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Gazumping....
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aloiseb
Posts: 701 Forumite
....does this still go on?
it's just happened to a colleague - she was trying to buy a small house at £7 K under the asking price, then on the day before they were supposed to exchange, the vendor suddenly annonced that they'd had a better offer from someone else. She's still trying to get the house, becasue sh'es ready and the other buyer with more money obviously won't be, but I thought gazumping was something that didn't happen any more?
The vendor isn't using an EA (for which reason, we thought he was adecent chap, but evidently not) but presumably it woudlnt' have made any difference as he would have just instructed them to do it for him - or would they have advised him not to?
I know he's technically doing nothing wrong (only morally!), but as he's moving abroad.....well, I wouldnt' want his karma, would you? the property sharks in Spain probably have an even bigger bite:eek:
it's just happened to a colleague - she was trying to buy a small house at £7 K under the asking price, then on the day before they were supposed to exchange, the vendor suddenly annonced that they'd had a better offer from someone else. She's still trying to get the house, becasue sh'es ready and the other buyer with more money obviously won't be, but I thought gazumping was something that didn't happen any more?
The vendor isn't using an EA (for which reason, we thought he was adecent chap, but evidently not) but presumably it woudlnt' have made any difference as he would have just instructed them to do it for him - or would they have advised him not to?
I know he's technically doing nothing wrong (only morally!), but as he's moving abroad.....well, I wouldnt' want his karma, would you? the property sharks in Spain probably have an even bigger bite:eek:
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Gazumping and Gazundering both are still very alive and well in England/ WalesAll posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
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We got gazumped to the tune of £35k. They told us they felt they had a moral obligation to stick with us if we would pay the extra £35k! A week later the house they were hoping to buy got taken off the market.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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I was guzumped by £10,000 on this house. As I'd offered full asking price straight off I felt pretty annoyed at the vendors for putting me in the position where I had to stump up this much more money or lose the house.
For myself my principles wouldn't allow me to accept a higher offer from another party once I'd agreed a price. If I consider an offer too low then I just don't accept it in the first place.
Gazumping is alive & kicking alas, many estate agents abhor it but until the government bring in some kind of legislation to stamp it out it will continue to rear it's ugly head.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
Are there any known legal cases where someone who had been gazumped has then been sued for costs etc...
I'd certainly want something back if someone else had snatched the house I planned to buy out of my hands.0 -
You can't sue, until you have exchanged contracts you have no rights to a house.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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No more than you can sue if 5 minutes before exchanging your buyer says they want to drop their price by £5k.
There are a lot of different mentalities in people who are house buying.... to me you arent there to win friends but to make the largest single purchase the average person ever makes. There is only one person to look out for (and yes I would complain if someone did it to me but I would understand their reasonings)All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
No Advertising or Links in Signatures by Site Rules - MSE Forum Team 20 -
Woudl that be gazundering?0
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yes .All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
No Advertising or Links in Signatures by Site Rules - MSE Forum Team 20 -
Understand their reasonings?How so... sure if there was a valid reason, but what about if they just intended to rip you off to the tune of thousands of pounds? The house market need so much more of a shake up than simply introducing HIPS.Astaroth wrote:No more than you can sue if 5 minutes before exchanging your buyer says they want to drop their price by £5k.
There are a lot of different mentalities in people who are house buying.... to me you arent there to win friends but to make the largest single purchase the average person ever makes. There is only one person to look out for (and yes I would complain if someone did it to me but I would understand their reasonings)0 -
Too true..gazzumping, gazundering are a pain in the proverbial. Any suggestions to how improvements can be made?0
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