Gazumping advice

Poppet2014_2

Good evening,

Looking for some advice / other experiences of being gazumped as we have nothing to go on!

Basically two viewings, offered on second, rejected, raised and then accepted our offer (less than 1% under asking) on Monday subject to our 'chain' being as described.

We received news today that on Tuesday morning another party rang and on knowing our offer, offered asking despite agents advising against. The vendor is still 'considering' this other offer 36 hours later again despite agent fighting our corner. They have not yet asked if we would match or raise which I find odd.

Note this other party is a cash buyer who was supposed to come into the office the day before but never showed. We are long into our sale to first time buyers.

Any with experience of indecisive sellers or being gazumped? We are thinking of matching said offer but with no feedback from seller it seems odd to just increase offer and potentially create a bidding war that might not be necessary. At the same time we really love this house, but it has now been tainted by actions which I think are morally wrong. Means we are yoyoing in what we want to do!

mrginge

The agent is pretending to be on your side, so that they can gently persuade you to increase your offer.

I was once in a similar situation and was absolutely convinced that the other offer was made up. Despite being very keen on the house I withdrew my offer on the pretence that i couldn't trust that the vendor wouldn't pull out further down the line if someone else came in with a higher offer.
It took them about two hours before they buckled.

It's a risk so you need a big pair of balls and to be prepared to lose the house, but if you get it right the ea will stop playing games and realise you're not going to be messed around.

Poppet2014_2

Then I don't understand why in response to a second conversation the estate agent said he was not looking for us to raise our offer.

The one thing I don't understand is that they are supposed to have put their house on the market for another property they really want. We really want their house and the time it took us to put in an offer and a second offer to secure the property is now similar to the length of time they are deliberating on this gazumping offer.

Why on earth would you risk that by not making a decision.

mrginge

Of course they are looking for you to raise your offer.
Dragging it out because 'the vendor is thinking about it' is just another tactic. It makes you feel under pressure and creates uncertainty.

Do not over think things. It is all a game.
Why not tell the EA that you need an answer today as you have another house that you're interested in?

johnswife

Similar to us - house on market for 19 months empty ( they stayed for 6 months and then moved back to London for job) reduced to £165K.
We were not in a position to make an offer as we hadn't sold ours. a few months ago I noticed a sold sign so thought that was it.
We then had a first offer on our house just over a week ago and at the same time noticed it was back on the market.
I rang Estate agents and she said yes the sale had fallen through so as we didn't want to miss it I asked if she thought they would accept £160K - immediately she said Yes as they want to buy.
We waited for our buyers to put their house on the market and sell so they could make us a final offer which it did in 3 days!! and we have accepted their offer.
Yesterday we went back to look at the house and also looked at another house to make sure of our choice. There was another couple looking at the house.
We agreed to make an offer lower than £160K as only 4 in chain and everyones finances sorted.

Went in at £150K and she asked me to hold, came back and said that the client had rejected a cash offer of £160K. I asked when and she said last week which must have been after my conversation?
I offeref £163K and waited. At 5.50pm the guy who showed as around rang and said that the other couple had offered a similar amount to us and in a similar chain situation.
THe Client want us both to put in our best offers by today. I told him I was getting into a bidding war and that there was another house we were interested in.
He said don't offer anymore if you don't want to as the other couple may not. which i thought was a bit strange. I wondered if there was actually another offer? Said i would discuss it with my husband.
We would be happy with a choice of 3 houses on our shortlist.
So now decided not to offer anymore and making an offer on the other house we saw yesterday, its on for £179,999 on only been on for about 10 days. THey want to move to a new build end of Summer/Autumn
We don't really want to pay more than £175K so will have to see.

Poppet2014_2

Have you had a response to your offer? Good luck!

Matched the other offer and not a penny more but on the proviso that the house is immediately taken off the market and no further negotiating with the other party. Funny how quickly things suddenly get done!

Same day contracts came through for our current house so good timing! Hopefully that's the end of our gazumping experience. I'd never do it personally.

johnswife

After me not sleeping very well, we decided to offer £165K but the other couple got it for near £170K.
So have put in an offer of £177K on the other house and just waiting for response but we are still looking at Zoopla to see whats out there.

moneyistooshorttomention

mrginge wrote: »

Why not tell the EA that you need an answer today as you have another house that you're interested in?

That's what I did on my current house. I had analysed my vendor as someone who would try anything on he thought he could get away with and was therefore watching him like a hawk for any signs of that.

When I spotted the house being re-marketed after my firm offer had been accepted I realised he was out to gazump me if he could (and he would have been able to in the event as it transpired), so I rang the EA and tore them off an almighty strip and said that I might go for my "second favourite" house if this nonsense didn't stop. I would have too...I really meant it.

They stopped their nonsense and attempted gazump was over.:T

EDIT; In my case, I think my vendor was up to that because he maybe had a suspicion that there were other buyers "waiting in the wings" (as it turned out there were) who hadn't actually got as far as viewing the house and was trying to have me as "fallback position" and then go after higher offers from the "waiters". I didn't realise that was his strategy before blowing him right out of the water on that.....LOL