2 weeks later we get a phone call saying that we have been gazumped again but that they managed to find out how much and the other party were offering 328k. I cried! I said we'd match it. We then get told we have been accepted. 2.5 weeks later I go and look around the property, on my way out with the estate agent, he gets a call from his manager to say that we have been gazumped again but they have been told to see if we can match their offer of 330k. I'm hopping mad at this point and say no chance!. I am then told that the house will not be sold to us.
I then go looking for other houses. One house I liked was being sold by the other EA that was gazumping us. When I speak to the manager and he tries to get me to view the house. I then tell him that I am not dealing with their EA as they have helped to ruin our dream of buying the house we wanted. He then tells me he will call his clients and then give me a call back. 1 hour later I get a call from this EA who says that his clients no longer want the house and that we can buy it again. Confused?? So am I! Why would he try and help me, when he had the opportunity to sell me a house that he had on the market? He makes no attempt to book a viewing for this other house.
On speaking to the solicitor I am advised that they are still aware that they are selling the house for £325k and no other interested parties. The solicitor informed me that the two estate agents are run by the same corporate sales team but just work independantly as two seperate EA's
Now here are my questions. Do you think this is one big scam to get us to up our bid? Do you think we are being played? We are days away from exchange, is it worth considering gazundering them, or would this put them off selling it to us (or take weeks for them to make a decision). If we gazunder we may be at risk of loosing the house if these are genuine other people. If we do gazunder they may think that we will still go back to our final price. Its hard to know what to do, and any advice would be great!
0
Comments
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Yes, I have a strong feeling that you have been bidding against yourself. I would just go back to your original offer, which has already been advertised, so the sellers can continue at that price without any delay. Mind you prices fell another 2% in October, but maybe you don't want to go below 300k in case they feel the need to readvertise the property?No reliance should be placed on the above! Absolutely none, do you hear?0
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ring up the EA and tell them that your first offer stands at 300k....(seeing as HP have fallen since you started all this).
AND that if your messed around again you will walk away for good this time.
as soon as you exchange contracts thats it you (and they) can do nothing about it....so act as soon as you can.If you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0
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