Gazumped on day of exchange!

DRP

Tancred wrote: »

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.

Being legal isn't always the same as morally acceptable.

Given the big increase in the last minute offer, clearly it is a tough decision to make for the seller.

I would like to think that if I was a seller being 'forced' into accepting the gazump (e.g. by my financial situation), I would offer at least some reparation to my gazumped buyer.

hazyjo

ILW wrote: »

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

No - but in the way I wrote it - yes! Was calling them clients - brain not working.

Still don't think it's nice to do to people buying from your clients. I've had as much/more dealings with the agents I've bought through than sold through. You like to think they'll at least tell you if they're going to approach a previous buyer from three months ago to see if they're interested at the last knockings (their decision or under instruction)...

Jx

[Deleted User]

As a last ditch effort you could tell the seller you intend to recover costs via Small Claims Court. Solicitor's fees, surveys, time off work etc. Might make them change their mind, but it's a long shot.

hazyjo

DELETED USER wrote:

As a last ditch effort you could tell the seller you intend to recover costs via Small Claims Court. Solicitor's fees, surveys, time off work etc. Might make them change their mind, but it's a long shot.

Waste of breath for the OP as they wouldn't have a leg to stand on.

Jx

Road_Hog

hazyjo wrote: »

Waste of breath for the OP as they wouldn't have a leg to stand on.

Jx

Yep, and even so, if they had to pony up a grand, with a £15k better offer, that isn't going to frighten them. Just for the record, I'm not condoning what has happened, just reflecting on the financial realities.

moneyistooshorttomention

ILW wrote: »

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?

Their duty to their client also lies in advising which offer to take if there is more than one possible buyer in the offing.

In the event (ie I had a bidding war in the end) as two potential buyers had turned up at once, my EA duly fulfilled that duty by telling me that any potential buyer might try and gazunder me at the last moment, but investors are rather more likely to than potential home-owners and advised that, on that basis, I should choose the potential home-owner (in order to minimise the risk of that happening). They also regarded it as their duty to tell me the attitude of my viewers and, with the successful bidder, duly told me "She seems to have fallen in love with the place" (which obviously made her a better bet too..as she would be less likely to back out/try to gazunder), closely followed by saying "She's very very happy" when she got told her bid had been accepted by me (ie again reassuring me that she was unlikely to try and back out/gazunder).

But, I still hold to the view that EA's do what their clients tell them (or, at the very least, act in accordance with what they have perceived as being their clients likely wishes). So, even if there aren't specific requests made from clients, the EA will suss whether the basic attitude is:

- Just find me a buyer with the minimum of hassle on my part and my preferences for a buyer are *********

OR
- Gimme the money...as much as...absolutely regardless.

But then, some of us choose an EA that markets themselves as "ethical" anyway and its pretty obvious what our basic stance is (which is exactly what I did personally).

Propertyfan

Wow - that's so sad. I sort of know how you feel, dominoman. I wasn't gazumped but my buyer pulled out at the moment of exchange. I had signed the contract to buy my new home, sent it back to my solicitor, and the very next day my buyer pulls out of the deal. I was gutted.

If only Parliament could change the laws regarding selling/buying property. If gazumping were made illegal it would stop sellers taking advantage of buyers like dominoman. And to do it on the very last day of the transaction is, quite frankly, despicable. I wish you all the best finding a new home! Good luck.