FTB: I have been gazumped :(

Mickygg

I tried the letter idea when the sellers withdrew on exchange day! Never heard a thing back from them, unsurprisingly.

Gentoo365

Find out how out of pocket you really will be, the mortgage can be used on another property (for an extra survey fee) and the solicitor may only charge for disbursements and work done (which at this stage may not be much) so ask them what the situation would be if you found somewhere else.

You have a mortgage arranged, so you are in a good position to find somewhere else and put an offer in (a low one) and present yourself as someone that has already received a mortgage offer, and has a solicitor waiting to proceed.

The estate agent (given that they have lost the sale) may have some sellers on their books that want to sell quickly and are willing to price accordingly.

themull1

Can you not take out insurance against this sort of thing happening?, i really feel for you, but if i was the seller, i wouldnt pay you anything. But then again, i wouldnt mess anyone around.

pinkshoes

I agree with Slinky; the vendors will still have to pay the EA fees, as the EA introduced a proceedable buyer.

I'd perhaps get a bit of revenge, ask some Q's to the EA, then remind the EA that at least they'll still probably get their fee!

pooch

modernlifeisrubbish wrote: »

I am a first time buyer who has been saving up for years. I recently had an offer accepted on a house. I viewed the house twice, both times with the seller who seemed very nice. They did mention they had tried to sell the house privately but that sale had fallen through as the buyer could not get a mortgage. They did not mention that buyer was a friend. I realise in retrospect their reluctance to sell through an agent should have set off warning bells. After that sale fell through they decided to advertise with an estate agents (who I think they have used several times before). I was the first to view the property, put in a sensible offer which they accepted very quickly and got to work straight away arranging things. I thought in the current market that gazumping was unlikely and the family seemed so nice I thought it unlikely to happen.

I arranged a mortgage, although Brittania were a bit slow with this (2 weeks to arrange a survey). The surveyor went out and the mortgage was near being finished-the bank phoned to say it was all fine. Arranged a solicitor and paid them £300. Depending on how far the solicitor got with things I suspect I am going to be around £600 out of pocket, which is a lot of money to me.

I have now been gazumped-the previous buyer turned out to be a friend so close they were like family, so the sellers feel obliged, now the buyers have presumably managed to raise a mortgage, to sell to them privately (thus saving themselves some fees and putting me out of pocket significantly). Apparently the seller has bought and sold quite a lot of houses and "never done this before", but that doesn't really make it very nice. I feel like probably the whole time I've been arranging things I've been in an unknown race against their friend (EA of course are now saying I'd have got a free survey if I'd gone with countrywide for a mortgage-yeah right!).

I accept they want to sell to their friend and that sales fall through (I can find another house and don't really want it now as they still own next door and I don't want to live next door to such people!). What I don't understand is how they could let it get this far before pulling out and not offer to at least pay some of my fees as a goodwill gesture.

I am now wary of buying somewhere else-is it worth asking for the seller to put down a deposit next time, so at least if they do something daft I get my fees back, or is this more trouble than it is worth? I live in a very rural area with only a handful of solicitors. I can't afford to keep getting gazumped and as I'm buying at the bottom of the market (small cottages less than 100K) I feel vulnerable to exploitation.

Are you based in England or Wales?

If so there's nothing you can do about it. Until you exchange contracts, buyers and sellers can do what they want.

To be honest, it's unlikely you'll be gazumped in your next attempt ... not in this economic climate.

Have you considered the opportunity of a last minute gazunder next time to more than offset any losses you incurred, and perhaps fund a nice holiday too to help you get over the traumatic experience?

modernlifeisrubbish

Thanks for all of your comments. It turns out it is not that bad-as the sellers were dragging things so they could see what was happening with their friend, the solicitor didn't get much done...

So I am down £135 for a survey and about £75+vat for solicitors but am leaving my deposit with them for now in case I see another property.

I am using the fact I had a mortgage offer come through (it arrived about a day later!) for making offers on other houses and am taking my time and going low, so will hopefully grab a bargain eventually (although another house I just offered on for a second time after a sale fell through I just discovered the owner has just died, so not going to continue on that one-I seem to pick bad luck properties!). I might also avoid the property with an EPC of "current 1, potential 9".

Its an interesting experience at the bottom of the housing ladder but I am starting to get less stressed by it and see it as more of an adventure. Its still not as bad as the time I had a landlord and agent leave me homeless in a new city with all my belongings in the car at 3pm, followed by a week of living in a youth hostel while starting a new high stress job. A secure roof over your head is important in life!