gazumping

boltonangel

hi

i know this is an emotive topic, but is this legal or not?

someone beat me by 1 hour on an offer for a property today. they have offered full asking price.

is it worth trying to go above or is it not allowed?

the vendor is oakleaf property as they have received the property in part ex for a new build.

Gwhiz

It's a free market and totally legal!

Trollfever

https://forums.moneysavingexpert.com/discussion/2560939

housebuyer_abc

Gwhiz wrote: »

It's a free market and totally legal!

Gwhiz is correct, it may upset the people who think they have 'bought' the property - but at the end of the day that's your decision to decided if you can live with that - if you can there is nothing to stop you offering more - - - Oakleaf on the other hand may just say NO as thye have agreed an offer though.

G_M

I assume from your username it's in England?

If so, it's legal.

Scotland is different!

sonastin

The sooner you do it the better if you are going to do it. Having your offer bettered within hours of acceptance hurts less than after you've started instructing solicitors and surveyors and so on.

Beware of getting into an auction though

Evilm

Go for it - just be firm on what your celing price is as it is likely to turn into a bidding war.

chihuahuabear

This is illegal in Scotland isn't it?

jockosjungle

Wouldn't call it being gazumped at that stage personally, I'd say you'd been outbid. They could accept an offer higher of you, but is it really worth getting into a bidding war over?

It sounds like you are dealing with a company rather than a person selling a house, this is worse for gazumping in many ways. If you're buying off a person you've got the human element, maybe the seller would feel bad, not like the bad karma if they are trying to buy a house themselves or a genuinely a decent person who once agreed a deal would stick to it. With a company, they're going to look at the hard facts on a sale and would just accept a bigger offer.

If not based in Scotland, you can offer higher if you want to, bare in mind a mortgage valuer would have to agree with your offer so be careful and don;t bid more than its worth or you can afford

DVardysShadow

chihuahuabear wrote: »

This is illegal in Scotland isn't it?

I should imagine that you are actually 'allowed' to bideven in Scotland. It would be the vendor who is barred fron accepting a higher bid after he has accepted a bid.