FTB - Gazumped, what next?

noyk

ps - i smelt that too! 30% in 7 months as you say, maybe for land on a newly discovered gold mine, but no where else

[Deleted User]

If you have made an offer which was accepted AND you are in a proceedable position the estate agent should take the house off the market.

Of course, they say they are acting under the seller's instructions - but if it was me, and the house remained up for sale despite me being ready to proceed - I'd tell them to stick it.

If you are not 'proceedable' - i.e ready to proceed with the purchase, have your funds sorted, your buyer (if there is one, also proceedable) - then the seller is right to wait for someone who is.

cuffie

SmartGirl wrote:

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

It doesnt really come down to what they earn necessarily. They might have a lot in savings, or made a lot of money on the last house they had.... x

meanmachine_2

"Oh, I'm so relieved I took out a massive mortgage last week and paid £500,000, 23 times my income, because the house next door to me which is half the size and doesn't have a roof has just gone on the market for 2.5million. Yippee, I'm so clever. And I must be such fun at dinner parties when I tell other people this fact. Endlessly."

Does anyone else find this kind of post rather irritating?

meanmachine_2

cuffie wrote:

It doesnt really come down to what they earn necessarily. They might have a lot in savings, or made a lot of money on the last house they had.... x

And ths kind of thinking is exactly why the property market booms...and then busts.

Of course it doesn't matter that house prices go well beyond anyone's ability to pay. After all, it's only FTBers who have to pay it, and who gives a monkeys about them, right?

SmartGirl_2

Deleted_User wrote:

If you have made an offer which was accepted AND you are in a proceedable position the estate agent should take the house off the market.

Of course, they say they are acting under the seller's instructions - but if it was me, and the house remained up for sale despite me being ready to proceed - I'd tell them to stick it.

If you are not 'proceedable' - i.e ready to proceed with the purchase, have your funds sorted, your buyer (if there is one, also proceedable) - then the seller is right to wait for someone who is.

I am in proceedable position - I have my funds sorted, solicitor in place, etc. I'll tell them to stick it because even if I offered a full asking price, they still would not take it off the market and they might come back to me saying there is an offer over the asking price!

pawpurrs

:rolleyes: :rolleyes: :

meanmachine wrote:

And ths kind of thinking is exactly why the property market booms...and then busts.

Of course it doesn't matter that house prices go well beyond anyone's ability to pay. After all, it's only FTBers who have to pay it, and who gives a monkeys about them, right?

No its not ONLY FTBers its EVERYONE except downsizers. The gap is bigger for us all, admittedly its FTBers that have it the hardest.

Everyone says to me, youve done well bought house for x now worth x, but its not true, now i need to move up, and had my house not increased a penny since I bought it, i would be better off, as the amount needed for the next step would be say 10,000, but its now 40,000, so in turn that means my next mortgage increases.

Who gives a monkeys we all do, I think you will find that most people are suffering from house price increases, and being bitter doesnt help anyone.

[Deleted User]

SmartGirl wrote:

I am in proceedable position - I have my funds sorted, solicitor in place, etc. I'll tell them to stick it because even if I offered a full asking price, they still would not take it off the market and they might come back to me saying there is an offer over the asking price!

A person such as yourself who is proceedable is actually very valuable in the housing market food chain and you actually weald more power than you might think.

In their quest to get sales through and to please their sellers, estate agents normally bend over backwards to get things moving. After all, they want their commission and they are the only ones who have so far, done any work.

It always rings enormously loud alarm bells to if sellers have instructed their estate agents to continue to market their property following an accepted offer. I make it a condition of my offer that the property be removed from marketing once the offer is accepted.

I also tell the sellers and their agents that I have at least one other property I am interested in and ready to proceed with. Even if I don't.

If the seller is genuine, they'll bend over backwards to get the sale through. (Not that I am saying that ALL sellers who pull out were never genuine in the first place - I realise circumstances can unexpectedly change).

I am also sympathetic to sellers - having been one as well. And having had attempts at gazundering pulled on me at the last minute. Each time I refused.

(Gazundering is the opposite of gazumping - where the buyer suddenly, and at the last minute, drops the offer you have already agreed - thus either scuppering the sale completely or forcing the seller to take a lower price.)