Gazumped.

Martin_OB

If only people were like 'brasso' - the world would be a better place! 'Pawpurrs', thank you also for your advice - you've summed up our thoughts entirely on this horrible situation.

And by the way, 'Brasso' and 'Gorgeous George' - the vendor is not in a chain too...so if I gave you the number, perhaps you'd like to put in a 'bid' for the property?!!!

On a serious point, it feels like our faith in people have been damaged. Yes, it's a business transaction BUT a person's word is their bond - and I, for one, feel that it should never be broken.

So, the next time we put a bid in for a property, is there anything legally we can do to ensure that we won't get gazumped again? Could a solicitor draw up a 'pre-contract agreement' between ourselves and a future vendor?

Has anyone done this before?

silvercar

We got gazumped after paying for a survey and solicitor's fees and mortgage application fee. And we lost our buyers because of the delay.

Our seller's then lost the house they were going for, which made us feel better. The people that (knowingly) gazumped us will soon find themselves living on a building site as their meighbour has just applied to knock down and rebuild their house. Pure karma!

We then got a higher offer and a better house, so it all works out in the end.

mi-key

Sorry to hear about your hassle - its a shame that peoples word doesnt seem to mean much these days if there's money involved !

The thing you dont know though, is what position these other buyers are in - could be they are in a long chain, havent even applied for a mortgage yet, may get turned down etc... so it may not be all doom and gloom.

I would keep looking at other places, and tell the seller and agent that you may still be interested if the other people pull out, but that you are actively looking in the meantime ( viewing some other places that the agent selling this one has on is a good idea as it shows you arent just bluffing ).

The place we are buying now 'sold' a couple of days before we were due to view it, but the 'buyers' couldnt come up with the money, so it fell through. The agent contacted us as we told them we may still be interested, and now we are buying it !

Martin_OB

Does anyone know of a way that we can stop from being gazumped in the future?...

pawpurrs

Martin_OB wrote:

Does anyone know of a way that we can stop from being gazumped in the future?...

Unfortunately there are no guarantees, the system is very frustrating! You did everything right first time.

Voyager2002

Martin_OB wrote:

Does anyone know of a way that we can stop from being gazumped in the future?...

Live in Scotland.

Agree with the vendor that the transaction will be governed by Scots law.

Seriously, the only way is to pay over the odds so that no-one can outbid you. Otherwise, just live with the risk.

Markee

I know it's no real consolation, but whenever I have been in a position where I have lost a property that was 'the one', and lost it, I have always gone on to find something better. Try not to forget, there is aways a nicer property round the corner.....

Markee

NastyMatt

You can't stop being gazumped.. and if you stay on this site long enough you will read a lot of stories that are similar to yours - so take heart A. It's not personal B. You're not alone C. You did everything right.

The only advice (and yes I have lost a place through similar circumstances) is not to get "attached" to the property until you have exchanged. Don't put any emotions into it.. you're doing a business deal nothing else (business is business)..

1 minute after you have exchanged you're then buying your house.. your dream place.. start making plans.

Martin_OB

To update everyone on the situation (as I promised to do), we found out about 30 minutes ago - that the vendor has gone with another offer.

She has broken our word to us and we have been gazumped.

My only consolation at this point is the phrase: 'What goes around, comes around...'

Thanks everyone for your advice.