Gazumped on day of exchange!

gazter

Dan-Dan wrote: »

It`s a hell of a gamble though

not in a rising market....

hazyjo

ILW wrote: »

I would not use an EA that did not pass on late offers. It is not their decision to make.

All this "name and shame" is complete cobblers.

If that were the case, we'd be moaning about the vendors. BUT in this case, the AGENT approached people who had been interested three months ago to see if they wanted to make another offer.

That's a pretty sh**** thing to do in my eyes to your own clients.

Jx

Dan-Dan

gazter wrote: »

not in a rising market....

The gamble is to do with the new buyers morality and whether vendor will actually ever see the whole fifteen k

Sod all to do with a rising market

DRP

Dan-Dan wrote: »

The gamble is to do with the new buyers morality and whether vendor will actually ever see the whole fifteen k

Sod all to do with a rising market

^^is right.

Presumably the new buyers know they have gazumped and know the seller is receptive to gazumping offers. The seller knows the new buyers don't exactly play a straight bat.

There will certainly be a lack of trust going forward with this deal...

ash28

hazyjo wrote: »

If that were the case, we'd be moaning about the vendors. BUT in this case, the AGENT approached people who had been interested three months ago to see if they wanted to make another offer.

That's a pretty sh**** thing to do in my eyes to your own clients.

Jx

We don't know if the vendors instructed the agent to approach the previous bidders........I would have thought the agent would have been quite happy to have the commission virtually guaranteed at exchange rather than having to wait 3+ months for an extra £300 or so (assuming the new sale actually goes through).....most of which would go to the office and not the agent.....

hazyjo

Fair point - but I still think the EA should have told their clients.

Jx

ILW

hazyjo wrote: »

If that were the case, we'd be moaning about the vendors. BUT in this case, the AGENT approached people who had been interested three months ago to see if they wanted to make another offer.

That's a pretty sh**** thing to do in my eyes to your own clients.

Jx

Why is it a "bad" thing to do to your own clients?
They just say no if they don't wish to be involved.
Surely they should give their clients all the available options.

hazyjo

Everyone's morals are obviously different. I don't feel I have to explain why I think it's not a nice thing to do (by the vendor, or the EA if they weren't under instruction to do so). Let's just leave it as each to their own.

Jx

ILW

hazyjo wrote: »

Everyone's morals are obviously different. I don't feel I have to explain why I think it's not a nice thing to do (by the vendor, or the EA if they weren't under instruction to do so). Let's just leave it as each to their own.

Jx

Nothing to do with morals on the EAs part. Their duty is to at least get the best offer possible for their client. It is then up to the client what to do.

Are you getting confused as to who the EA's clients are?

Tancred

dominoman wrote: »

I can't believe this. We have just lost the house of our dreams after 3 months of waiting, surveys and work. On the day of exchange.

The agent had told us that the seller wanted to exchange by end of day last Friday. We had everything ready, deposit with our solicitor, house insurance purchased. Then at 4pm we called the solicitor. We didn't know but an hour earlier the agent had contacted the previous bidders (we got in a bidding war 3 months ago) and told them it was about to relist. One of them offered 15k more, he passed it on to the vendor and she then pulled out of our sale!

Absolutely gutted. We loved the house and did everything on time. To lose it on the actual day of exchange is so so hard. I am now homeless in 4 weeks too, as we've given notice on our rental flat and it has been re-let.

I've tried appealing to the good nature of the seller and agent but they are not even responding to my mails or calls, except to say sorry but a higher offer has been accepted. So sad.

It's cruel, it's unethical but it's also perfectly legal. This is the way the system works in this country and it's up to government to change it. I would suggest that any complaints should be directed at your MP.