Worried about being gazumped

1+1=3

Hello all,

I'm worried right now. I had an offer accepted on a property on Tuesday 8th. The offer was for below the asking price of £185k. I showed a friend the property on Rightmove tonight (Thursday 10th) and noticed an additional line has just been added to the description saying:

08 September 2009 * Price changed: from '£195,000' to '£185,000'

What's going on?? The asking price has been £185k for the last 4 weeks! Even though the property says "Sold STC", it's also being advertised with a 2nd estate agent, which also has the new line "Price changed" but which doesn't say it's been sold STC.

Is the seller trying to attract further offers, safe in the knowledge she's already got my offer in the bag? I'm a first time buyer and I've waited a long time for this - am I now paying for solicitors and a surveyor when I could well be gazumped? Maybe I'm being paranoid, but it smells fishy to me.

Any advice gratefully received!

Thanks, Andy.

Hector-The-Inspector_2

2007........I might worry,

2009........I wouldn't.

ognum

Why dont you just ask the EA you are dealing with what is going on, or ask the seller. Explain that you are not going to lay out any money if they have not removed the house from the market.
I have in the passed gone down the line of exclusivity agreements but they are legal documents and do require a good solicitor to write an agreement and they do cost.

lowtidesurf

Hello

I am currently in the same position. Made an offer as the house was being built for the pre-evaluation asking price, which I knew was less then the EA asking price. So got the house cheaper and the estate agents were still advertising the property. Hopeing id get Gazumped so they would get more fees.

Solution: Set up a false hotmail account and see how far the estate agent will go to sell you the property. I asked if the property was still on the market. The price that the buyers paid and the likely hood of the buyer completing.

The answer I got back from the estate agent put my mind at rest and they considered the property off the market even tho there website was still advertising the house.

If they take your details and want to arrange a viewing I may be worried that they are still selling it.

Hope this has helped

chickmug

1+1=3 wrote: »

Even though the property says "Sold STC", it's also being advertised with a 2nd estate agent, which also has the new line "Price changed" but which doesn't say it's been sold STC.

This is one of the reasons why many EAs incuding me do not offer multi agency options.The other EA may not even know because the vendor has not told them he has agreed a sale with the other EA. So I would chill and point this out to the EA you are dealing with AND also to the other agent who may be surprised to find out. Not fogetting to let the vendor know who may say "Ooops I fogot to tell them"

poppysarah

Is it a repo? I made an offer on one, had it accepted and then they advertised it at that 6k above that price on rightmove. Didn't buy it in the end, though and am glas as looks like that house and it's neighbour are experiencing car parking issues already

not_loaded

1+1=3 wrote: »

Hello all,
I'm worried right now. I had an offer accepted on a property on Tuesday 8th. The offer was for below the asking price of £185k…

Just one point, you’ve offered and it was a definite acceptance, not just ‘yes, I think we could go at that price’?

It’s probably not reasonable to expect them to take it off the market with so many buyers dropping out currently.

You need to crack on with your survey and other ‘paid for’ commitments promptly (and to show good faith) and I would certainly ask for written confirmation your offer is accepted, making ognum’s point about spending money on it.

Gwhiz

Have people lost the ability to pick up a phone or, god forbid, walk into an EA and ask a question?

chickmug

Gwhiz wrote: »

Have people lost the ability to pick up a phone or, god forbid, walk into an EA and ask a question?

Fair point that applies to a lot of posters especially new ones but it would remove a lot of the fun in being on the forum?

Gwhiz

chickmug wrote: »

Fair point that applies to a lot of posters especially new ones but it would remove a lot of the fun in being on the forum?

I know what you're saying

purplebuzz

Gwhiz wrote: »

Have people lost the ability to pick up a phone or, god forbid, walk into an EA and ask a question?

chickmug wrote: »

Fair point that applies to a lot of posters especially new ones but it would remove a lot of the fun in being on the forum?

It's also good to get lots of other people's opinions on situations, before going the traditional route of how to solve something, i.e. speaking to the EA.

Then you have forwarned yourself as to what they might say!