Would you gazump for 10k above asking?

missile

Glad it worked out for you. I would be really !!!!ed off if I stuck with the first offer and the sale fell through.

joolzy

Gazumping! A moral issue, but who’s the baddy? It’s not black and white.
It is assumed that the first buyer (who gets gazumped) is an innocent victim, the second buyer is a bad selfish person and the seller is greedy. But I can’t help but feel that this moral issue is only looked at from one perspective.
Because it is a buyer’s market many buyers put in ridiculously aggressive offers way way under the asking price. There are lots of websites encouraging you and advising you on how to do this. That is considered a fair game play. If you pull it off it’s well done you and a pat on the back.
But the seller is not necessarily greedy and may just want a fair price for their property. They may have already lowered their fair price already. There are many reasons people want or have to sell; bereavement or divorce for example. The seller is selling because the need to release this money for a good reason. Selling your home is an emotional experience; especially when you don’t know where you are going to live in the future or whether you can afford to purchase anything else.
But is the buyer concerned? NO! It’s not personal, it’s just business. So screw the vendor, who cares? It’s not my problem and I’m looking after number one.
So the vendor has accepted an offer 20% or 25% below the asking price. Then along comes another buyer how offers say 5% or 10% below the asking price. The vendor decides Yeah why shouldn’t I accept this higher offer. I need this cash and the second buyer still gets a good deal.
Does this make the seller greedy? Does this make the buyer who has put forward a fairer offer a bad selfish person? Is the first buyer really that innocent victim?
Morality is a two way street and gazumping is not black and white.