How to gazump?

Wig

There's this house I saw and am interested in, rang up for a viewing, they said an offer had just been accepted. Damn!

I would still like to view it, can I insist? Or can I insist they ask the vendor if I can view?

Can I insist on having a man inspect/value it. Prior to making an offer which is accepted?

Is my only option to gazump to just make an offer? They are obliged to pass on all offers are they not.

I will have to guess what the other offer was and try to beat it. I could offer the asking price, but maybe they did too. - this is why I want a valuation done before I offer.

Or do I have to find out who the vendor is through the land registry and go direct?

scorpio_princess

Wig wrote:

There's this house I saw and am interested in, rang up for a viewing, they said an offer had just been accepted. Damn!

I would still like to view it, can I insist? Or can I insist they ask the vendor if I can view?

Can I insist on having a man inspect/value it. Prior to making an offer which is accepted?

Is my only option to gazump to just make an offer? They are obliged to pass on all offers are they not.

I will have to guess what the other offer was and try to beat it. I could offer the asking price, but maybe they did too. - this is why I want a valuation done before I offer.

Or do I have to find out who the vendor is through the land registry and go direct?

Erm, why can't you just accept the house has been 'sold subject to contract'? This is why house buying and selling is such a minefield - if people could legally only offer on properties that hadn't already accepted an offer from another buyer, a lot of heartache and uncertainty would be avoided. How would you like it if the property you had been led to believe will be yours to suddenly be snatched away, just because someone muscled in and started flashing the cash? I speak from personal experience of being gazumped, and it is devastating - definitely should be outlawed.

My advice? Find another house - there's plenty to choose from!

mdb99jh

tut tut tut u naughty gazumper wannabe

Debt_Free_Chick

Wig wrote:

There's this house I saw and am interested in, rang up for a viewing, they said an offer had just been accepted. Damn!

I would still like to view it, can I insist?

No

Or can I insist they ask the vendor if I can view?

No - the EA is only obliged to pass on any offer made - not any "enquiry".

Can I insist on having a man inspect/value it.

Absolutely not - the property belongs to someone else and it's up to them who they do and do not allow into their home.

Prior to making an offer which is accepted?

Nay, nay and thrice nay

Is my only option to gazump to just make an offer?

Yes - and you will only gazump if your offer exceeds the one already on the table.

They are obliged to pass on all offers are they not.

The EA? Yes

I will have to guess what the other offer was and try to beat it. I could offer the asking price, but maybe they did too. - this is why I want a valuation done before I offer.

No-one makes an offer based on a valuation. We offer, then get a survey (and even this might not be a "plain vanilla" valuation).

At the end of the day, your offer can only reflect what you are prepared to pay - subject to valuation/survey/contract.

Or do I have to find out who the vendor is through the land registry and go direct?

No need to go through the LR - you can simply write them a letter and post it through the letterbox.

But they might be "very decent" people who do not entertain the idea of gazumping, having accepted an offer from a bona-fide buyer - many here are like that

And the risk for the vendor is that, after the survey/valuation you end up negotiating your offer down ... so that it's less than the current offer. Or you simply walk away and leave the vendor in the lurch.

As a vendor, I would want to "look you in the eye" and decide whether or not I trust you :rolleyes:

HTH

Wig

scorpio_princess wrote:

Erm, why can't you just accept the house has been 'sold subject to contract'? This is why house buying and selling is such a minefield - if people could legally only offer on properties that hadn't already accepted an offer from another buyer, a lot of heartache and uncertainty would be avoided. How would you like it if the property you had been led to believe will be yours to suddenly be snatched away, just because someone muscled in and started flashing the cash? I speak from personal experience of being gazumped, and it is devastating - definitely should be outlawed.

Erm, why can't you just answer the questions instead of going all "moral authority" on me. I don't wish to discuss the ethics of gazumping, but at the end of the day it's a free market. I think we should have laws like France but until we do alls fair in love and war.

My advice? Find another house - there's plenty to choose from!

No there's not - (atleast none that are suitable), if that were the case I wouldn't be asking this.

mrsc_4

Please just accept the property is SSTC there will be something better with your name on it.

Or ask the agent to hold your details incase the curent buyer pulls out.

dkny_2

That is horrible, if someone has already put in an offer and its been accepted and vendor is happy with i guess you cant do much though this is not strictly speaking as usually some vendors have accepted a higher offer (a few have had this happen to them a few times on this)..Maybe you can speak to EA before you go ahead with survey etc...

This is my personal opinion but others may have a big debate over this (which they usually do on this site)

I personally dont agree you doin this whole gazump thing as its not fair for the other buyers , as they saw it and put offer on it etc..just say if you saw a very nice house you liked and some one also liked this property and they put a higher offer than yours and you got gazumped just think how would you exactly feel? its not a nice feeling is it? I would be absolutely gutted if that happened to us, i know its only a house for some, but for some people like us, its more than just a house, i really hope you think this through - good luck whatever you may decide!!

We are currently in the process of purchasin a property and there were so many other buyers wanting to view the property but as we had viewed it and put offer sameday it was accepted and the seller took it of the market and was not acceptin anymore offers or viewings and so did the EA.

HTH

Wig

Debt free chick,

Thank you. I see the only way is to make a blind offer - so to speak. OK

Letterbox? Nope the house is empty.

dkny_2

mdb99jh wrote:

tut tut tut u naughty gazumper wannabe

LOL - WELL SAID :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

Wig

Perhaps your opinions would change if say I said it probably has been bought by a developer, and I am wishing to buy it to live in and slowly renovate.

If someone gazumped me I wouldn't mind as long as the gazump was not rediculously close to completion. Let's not forget the offer (in this case) was only just made. I certainly have no qualms about gazumping a developer.

Debt_Free_Chick

Wig wrote:

Debt free chick,

Thank you. I see the only way is to make a blind offer - so to speak. OK

Letterbox? Nope the house is empty.

Ah, I see. In which case then "yes" - you will need to use the Land Registry to identify the registered owner.

However, they could be deceased? Or live abroad? Your difficulty will be in tracking them down.

That said, if you make an offer directly to the EA then, as I said before, they are obliged to pass it on to the vendor.

Regards

(I'm just sticking to the question(s) and not expressing an opinion on the morals here )