Gazumping (and other things)

AlfieNoakes01

Hi there,

We had an offer accepted on a house we're buying in Bath, but were then gazumped by someone from London with a lot of money to their name. I realise that this practice goes on with agents, however unprofessional.

As a result we are trying to counter-offer, but we've completely lost faith in the estate agents not to let this happen again in the future, especially after we've had surveyor's reports done, etc, which wouuld then be money lost.

The other thing is that the estate agents have been telling us the exact figure offered by the other party involved - I've been led to believe this is illegal. Am I just being naive?
And is there anything we can do to stop further gazumping?

Thanks in advance,

Alfie

womble12345

The best way to avoid being gazumped is to offer 10% over the asking price, but who would do that!! Other than that you could stipulate with your offer that it was removed from the market and no further viewings should happen. The problem is by upping your offer the first time you are gazumped you are telling the vendor you dont mind these things so he may think you will do it again.....

G_M

Bear in mind it is the vendor who accepted the higher offer - not the agent.

Not much you can do excpet decide how much the property is worh to you, and not offer more than that.

AlfieNoakes01

OK, thanks guys. I thought as much

nomoneytoday

Are you sure the "other buyer" is genuine?

AlfieNoakes01

No I'm not. But then I don't think there's any way of finding out. The agents would presumably be more than reluctant to start dishing that information out

LandyAndy

nomoneytoday wrote: »

Are you sure the "other buyer" is genuine?

AlfieNoakes01 wrote: »

No I'm not. But then I don't think there's any way of finding out. The agents would presumably be more than reluctant to start dishing that information out

Say "Sell it to them, then". If the new buyer suddenly disappears then you have your answer. If they don't you still have your answer just not the one you'd like.

taxsaver

If it is a genuine gazumping and not a shill then it's very unfair to blame it on the agent... he is after all only doing what he is paid to do, which is to get the best price for his client... which is the seller and not you!

No, I'm not an estate agent; I just feel they get bashed an awful lot and although there are undoubtedly some bad ones around they are not ALL bad and not everything is their fault!

hcb42

I am not sure why you are blaming agent either. In fact I would hire him/her! He has done his job for his client, and it is a desirable area so competition still exists even in a market like we are in today :P

AlfieNoakes01

Thanks again for the replies, everyone.

A few of you pointed out that I've been blaming the agent - and you're right, it's unfair to do that, he is obliged to pass on offers to the vendor. Disappointment was clouding my thoughts!