Gazumping...

Sphynx

Okay I get that for a private person this would be devastating, but for a developer? Surely it's win some loose some?

shane42

i think mgba was meaning to refer to gazumping not leaflets , made me laugh though
back to gazumping
if the vendor is prepared to !!!! on a buyer for you , they might !!!! on you too
its not a nice thing to do

surreybased

Hi,

If the offer has been accepted then I don't think it's the right way to go. Surely the seller will offer the orginal buyer the chance to counter and you might just get into a bidding war.
Just remember EA's love this situation - not a downside for them, usually means higher prices. I would also just add caution - last time we saw frenzy buying (which I agree is happening now) it was just before the last crash!

Sphynx

I hear you surreybased. I wouldn't normally consider it at all. In fact if the property had been marked as SSTC I wouldn't have looked at it, but it was still showing as avaliable, so I did all my homework on it (well all that I could) and got all excited.
I also think we are heading for another crash, or at least slow down of the market again, but it kind of doesn't matter to us as we are planning to stay put and are looking for a long term home rather than to make money. Also looking for this school and I am also aware if it looses its outstanding ofsted the houses won't sell but at the moment it is and they are iyswim

KS1977

I had the opportunity to do it, but couldn't bring myself to. I would have felt awful if the boot was on the other foot. . . and the other purchaser would have been put out of pocket too...At the end of the day, gazumping isn't nice. I suppose it all boils down to what kind of person you are and if you can live with yourself for doing it....I couldn't!

property.advert

I would not even consider the other party if I wanted a house and making a better offer would secure it.

Living with it ? get real !

Brand0

We've just been told we've been gazumped, two days after I actually had a chat with the seller to confirm that the EA were trying to rip us off with the old "the seller agrees to the sales but only on the condition that you take our financial services" chestnut. It seems that moments after I left him there was another knock at the door. The sold sign was already up, but a couple (upset at losing out) sent daddy round. Apparently daddy's a friend of a neighbour.....

I wouldn't mind if I was outbid! We offered 5k-under first. It was knocked back so we came back with full asking immediately and told it was off the market. This new lot have offered the same so we can't even try another bid. It's his house and he can sell it to who he wants.

Peversly, we'd already 'agreed' on another house the previous week (we offered 15k under, then added another 2.5k upon rejection), but pulled out after seeing this one last weekend. We were never sold on the other one and thought it overpriced, but we've kiddies and were desparate. So we've effectively reneged on a deal too, though of course, it doesn't feel like it. And now the house has had £10k knocked off the asking price so we feel vindicated to an extent - there's no chain - it's a probate and no cost were incurred, so it's only been dropped because it was overpriced.

Eric1

Sphynx wrote: »

the more pragmatic part of me is saying that at the end of the day this is a business deal.

Well, yes but

mbga9pgf wrote: »

There are gentlemens agreements in business as well you know?

If I were a seller, I'd think twice before accepting your offer, Sphynx, because it may well backfire.
What if you find a better/cheaper house a week later?

Running_Horse

Is gazumping the new repossession?

Are there going to be endless discussions from people who only want a gazump?

Any gazump will do. Couldn't stand buying a house the normal way.

Reading this is like being in a 2006 timewarp.

thewinkshow

Gazump if you want, its a competitive market, and end of the day the seller,other buyer,estate agent, surveyor dont give a !!!! about you, you will never see them again.
you see the one you want, offer what you can afford regardless of if there is already an offer in.
im sure years down the line when you are living in your dream home for many years you will feel its worth it.............or you could miss out and always wonder, purely because you wanted to be nice to someone you will never see again. its a market, buying and selling, its not bloody about doing nice favors, and do you think other buyers would give you the same courtesy when your bidding on a house, of course not.
Take this how you will, i can assure you i am a very decent person, with good morals, but bloody hell some get too deep on here about ethics and morals when gazumping, its all part of the game, stop being a wimp, you want something get the offer in regardless, where buying houses here not playing lets be nice to each other.