Beginners guide to gazumping

pawpurrs

Thanks DG! Managed it! Fab!

Wig

pawpurrs wrote: »

I notice that you changed the tittle of your thread, how do I do this please?

The easiest way is on the front page of this board (where you see all the different thread titles). Find your thread and double click on the white background of the box surrounding your thread title (not the thread title itself - doing that would open the thread) When you double click the thread title should become editable.

If the above doesn't work you can open your thread and click edit then "go advanced" to edit the title.

Alternatively a variation on the first method I described, go to your profile - "find all threads started by you" - then double click in the box of the thread you want to change the title.

chickmug

When I was in agency work we had a contract, with the seller, which precluded ‘Gazumping’ and never found a single seller that took offence to signing it. Many buyers found comfort in this inclusion in our contract as they felt they could trust the seller NOT to gazump. Now the ‘boots on the other foot’ it is a shame buyers can’t be made to sign something to say they will NOT gazunder.

I am and always have been against gazumping and gazundering.

pawpurrs

I agree Chickmug, but the OP did ask a question leaving morals out of the equation.
At the end of the day, the long and short of it is, that legally the EA will be obliged to pass on any offer you make, but will not be obliged to let you know what the current offer is.

Greenwellies_2

In short, I've been approached by agents recently letting me know that the property I'd seen on the net was under offer (not indicated on the net), but I could put forward an offer to the vendor. I replied to the agents that I was not prepared to do that, and start the whole gazumping ball of the past, start rolling again. ..... If they do it to someone else, then they'll possibly do it to me

GW

amandajp_2

We are in the process of selling our house and about a week or two after accepting the offer on our house someone knocked on the door and asked whether we would consider accepting a higher offer from them. We said no as we didn't feel comfortable gazumping our buyers even though we would probably have gained about 5K. I tell you this so you are aware that even if you make a higher offer, the sellers may still say no if they don't want to gazump.

Amanda

pawpurrs

And its allways the EA that gets the bad name, despite, telling buyers properties are under offer, they still insist on putting offers forward.....then if the buyer Gazumps, yup EA fault again!

chickmug

pawpurrs wrote: »

I agree Chickmug, but the OP did ask a question leaving morals out of the equation.
At the end of the day, the long and short of it is, that legally the EA will be obliged to pass on any offer you make, but will not be obliged to let you know what the current offer is.

Yes I know:p

But like all threads on this and other boards how many posters stick rigidly to the OP's first post. I just needed to get in my absolute disgust for this sort of thing.

chickmug

pawpurrs wrote: »

yup EA fault again!

No -- do you really think so?;)

chickmug

I inserted the anti gazumping clause in our sellers contract beacuse of several experiences in quick sucession many years ago.

So be warned those who are thinking about gazumping!!!!!!!!

There is sometimes the 'big mouth', when he/she knows a sale has been agreed, makes an higher offer full of how he/she can proceed instantly. As an agent it has sometimes been impossible to dissaude the seller from dumping the first buyer and going with the second (gazumper) higher offer.

I've even had sellers who have gazumped more than once and ended up with no buyer and long wait to get another.

Then as time passes the realisation that the new buyer is not what they first seemed and they pull out so NO buyer. Then you go back to the first person who tells you to p*ss off.


It does and has happened and my view became many who gazumped came in equally as fast and pulled out. So beware:eek::eek::eek: