"Best and Final" Offer Accepted - Then Gazumped

sophieev

Hi All

After 2 years of looking we finally found an ideal place for us.

A few offers came in at asking price. It went to "Best and Final" offers a couple of weeks ago. We put in our best and final and were informed a couple of days later that our offer was accepted, being the highest and being backed up with evidence of our strong buying position.

10 days later a call from the agent to say that a higher bid has been received (from one of the original bidders) and that the vendor is going to accept it. I am not willing to up my offer.

Now, I understand what the law says. But really, what is the point of "best and final" when this can happen ?!

Still want the place and I guess deals statistically stand a good chance of falling through. I want to rant and rave and tell the vendor and agent exactly what I think of them, but to be honest I would rather get the place. That said, is there any action that theoretically can be taken (which would not be legal action I know) in these circumstances ?
Any general tips on how to play it from here ?

jackomdj

Unfortunately they can do this. Just be thankful it was now and not after you had started paying out.

Even if this purchase fell through I would not buy from these vendors as I would worry that they would do it again.

Good luck with your search.

sophieev

Thanks. I hear what you are saying but to be honest where I want to buy is very much a Seller's market. As you can see from the 2yr search.

This is just disgraceful really. We are stand up people. If I say I will do something, then I'll do it. I guess I just naturally (and clearly incorrectly) expect other people to have the same standards. The mere association with this filthy, dishonest business makes me feel dirty.

Moomum

Exactly the same happened to us a few years ago, it's so frustrating and nothing can be done about it. We did eventually find our dream house so I hope something comes your way soon!

Dan-Dan

Gazumping only made the news 10 odd years ago didnt it , what was the term for it before that?!?

OP - Bless you ,i hope you get sorted with the right house from decent vendors

sophieev

Thanks guys.

I suppose our situation is no different to anyone else's, although being in London probably makes it as cut-throat as it gets.

I just cannot keep taking the time out of my life to go through this whole process again and again, only to get shafted by some immoral low-life once again.

This is not the first time.

You would have thought that going to "best and final" - effectively sealed bids - would have carried some more moral weight but apparently not.

I am a mixture of absolutely livid and totally despondent.

Since we started our search places have gone up by 10-20% in the area we are targeting. Which we are only targeting because our first choice area - affordable 4 yrs ago - has become financially impossible.

I am not sure I have the stomach to play this game any more.

ognum

Sorry to hear of your plight, out of interest what area are you looking in?

clockworks_2

Personally I would up the offer and do my best to make sure the seller accepted it and then drag them along and back out. Give them a taste of their own medicine.

Walk away and ensure the other party have too by offering a higher price than them.

Tancred

sophieev wrote: »

Hi All

After 2 years of looking we finally found an ideal place for us.

A few offers came in at asking price. It went to "Best and Final" offers a couple of weeks ago. We put in our best and final and were informed a couple of days later that our offer was accepted, being the highest and being backed up with evidence of our strong buying position.

10 days later a call from the agent to say that a higher bid has been received (from one of the original bidders) and that the vendor is going to accept it. I am not willing to up my offer.

Now, I understand what the law says. But really, what is the point of "best and final" when this can happen ?!

Still want the place and I guess deals statistically stand a good chance of falling through. I want to rant and rave and tell the vendor and agent exactly what I think of them, but to be honest I would rather get the place. That said, is there any action that theoretically can be taken (which would not be legal action I know) in these circumstances ?
Any general tips on how to play it from here ?

In an open market anyone can make as high an offer as they want and the seller can accept it - until contracts are exchanged. 'Best and final' offer means nothing - it's the exchange of contracts that matters. Not sure why you are so surprised.

Tancred

sophieev wrote: »

Thanks guys.

I suppose our situation is no different to anyone else's, although being in London probably makes it as cut-throat as it gets.

I just cannot keep taking the time out of my life to go through this whole process again and again, only to get shafted by some immoral low-life once again.

This is not the first time.

You would have thought that going to "best and final" - effectively sealed bids - would have carried some more moral weight but apparently not.

I am a mixture of absolutely livid and totally despondent.

Since we started our search places have gone up by 10-20% in the area we are targeting. Which we are only targeting because our first choice area - affordable 4 yrs ago - has become financially impossible.

I am not sure I have the stomach to play this game any more.

London is probably the only place in the UK right now where gazumping still happens. Everywhere else the problem is gazundering.

Tancred

clockworks wrote: »

Personally I would up the offer and do my best to make sure the seller accepted it and then drag them along and back out. Give them a taste of their own medicine.

Walk away and ensure the other party have too by offering a higher price than them.

Revenge is a dish best served cold - besides, doing this won't get you the house and will just waste your time and energy for nothing.