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Would you gazump for 10k above asking?

24

Comments

  • Dr_john_4
    Dr_john_4 Posts: 12 Forumite
    Thanks for your comments -all very sound. In fact buyer 1 has a deadline for geting out of their house and I wouldn't want to make someone have to go into short-term renting.
    As regards the price, I did set a very reasonable asking price and I am taking a 17k loss on the house at that price.
  • RedwoodBrook
    RedwoodBrook Posts: 292 Forumite
    I have just been gazumped, quite literally last week, and it was not a nice place to be. We offered slightly less than the asking price but i was a cash buyer, no chain, with the money good to go. The other party had yet to sell their house.

    In behalf of buyer 1 - Please don't gazump!
  • Wildcatarmy
    Wildcatarmy Posts: 29 Forumite
    I have just been gazumped, quite literally last week, and it was not a nice place to be. We offered slightly less than the asking price but i was a cash buyer, no chain, with the money good to go. The other party had yet to sell their house.

    In behalf of buyer 1 - Please don't gazump!

    Similar story here, offered 64k cash (near as damit everything we had), got gazumped by someone offering 68k but needed a mortgage. Repossesion company obviously accepted the 68k, we walked away. It fell through, our circumstances changed, they came back asking for a new offer, we said 62k, it was refused. We looked at another, offered 62k got accepted and went and proceeded. Two days later, the first house decided they would accept 62k after all but we were happy with the other so told them no.

    It went to Auction instead last week, and sold for............ £40k !!

    Im sure the Repossesion / Managerment company were fuming.
  • Dr_john_4
    Dr_john_4 Posts: 12 Forumite
    Guess what, I've decided to not accept the higher offer as I believe it might be bad for my karma. Sorely tempted, as 10k is a lot of money, but no. Also, there is a chance that buyer 2 might come back whereas the gazumped buyer 1 would most likely not.
  • devotee
    devotee Posts: 881 Forumite
    Bet Brit1234 is gutted that someone dared offer the asking price, let alone 10k over! If it was up to him you'd have to offer to pay your buyer have your house ;)
  • Dr_john_4
    Dr_john_4 Posts: 12 Forumite
    Well, we even had a third buyer wanting to get into the game today. There will be no average drop of 16% from today's price level, regardless of how much we might want it, and especially not in the Southeast.
  • devotee
    devotee Posts: 881 Forumite
    Dr_john wrote: »
    Well, we even had a third buyer wanting to get into the game today. There will be no average drop of 16% from today's price level, regardless of how much we might want it, and especially not in the Southeast.

    Your should have sealed bids! You obviously have a nice property.

    Some people don't realise that there's always supply and demand issue, lots of houses listed for sale, not many buyers, sellers that really want to sell drop prices, ones that are not in a hurry, don't. Some sellers get really freaked out by the news and panic sell.
    More buyers than properties available, prices rise. Simples :D
  • WelshNic
    WelshNic Posts: 303 Forumite
    devotee wrote: »
    Bet Brit1234 is gutted that someone dared offer the asking price, let alone 10k over! If it was up to him you'd have to offer to pay your buyer have your house ;)

    They should at least let it sell for 16% under asking, the 'broadsheet' said so!
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Aww it will be good for your karma, honest :D (Don't forget to buy a lottery ticket this week lol.)

    Shame you accepted the offer really if there are others queuing up for it. If it was that much under the asking price, it would have been worthwhile waiting a while for other offers. Are you still offering viewings then to be getting these late offers?

    At least you know you have other interest if the deal falls through or if they try to drop the price at a later date.

    Jx
    2024 wins: *must start comping again!*
  • GDB2222
    GDB2222 Posts: 26,485 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 22 July 2011 at 11:13AM
    Dr_john wrote: »
    Good idea with reimbursing Buyer 1's costs. We are talking 230k instead of 220 so it is a substantial difference. Even so, I wish I wasn't in this situation as it is just stressful for everyone involved. I was thinking for a moment to suggest a contract race but that seems just even more stressful.

    I'd recommend a contract race. It's stressful for your buyers, but not for you, quite the reverse. Agree to reimburse the loser's expenses up to a limit, and it seems a pretty fair approach. The same price for both buyers. Otherwise, you end up in the hands of the £230k buyer, who may gazunder you at the last minute.

    If you have this much interest, are you sure you're not drastically under-pricing it?
    No reliance should be placed on the above! Absolutely none, do you hear?
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