Would you gazump for 10k above asking?

RedwoodBrook

Wildcatarmy wrote: »

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.

That's Karma for you, glad it worked out!

We, on the otherhand, increased our offer to the asking price which was then accepted. We exchange and complete next week so things have moved quickly.

We did consider walking away, or rather leaving our original offer on the table but personal circumstances meant the property was just too good to leave and we were not in a position to wait. We've been looking for a while and that was the only house that fitted the bill. It's a good buy.

Anyway, for £5k I won't be loosing any sleep over it. Nice to hear the OP isn't gazumping but I agree about perhaps being too hasty in accepting. Easy for me to say though, hindsight is a wonderful thing....

undetterred

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

If it was gazundering brit would be all for it.

Dr_john_4

Selling/buying houses is a strange endeavor. I would not have accepted the lower offer so quickly if it hadn't been for the fact that we were on the market for 5 months without offers. 25-30 viewings though and should perhaps have told me there were lots of people wanting to buy but none with a position to do so -or what do you think?

tleefox

brit1234 wrote: »

I wouldn't guzump, you have your asking price. You should be pleased especially where one broadsheet newspaper is recomending offer 16% below all asking prices.

I think it is a question of personal morals not money.

I think that to keep Brit1234 happy you should refuse the gazump, and offer the property to buyer 1 at 16% less than what they offered - this is a moral issue after all.

Moral issue - load of rubbish! No time or space for compassion or moral considerations when it comes to house buying or money.

Dr_john_4

Time for a quick update. We exchanged on this house exactly 2 months after I had decided to not gazump buyer 1. I wasn't gazundered just before the exchange so buyer 1 did stick to their word. Two weeks later the purchase was completed and all fine. This house was located some 5 miles east of Canterbury by the way.
So it turns out not gazumping this buyer was actually good for my karma.......
Best of luck to all of you out there trying to sell and move on and *lol*

motherofstudents

Thanks for the update. So many times people don't get back to say what happened. Glad everything worked out for you in the end.

shashaply

As I said, each to their own though.

kk20

It does depend - if the original purchaser was a cash buyer then i'd be inclined to stick with it. The second purchaser could well try to "pull it down" on survey etc then you would be in a worse "chain" position. It all depends on circumstances. It all depends how far along the line things are too. If there is a week to contracts exchange then same again - i'd stick with it.

aliasojo

shashaply wrote: »

As I said, each to their own though.

hazyjo wrote: »

As I said, each to their own though.

Did you? The only person who said that was hazyjo. So either you are hazyjo and got confused or you are doing a poor job of trolling.

I suspect the latter given your posts on other threads.

klolav

Well done! enjoy your new home