Disclosure of selling price prior to completion

Orpheo

dvardysshadow wrote: »

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.

..........

WelshNic

Orpheo wrote: »

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.

Are you on crack?

Orpheo

WelshNic wrote: »

Are you on crack?

Is that a Welsh assumption?

WelshNic

Orpheo wrote: »

Is that a Welsh assumption?

No, I'm questioning your rather bizarre definition of the term gazundering.

sismith42

jools15 wrote: »

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

My gut reaction is "I should think not!" but I'm not an expert.

My second thought is to feel for the EA-- here's a sale that should have brought in a certain commission 6 months ago, he knows that you were happy in Jan with ammount X, so (in his way of thinking) why wouldn't you be happy with that amount now? While their job is to get you the best price they can, they also don't get paid unless they sell your house...

Pupnik

Orpheo wrote: »

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:

Using your television analogy, wouldn't a person have the right to put their price up at the last minute? I don't see how one is better than the other- they both waste time and money for people.

Regarding the topic though, when we started looking we did not know whether or not we were allowed to know how much the other offer was for so we asked the agent whether they were allowed to tell us. She said that they weren't allowed, but just a minute later when we were looking at properties on her computer she brought up the screen with the information about the house we asked about with the offer there in black and white! :rotfl:I have no idea whether it was intentional or not but I'm guessing it was.

Orpheo

WelshNic wrote: »

No, I'm questioning your rather bizarre definition of the term gazundering.

No. You asked if I was on crack.

princeofpounds

I'm amazed that people can't spot the humour in orpheus' post.

angrypirate

DVardysShadow wrote: »

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.

So gazumping is where the seller asks for more money for no reason at all.

Gazundering is where the buyer reduces their offer - this could be for a multitude of justifiable reasons, for example the bank reduces the amount they are willing to lend, the surveyor turns up issues with the property, the banks valuation comes back lower than the offer. In these instances I would say gazundering is morally more acceptable than gazumping.

However if the buyer, for no reason at all, immediately prior to exchange ask for 10k off, then it is a moral par with gazumping

jools15

Thank you for your responses.We will be taking this up with the ombudsman. However in the mean time I don't think i explained clearly enough my enquiry.

So here goes:

We dismissed Agent A

Enlisted Agent B

Agent B introduces potential buyer 1

Potential buyer 1 is a customer of Agent A

Agent A informs Cutomer 1 of previous selling price.

Agent B informs us.

Is agent A allowed to this this ?

Kindest

Jools