House purchase, gone wrong.

silvercar

there is a difference between allowing viewings already booked to go ahead, especially when your buyers have not yet incured costs and arranging new viewings without letting your current buyer know that you are doing so.

Your sellers were absolute sh$ts to do this to you. In an honest world they wouldn't be in a position to receive further offers because they shouldn't be showing the property.

We had this done to us. The whole chain was ready to exchange except the person at the top who had probate delays. While we were impatiently waiting, after having spent £1,500 on surveys etc, they accepted an offer out of the blue (allegedly) £10,000 more than ours. They thought they were behaving correctly by saying we could still buy it if we matched the price; then they had another offer £30,000 more. We pulled out. Their seller heard (cough) that they had got a higher price and pulled her house of the market.
They then had to find another house and ended up spending £100k more.
[I checked all this on the house price website].

To those of you that say, you would have done the same - not true. You have to behave as you would want to be treated.

Due to the above fiasco, we lost our first buyer, found another buyer almost immediately. We also found a nicer house! A couple of weeks before exchange the first buyer comes back and says he wants our house and is prepared to pay more. Now we could have had a conversation with them, but we said we had a buyer at the moment and weren't talking!

The whole house buying business is fraught and you just have to behave honourably in the hope that others will do the same.

snuffy

Estate Agent also at fault?

Debt_Free_Chick

snuffy wrote:

Estate Agent also at fault?

I don't think so. They act for the seller and if the seller wants to allow more viewings and/or other offers, I don't see that the EA can refuse.

I would imagine the EA would point out the pros & cons of changing tack at such a late stage but, ultimately, it will be the seller's decision.

Debt_Free_Chick

To be honest, I rather suspect that many of us would at least consider a higher offer - and some of us would accept it. It really depends on individual circumstances and whether your conscience would bother you in weeks/months to come.

I am now considering what to do, by way of venting my anger.

Should I go round there ?
Or write her a letter ?
Or something else ? (any slightly dodgy suggestions by PM please !)

And do or say what, exactly? Would it really make you feel better? Depending on what you did, you could find yourself arrested if you paid her a personal visit. Any other "slightly dodgy suggestions" might also carry the risk of you committing a crime.

Of course you're angry - but taking "action" is not going to get you anywhere, sorry

Don't let the anger eat you up as you have other things that need your emotional energy in the next few weeks.

Move on - move forwards

goldbyron

This is very bad luck and a horrible position to find yourselves in at the moment...however revenge is just not worth it. Leave it be and direct your energy into finding an even better property.

I do think the EA is at fault slightly - they should have told prospective buyers it was SSTC and not on the market. However someone may have also knocked on the off chance.

Never heard of a 'lock out' - is this legally binding?

JohnInDebt

horizon wrote:

Hi

Basically we've been Gazumped !

.......and I'm fuming

The woman we were buying the house off, has suddenly decided to sell to someone else for £12500 more than we agreed on the 29th August.

She has blamed the legal process for taking too long, and is using this as an excuse for selling to someone else.
I think this is B0LL0CKS, as an identical house 4 doors down from hers recently sold for £17000 more than we paid. She has seen the pound signs flashing before her eyes, and promptly re-sold at a higher price.

We were due to exchange on the 23rd Oct, and were all due to move at the latest by the 1st Dec.

I am now out of pocket to the tune of something approaching £1000, which had gone on the survey, searches, legal fees, insurance etc, etc...
Also a lot of time and effort has been put in by others (thanks Stefano) now all for nothing.

This has had an effect on the whole chain (8 of us)
We have decided to continue with the sale our house, as we don't want to have to restart that process again.

I'm now having to take more time off work, to start searching for a new property, and will also have to find somewhere to rent for 6 months in the mean time.

I am now considering what to do, by way of venting my anger.

Should I go round there ?
Or write her a letter ?
Or something else ? (any slightly dodgy suggestions by PM please !)

I was hoping to win the lottery last night, so I could gazump her !

Horizon

It's not right but I would offer her more money and then pull out at the very very last minute.

horizon

Thanks for all the replies, and commiserations.

I will think things over for the next day or two.

What's really galling is, I thought this woman was trustworthy, she seemed so.
I never messed her around, I offered the full asking price within 2 hours of viewing, had the mortgage sorted within a couple of days, and the solicitor instructed.

The survey was done within 10 days, I had all the electrics and gas checked out by professional companies, on the surveys recommendation.
So she must be fully aware that I have parted with a lot of money.

I am usually a level headed person who doesn't get upset too much, my wife however is very upset.

I think I will write her a letter, detailing the ordeal she has put us through, and how much it has cost us.
I'll ask her how she'd feel if someone went round and Gazumped her. (I am seriously considering getting a friend to do this, and then pull out. As suggested)

Will be spending this afternoon viewing properties to rent, hope I can find something nice.

Horizon

silvercar

I would write a polite letter detailing the costs you have incured and ask that, being she is now getting a higher price, she feels able to contribute to your costs.

It may be that she does offer some payment to salvage her conscience.

Nothing else you can do.

jamminjamaica

horizon wrote:

Hi

Basically we've been Gazumped !

.......and I'm fuming

The woman we were buying the house off, has suddenly decided to sell to someone else for £12500 more than we agreed on the 29th August.

She has blamed the legal process for taking too long, and is using this as an excuse for selling to someone else.
I think this is B0LL0CKS, as an identical house 4 doors down from hers recently sold for £17000 more than we paid. She has seen the pound signs flashing before her eyes, and promptly re-sold at a higher price.

We were due to exchange on the 23rd Oct, and were all due to move at the latest by the 1st Dec.

I am now out of pocket to the tune of something approaching £1000, which had gone on the survey, searches, legal fees, insurance etc, etc...
Also a lot of time and effort has been put in by others (thanks Stefano) now all for nothing.

This has had an effect on the whole chain (8 of us)
We have decided to continue with the sale our house, as we don't want to have to restart that process again.

I'm now having to take more time off work, to start searching for a new property, and will also have to find somewhere to rent for 6 months in the mean time.

I am now considering what to do, by way of venting my anger.

Should I go round there ?
Or write her a letter ?
Or something else ? (any slightly dodgy suggestions by PM please !)

I was hoping to win the lottery last night, so I could gazump her !

Horizon

it is horrible when this happens. the buying and selling process needs to be reformed.

Alan_M_2

The more I read these stories the more it seems the system needs some form of regulation, however this is unlikely to happen, or at least happen quickly. Legally binding offers would cut alot of this nonsence out to start with.

It seems to me the best way to protect yourself is to sell your own property and gear yourself up to rent somewhere until you find exactly what you want, if you happen to find something quickly then the rent can be avoided and it's bonus.

A lot of this is a state of mind, often the deposited money will be enough to cover most if not all a monthly rent and it puts you in a far better bargaining position. Sure it could be a nuinsance for a while, but think of it like taking out your own anti gazumping insurance.