Gazumped in 30 minutes!

High_Roller_2

Thanks all, I have no intention of getting stuck in a bidding war. I'm looking for an investment as much as a place to live and it's already one of the more expensive flats in the area. Think I may start looking at places that need some work doing so I can spend extra on making it my own.

Unfortunately not a lot has come on the market recently though. I have 6 months to drawdown on my mortgage so quite a bit of time to find somewhere else. Where are all the BTL repo's that should be saturating the market?

hethmar

Have you checked out Property Snake?

http://www.propertysnake.co.uk/

pizzagirl

High_Roller wrote: »

I have 6 months to drawdown on my mortgage so quite a bit of time to find somewhere else. Where are all the BTL repo's that should be saturating the market?

Wait until interest rates shoot up and there'll be carnage, you shouldn't have to wait too much longer.

High_Roller_2

I have PropertyBee and check out WhiteHotProperty every now and again but no, I never look at PropertySnake.

Excellent, in just a couple of minutes of looking I've seen a flat that I may request a viewing on. Thanks, I'll add PropertySnake to my list.

carolt

I've had EA's do the same to me re making up offers - don't fall for it, especially not in this climate.

I'd put money on them phoning you back within a week, probably somewhat less, to tell you that the other buyer has disappeared, and you can have it.

Davesnave

carolt wrote: »

I've had EA's do the same to me re making up offers - don't fall for it, especially not in this climate.

I'd put money on them phoning you back within a week, probably somewhat less, to tell you that the other buyer has disappeared, and you can have it.

Made up or real, all buyers are not equal. If you have the money and the other person is under-funded, this could still go to you.

princeofpounds

1) make up offers to increase the price they obtain for the seller?
2) phone interested parties to inform them that another offer has been accepted?

2) Yes

1) At times it has been very common. In theory it should be pretty rare these days as transactions are more important than maximising the value of those transactions for agents, but very bizarrely they still seem to do it on occasion. I don't understand why, maybe ingrained habits from the bull days, or the thought they might push for a small easy win as asking once and then coming back to the buyer is unlikely to jeopardise the sale.

My thoughts on this have always been that the price anyone else is willing to pay is irrelevant, as is the price the seller is asking for. Do your research, figure out the right price for you. If there is a deal there, do it, and if not, move on.

alexlyne

My first homebuy was like this - they are obliged to tell people who have put an offer in that they have been outbid, and they can re-submit a new offer. In my case it went back and forth twice (or was it three times) - as far as I know it should only happen when there is more than 1 interested party.
The fact that the vendor accepts one offer, then accepts a new offer, then accepts your new higher offer etc is a bit on the rude side.. but I reckon that's life, and not the EAs fault necessarily. Gazumping is more of a pain when they accept your offer and their house goes sold stc, then they accept a new offer.

andrew09

My goodness - I hate stories like this. I lived in Australia for a few years and buying a house was so straightforward. There's an auction held at the property so the bidding is out in the open (literally) and everyone knows where they stand. Once the auction has finished, you pay a 10% deposit there and then and settle the remaining balance usually 60 days later. Once you have paid a deposit the property is yours - you can't drop out the vendor can't drop out.
I've been reading other posts on here about people not reallly knowing what the market price is, should they drop their prices etc. etc. At an auction, there's no doubt! If no-one bids, your reserve price is too high.

vickyb242

I got gazumped on my house last year, first time i paniced and upped my offer by 3k, the second time i told them where to go. After 1 month they call me to ask if i was still interested, of course i was but at 10k less then the original offer. Got the keys 5 weeks later!