Gazumping - have you, would you??

nearlynew

mrstinchcombe wrote: »

Gazumping isn't the fault of the buyer, its the greedy sellers that are to blame for this annoying ploy.

Exactly.

Many people get confused about what "gazumping" actually means.

You cannot get gazumped by another buyer. It is the seller who does the gazumping (by accepting a higher offer after a sale has been agreed)

secretdancer

Perhaps things were going too smoothly, our house sold, great offer accepted on a house with a tonne of potential then this happens.

Can't help but feel the EA has been underhanded and that's what grates.

ItMightBeUsefulOneDay

The short answer is no I wouldn't nor have I.

In my limited experience with buying and selling houses (I've been through the cycle a few times) there are some people who will justify any sort of behaviour on the grounds that this is a lifetime purchase, looking after numero uno or "just business". A last minute change of price or the sudden arrival of a higher bidder are the classic examples.

I don't and won't deal with people like this and will just walk away.

If people show themselves not to be trustworthy at this level then you can be certain they are or will be ripping you off elsewhere in the deal too.

secretdancer

mrstinchcombe wrote: »

Gazumping isn't the fault of the buyer, its the greedy sellers that are to blame for this annoying ploy.

Egged on by equally greedy EA I would add.

Yes the vendor has the final call, but EA has it within their power to discourage this sort of behaviour.

Vincenzo

It is not up to the buyer to gazump anyone. You make an offer and the vendor chooses whether or not to accept.

In Dec 2008 I became aware that a property I had always had my eye on had become available. It was under offer but I had only just been made aware and I made an offer I felt reasonable. The vendor accepted and I went on to buy. Is it not right that the vendor achieves the best price? The previous buyer had an opportunity to raise their offer after all.

While we have the current system in England and Wales I cannot understand why someone would walk away from their "dream home" due to some misguided sense of ethics. I expect the real reason they walk away is because they are not willing to pay what someone else will or they are not as keen on the property as they thought they were.

lee636

I would hate it to happen to me but would consider it, as Sphynx said, its about you and your family. Buying a property is about business as well as finding a lovely home.

Dave_Simmons

As a buyer it wouldn't be my problem.
As a seller you always want the best price, If someone put in an offer on my house that was less than what I wanted but it was early in the selling cycle I would tell the bidder how long I plan to keep marketing for before accepting there offer, I think this is reasonable.
However if it was a long time into the cycle and affecting what I was planning to do then I would accept the offer and stick to it.

Hailstorm

If someone has been straight on honest with me I wouldn't gazump or gazunder. However if a seller had attempted to gazump me I would have no problems gazundering them at a later date or vice versa.