Being gazumped!

tiernsee

Put an offer in (5k below asking price) which was accepted. Just heard from estate agents that a person who had previously seen the house has now made a full asking price offer. Vendor has said that he will go with me if I match the full offer, otherwise will go with new buyer. I suppose this happens, but am annoyed as all mortgage etc arranged on agreed price. I did wonder if the person was real but I actually think she is.

Not really asking for advice just moaning about the situation! Doing sums to see if I want to match offer - I think I probably will, but will need to ensure all adds up.

hazyjo

I suppose only you can decide this. I'd personally walk away, but that's my opinion...

If I was selling and had a buyer, I'd not accept a higher offer. It's not all about the money, although lots have disagreed on here before. Morals, trust and principles come into it too. Each to their own - not looking to get into a 'who's right, who's wrong' debate.

Up to you. The valuer might well come along and undervalue anyway.

What area is it?

Jx

DVardysShadow

Gazumping for the goose is gazundering for the gander. The vendor would have no greater cause to be upset than you have now if you offered the demanded sum now and dropped back to your original offer. Perhaps a quiet word in the surveyor's ear?

Running_Horse

How badly do you want this house? Is it unique?

chewmylegoff

if you've got the mortgage and everything arranged already then it probably is genuine, as i don't believe the estate agent would risk losing the sale at that point by making up an offer for only an extra £5k (which would probably mean an extra £75 in revenue for them).

the made up, err i mean "amazingly coindicental" offers tend to appear when you first put your offer in.

maninthestreet

Sit tight - decline to offer more, and see if the EA comes back to you in a few days saying that the other 'buyer' has withdrawn their offer.

nomoneytoday

3 choices IMHO

Up your offer
Walk away
Stay firm and hope other offer disappears

pinkshoes

Offer £10k more than asking price, delay them whilst you find another property, then pull out.

Personally I'd just walk away, unless you REALLY want it!

oldone_2

The vendor had two choices. Go with you, with your finances in place, or someone else who may or may not be serious.
What they actually want is a third choice, where you match their price and proceed, giving them the best of both worlds.

I would not increase my offer. Tell the vendor you are ready to proceed at the agreed price, but would understand if for the sake of an extra £5,000 they want to go with someone not yet proceedable.

Under no circumstances increase your offer, or you may find someone may come along with a higher offer, and you are in a bidding war.

Sponge

I'd go with what oldone has said.

Before we got the house I'm in we made an offer on another. It was accepted. A few weeks later the EA told us someone else had made a higher offer and wanted us to beat it; we said no and walked away.

A couple of weeks later we got a call from the EA saying the mysterious gazumper had dropped out and would we be willing to get back in the game? We told them where to shove it and it felt good.

Shortly afterwards we found the house we're in and have never regretted it.

zara*elise

Don't increase the offer. Sit tight and see what happens.