How to gazump?

freebo_2

scorpio_princess wrote:

"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."

Because what YOU are asking for OUR help with is something that most of us find morraly reprehensible. I, for one hope you find yourself royally shafted on a deal which breaks your heart, and costs you a load of money.

After all "alls fair in love and war".

Hugs :kisses:

Mike

leftieM

Someone had mentioned that you may have to view a house before making an offer. That may indeed be the case. A couple of people wanted to offer on our house without viewing it and the EA said they couldn't do that - I don't know if it's just good practice or they are more open to litigation if the buyer isn't happy.
Track the vendor down before the current buyer shells out too much cash if you are really interested.
I like your point about you getting it instead of a developer. I think that puts a very different moral slant on the whole thing.

lynzpower

hang on I know thats not the case leftie, as Chivers1977 sold her place via housenetwork to someone who lived abroad and hadnt seen it- maybe chivers can tell us more- but I know she told me that

MissMotivation

There are no laws to say that someone has to have viewed a property before they make an offer on it, however most agents will push/advise that a viewing takes place before offering.

Ultimately the vendor has to decide if they either want to accept the viewing and whether or not they will accept a differant offer.

Personally I do not like the practise of gazumping, financially it is unfair on the current buyer whose offer has been accepted in good faith and they may have already laid out money for survey/solicitor fees. A lot of vendors I have dealt with over the years find it morally wrong and would not entertain it.

I think the fact that the OP had not even viewed the property would start alarm bells ringing in my head, what if he had an offer accepted and then when he viewed at a later date decided he didn't like it? By this time the initial buyer may have found somewhere else or be so P****d off they wouldn't want the property.

The OP is questioning why we are talking about the moral aspects of want he wants to do, but what he has to understand is that this is a highly emotive subject and something that a lot of people, including myself as an EA, feel very strongly about!

I think someone else has said this before me but.........What goes around comes around!!

Dominique123456

Hi,

I'll tell you my situation - we have been on the market for months and have 'lost' many properties we liked because we didn't yet have a buyer place for ours.

We saw a property in a rural area that we totally fell in love with and is really close to my MIL (we were the first to view it). A week later we have a buyer who has to wait to sell theirs before they can buy ours but we have a potential cash buyer coming to view ours that day.

I inquire about 'the' house to check it's still on the market and find out that they are considering an offer that day from someone else. So I put an offer in 'on principle' for the asking price and ask the EA to ask the vendors to wait on making a decision, as if my cash buyer is interested I might be able to offer more. At lunchtime the vendor decides to accept the offer on the table while my cash buyer is still viewing the house. I'm gutted and desperate.

At 5.30 (after offices are closed of course) I get home and find message saying cash buyer HAS made an offer on my house.

So now, because I'm desperate and this house is so unique and perfect for us I am waiting for offices to open so I can attempt a 'gazump'. I feel so strongly that the house is for us - perfect for our dogs and for raising our baby. I don't know anything about the other people who made an offer but conceivable they could be a developer given that the house needs a lot of refurb and a new roof.

Anyway my wife and I have hardly slept a wink and I have been going over and over what I'm going to say to the EA that would give me a chance in the vendors eyes to consider it.

I'm only able to ask 5k over the asking price but for me it's not about money per SE it's about how much I love the house and won't find anything like it - maybe ever.

So I guess I should get to a question - a) assuming you're a decent person and you're the vendor - if I told you the above would it make a blind bit of difference?

b) What could I say or do at this stage (15 hours after an offer has been accepted) to get this house?

Thanks for your thoughts.
Dom

dsuk

You can offer what you like for the house, the agent has a legal obligation to pass on the offer to the vendor. Morally though, have you thought how the other buyer will feel when you try to out bid them? They might have 'dogs and a baby' as well. How will you feel when they then try to outbid you?

smiddy_2

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?

If i was on the receiving end i would send the boys round. DONT ruin someones dream.

Sphynx

I asked this question (well similar recently). We made an offer of the asking price on the property we were interested in and said if the asking price has been met we would pay 5K over. It took a while to get the EA to take us seriously but in the end they did. I thought the house had been bought by a developer, but in fact it was a private individual so I withdrew the offer, but it was a long way down the line, I probably would have been less willing to withdraw on a very recent offer as less likely the buyer would have spent money etc.
each to their own, it can be done and if you feel it's worth it, go for it.

poppysarah

If it's been on the market for a very short time (property bee it) then put a note through the door (if they live there) asking to view as you are prepared to offer more.

But gazumping is insane in this market.

flimsier

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?

If you go and gazump I think you're an absolute !!!!!!. Sorry to be blunt, but I really do.

edit: Just realised it's an old old thread!