Gazumping - how common is it?

Joannaclaire

We have just been gazumped again!

The first time was about 9 months ago, two days after our offer was accepted (our offer was 90% of asking price), so luckily we hadn't instructed a solicitor, got mortage approved etc on that one.We were miffed, but as we hadn't progressed much or invested a lot of thought and time into the purchase, it wasn't a big drama.

This time we offered 97% of asking price on another house and everything was fine until yesterday, when the vendors pulled out 3 weeks after accepting our offer - apparently they have accepted another (slightly higher) offer through another estate agent (the property was on with 2 EAs), even though we are ftbs, with finances etc in place, our solicitor instructed, on the verge of having the survey done and we could have in theory exchanged in a few week's time.

Am just wondering if gazumping is common, or whether it is just us having really bad luck? Or whether it is more prevalent in London/south east maybe?

Am starting to think we'll never find anywhere. It's taken us ages to find this property as we're quite particular about what we're after :-( And not much comes up in the area we want, within our budget, in the period we want etc.

I'm also wondering whether it would do any good to write a letter to our local MP, the estate agents association (or whatever they're called), Tony Blair etc about this stupid legal situation in England which allows this to happen. It's virtually barbaric and doesn't fit into our modern, so-called civilised society. Specially when people who make agreements don't keep their word.

MyUserNamesTaken

All I can say is that if you like a house enough, offer the asking price. Have you tried putting in a higher offer on the house you've just been gazumped on?

Joannaclaire

No, not offered higher as the owner is no longer speaking to the estate agent we went through and felt as we were in a such good position as FTBs, surely that should be an incentive for the vendor. We offered 98.5% of the asking price anyway (just recalculated it), so figured that was enough - specially as they accepted our offer in the first place.

[Deleted User]

I was nearly gazumped yesterday! We offered the asking price at the same time someone else did last Monday, then increased our to £5k over asking, which was accepted. Luckily, I sorted out our surveyor to go round there yesterday. The EA phoned me up to say that thhe original rival had attempted to gazump, but the vendor was sticking with us. What was worrying was that the EA said that if it had been a new person offering, they would have looked at it more seriously. It's not really on when we have got our surveyor in there already, though I spoke to the EA selling our house telling her the situation and she asked which EA that was from. When I told her it was Bridgefords, she said "ah, I should have guessed."

Oh dear, it could be a rocky road ahead.

Joannaclaire

Ooh good luck A-MS. Hope it works out for you.

[Deleted User]

Thanks Joannaclaire! I think I need all the luck we can get!
I hope you get a house you want very soon, fingers crossed!

beckstrous

Oh gosh - good luck A-MS. This sort of stuff makes me really nervous.

We have had an offer accepted today and the EA told us it is the minimum the vendor wanted. I'm not that good at maths but I've worked out that we have offered over 98% of asking price anyway. It was realistically priced and in a popular area.

We asked them to take it off the market and they agreed. The EA says this has been done and that other viewings have been cancelled. I do think I trust him on this as I was looking at another property with him and I'd arranged a second viewing and then he rang up to say it'd been cancelled as they'd had an offer accepted, so I think he should be good to his word. He said he will put it in writing.

I rang our solicitor today. I don't know if that means we've incurred fees yet but I hope nobody does the dirty on us now. I do know that the EA has been in touch with our solicitor too so hopefully that is a good sign.

I hope everything works out for you.

[Deleted User]

Best of luck to you too, beckstrous!
I'd always say that if you want a house badly enough, give them asking price. It (supposedly!) stops the stressing and in 5 or 10 years when you sell the house, what difference will the few hundred quid you saved make when your house value has increased loads? I figure that it's worth it for peace of mind. I hope it all goes through for you without a hitch.

The thing with our (hopefully) house to be is that it has now been taken off Rightmove, and they aren't doing any more viewings, so fingers crossed the would be gazumpers can gazump off now! haha! I'm just hoping our buyers will hurry up and get their surveyor round to us.

beckstrous

I also forgot to add to Joannaclaire - good luck to you as well.

It's a pity that not everyone is decent. If I accepted an offer on a house then I would stand by that and not drop it for a higher offer. I would do that out of principle.

Doozergirl

I don't think it is that common. We were gazumped once back in 2001 but it was definately a good thing, looking back.

I think that if you're searching the bottom end of the property price range, you're up against other desperate FTBs trying to get onto the property ladder and that gazumping may be more common if the property is considered to be a reasonable price in the first place. You either go as high as you can, or leave a bit extra in the pot to try and outbid potential gazumpers.

I hope you find something soon.

dooj

it happened to me too. We had our offer accepted and had paid for the survey wen in stepped another offer and that was taken up. i felt that the estate agent positivley encouraged it cos after the survey we found out that the house may have asbestos and were trying to organise tests, in the mean time the estate agent had put the property back on the market and encouraged the vendor to accept another offer. I wasnt happy and still think the estate agent was really sly. The estate agent was Keith Patterson (a north east based estate agent) I have since bought a beautiful victorian house which was almost totally stress free and the setate agents were great. I would never ever use Keith Patterson again even if i was desperate.