Disclosure of selling price prior to completion

jools15

My partner and I were due to complete on our property 3 weeks ago, at the final hour the buyer pulled due to their buyer gazundering.
We were devasted as we had shown patience with our buyer, plus our estate agent of who we felt had not acted in our best interest throughout this protracted 16 week process ....Note we sold stc on the 27th January.

We had already taken up a number of issues with our agent and had a number of meetings, phone calls and written complaints inso far as their complete lack of due dilignce through out this whole sales process. We did managed to secure a reduced fee had this sale completed which as you have read fell apart at the final hour.

We were obviously distressed by the out come and the conduct of our agent and are in the process of taking this up with the industry Ombudsman.
In the mean time we have dismissed, in writing, this agent and have now started to market with a new agent this Monday.

We were obviously delighted to have a viewing yesterday only to be told by our new agent that our original agent had disclosed our selling price to this couple whose house was/is being marketed by our original agent.

We had not completed contracts on this sale. Does our original agent have the right to disclose this information with a third party ?

Thank you

Jools

G_M

Don't understand.

were due to complete on our property 3 weeks ago,

Had you Exchanged contracts then? If so, pursue the buyer through the courts!

the buyer pulled due to their buyer gazundering.

How is this the estate agent's fault?

sonastin

No they have no right to do it. And no, there is nothing you can do about the fact that they have. It is bad practice on their part but it isn't against the law. You can add it to your complaint to the ombudsman though.

Skint_Catt

What's gazundering?

hcb42

asking for a price reduction at last minute..it goes on ..!

Skint_Catt

Ok, thanks!

tyler80

We offered on a property that had previously been sstc and were told the previously accepted price by the ea.

I think the ea was under the impression that telling me would lead me to increase my offer.

Orpheo

Skint_Catt wrote: »

What's gazundering?

It is when the buyer, fully within its entitlement, reduces its offer during the process. Often the buyer has a very good reason to do this, such as when there have been expensive issues raised in the survey or if the lender's valuation is less than the initial agreed offer. Sometimes the amount the buyer can afford might have fallen, but at least by making a lower offer they are giving the seller first refusal before moving on to a better priced property. Sometimes the buyer may have simply taken the view that the house is too expensive and therefore reduces its offer, quite rightly. If I buy a TV, I have the right to change my mind right up until the money changes hands, I also have the right to offer less, the seller has the best right of all, the right of refusal.

Gazundering shouldn't be confused with gazumping, which is the despicable practise of double-crossing the buyer by accepting a higher offer from another party. :mad:

GAH

Gazundering is just as bad, if a buyer wants to ask for a price reduction just before exchange of contracts for no reason at all.

betmunch

Orpheo wrote: »

Gazundering shouldn't be confused with gazumping, which is the despicable practise of double-crossing the buyer by accepting a higher offer from another party. :mad:

I'm not sure I agree with your definition of Gazundering, your mainly descriping renegotiation.

Gazundering and Gazumping are equally bad practices, however both are legal and it is only an individuals morals that will stop either.

DVardysShadow

Orpheo wrote: »

... Gazundering shouldn't be confused with gazumping, which is the despicable practise of double-crossing the buyer by accepting a higher offer from another party. :mad:

Gazumping involves increasing the price, usually just before exchange, with or without another party making another offer. Although the 2 should not be confused, they are morally equivalent.