FTB - Gazumped, what next?

SmartGirl_2

Finally, after 3 months of searching I have found a property that I liked. It was on the market for £330k, I've put in an offer for £315k on Monday, which was accepted. However, estate agent would not take the house of the market until valuation is done. On Friday, I had a phonecall that I was dreading - somebody else offered £320k and I would need to go higher. I told him that I could offfer more on condition that the property is taken off the market until valuation is done (it would take few days), but the answer was that it is not the way they work. Is this reasonable??? If I go higher, I'll probably be starting a bidding war and would end up paying asking price or even higher. I like the property, but I am not desperate to buy. Any advice on how I should go about it?

This is my first offer on the first house, so it is a 'wonderful' experience in house buying...

jamminjamaica

i would make them sweat. have a think about it. do you really want this house? if so bid again. if not keep looking. unfortunately yes they can refuse to take it off the market. sounds like they are holding out for the asking price.

good luck

silvercar

I wouldn't spend money on a survey until they have agreed not to market the house further.

meanmachine_2

You've not been "gazumped".

You offered under asking price. Someone offered more.

They obviously value it higher than you.

The owners can act as they please, until they behave so appallingly that it drives away all buyers.

That's the beauty of this system.

"Gazumped" is when you offer, it's accepted, you pay for a survey then a last minute offer from elswhere is accepted.

You've still got that last minute twist to look forward to - good luck!

mpsavuk

Maybe the estate agent is lying about the other offer?

An old trick to get as much cash out of you as they can.

I'd tell them your offer stands and wait and see what happens.

After all there are plenty of houses on the market so does it really matter if this one falls through?

SmartGirl_2

Thanks for advice. I like the house, but I don't want to pay more than it's worth, so I am out.

meanmachine_2

Where do you live? A market that's risen by 30% in 7 months...

Hmm, I smell cowpoo.

SmartGirl_2

M.A. wrote:

I do not think the Agent is lying about the offer. £5000 more means about another £50 to £100 on their fee. I'm sure they want to get their commission asap. I'd say you need to think how much you want the house and what you think the market is doing where you live. I paid 265k for my place in March and one has just sold in my road in a day or two which was asking 340k and a friend has just bought the same house in the next road for 350k. The market where I live has increased massively. I could not afford to buy if I waited. I'd be careful before you take advice that there are plenty of houses on the market.

People will still need to buy houses in the future. If the prices go that high where nobody can afford them, they will have to come down.

And do you mind me asking how much does your friend earn if he can pay £350k for a house?

BenL

Ask the estate agent to prepare more houses for you to look at while you think about it.

Even if you are set on the house never tell the estate agent, they don't work for you.

Ben

advent1122

i would make them sweat.

How are they sweating? They have been offered £5,000 more by someone else.
I dont think they are lying awake at night "wondering" whether they will get an even higher offer.

noyk

if they accepted your offer, then accepted someone elses sod them. There's plenty of houses around, you'll find another you like even more soon.