We got gazundered selling, can we get other bidder to gazump them privately?

Ivana_Tinkle

RockabillyMum wrote: »

I personally think the surveyor must be a friend of the cash buyers as I can't see how he can value our house so low when there is literally nothing on the market at that price.

That was my first thought. And it sounds like the agent might be involved too. These things do happen. Given that the house was in such demand, I certainly wouldn't be willing to cut the price.

If it were me, I'd see if I could agree a deal with the other interested buyer and worry about the agent afterwards.

AlexMac

Lots of good advice here- I can't top it...
other than to say that when it happened to me I was as mad as you are.
I went through with the reduced offer (it was a buyers' market) and only afterwards wished I'd nailed that kipper under the floorboards or stuffed it behind a radiator or toilet cistern...

Now there's a thought?

TrixA

If a valuation for a house I was buying came back £15k under, I'd probably reduce my offer too. If I was you I'd try negotiating with them to split the difference i.e. reduce the price by £7.5k. You could try the new buyer, but they might have exactly the same problem on survey. You don't have to involve the estate agent but you definitely do owe them the fee, since they introduced the buyer.

What part of the country are you in?

notisis

It's quite possible the surveyor may be friendly with the buyers and "helpfully" undervalued, particularly as this survey wasn't done for mortgage purposes as you state the buyers are supposedly cash purchasers. The only way to test this is to switch to the new interested buyer and hope any survey they have done closer reflects your intended sale price. As the current buyers don't seem willing to negotiate then I'd be inclined to do exactly as other posters have advised. Good luck.

Kynthia

A RICS surveyor is a professional qualified to value properties, and would risk losing his membership to the RICS if they did anything unethical such as deliberately undervalue a property for a friend.


An estate agent valuation is just a guess what a buyer will pay. Houses on the market are just an asking price, not necessarily even what they expect a buyer to pay. Rightmove and Zoopla valuations are completely unreliable and are based on postcodes, indexes and previous selling prices. They can't factor in how a property differs from it's neighbours or what works have been done to it. So as you can see the only valuation that holds any water and legally accepted when valuing properties for tax or for mortgage lenders is a surveyors value.


A surveyor has valued your property at less than you like. If your buyers knew this for weeks and then waited until exchange to reduce their offer then it was gazumping, otherwise they renegotiated based on new information. Most people would not offer more than a surveyor's value, but even their valuations can differ slightly as it is not an exact science. So you could hope a new buyer gets a survey with a higher value, but it's a risk.

Mgman

AlexMac wrote: »

Lots of good advice here- I can't top it...
other than to say that when it happened to me I was as mad as you are.
I went through with the reduced offer (it was a buyers' market) and only afterwards wished I'd nailed that kipper under the floorboards or stuffed it behind a radiator or toilet cistern...

Now there's a thought?

Same happened to me, buyer viewed, said perfect for them, offered full asking price of 115k. Survey done and contacted by EA to say buyer had told them the survey had uncovered "multiple problems" with the property but would still be prepared to proceed for 99k (16k off).

When I asked EA what these problems were as I knew of none they said they had asked him as well, but he refused to discuss them or disclose what they were as it was "his survey".

Anyway, told them to tell to put back on the market. A few nights later there's a knock on the door and this man tells me I'm supposed to be buying his house and what's the problem (he wanted a six week completion). We told him all, and he said for quick sale to knock FIVE GRAND off our asking price !!!!! Told him that we then wouldn't be able to afford his then to which he replied he would knock the same off his as he didn't want to lose us. We sold a week later for 110k with no problems on this survey. we were very lucky !!!!!!

System

RockabillyMum, this thread has really opened my eyes and makes me so angry. I will be watching how you do. I’m putting mine up for sale in the spring. Now we’ve decided to try for a private sale as we are not in a rush and our last property sold within a week and fully completed within 4 weeks. A roadside property like the one we have now. We are mature, mortgage free and want a smaller property. I have taken notice of this thread and have come to this conclusion- We will have two separate surveys completed before advertising just to represent an honest value of my property and to clear any RIC’s corruption ideas as I agree there might be some. I hear of low values coming in from them all of the time (some maybe honest we paid a lower price when bought this property) others maybe perks of the job, so don’t ever be naïve, we have perks in all professional areas. I have given and received them and have never met anyone who hasn’t (Mates Rates).


I feel my property is immaculate and enjoy the complements that we hear from passers-by when we are unknowingly relaxing in our private enclosed walled garden. However, we expect to have to do some work on the property as I feel the survey has to bring something up, just something, as they do. However, my science is this, both surveys had better have the same faults, or a very, very good explanation as to why they haven’t as this is what I expect from RICS. I may tell them both in advance that I have had numerous surveys and expect a professional RIC’s experience so they can heed the polite warning.

The buyer will want to do their own survey too, by choice or due to the banks etc. That will be three surveys in total, so I will take the average of the three as the honest property value, whether I like it, a buyer likes it or not.

Then I will counter in the fact that there is a sealing price for four bedroom semi detached in my area £250,000, the excellent nearby primary and high schools within ten min’s walking distance, distant valley views from every aspect of the property, very low crime rate, small town shops, local park -might be an advantage to some but not others.

I will also get three estate agency valuations and factor in the average value. After all of these factors I will look at what has sold within a half mile of my area then come to a figure. I will expect to drop a bit £5,000 max, don’t really know why, bargain, etc (My secret £5000).

In conclusion, from my private sale I would expect a lot less stress due to calls and negotiation etc. as all features will be set out on the table, with a clear no offers for any reason, etc. with a notice feel free to have your own survey etc and offer to pay for their survey (out of the secret £5000) I have fears of corruption so they will too. I genuinely feel that I should have less selling fees as there is no Estate Agent. The total for my troubles will certainly be less than £10K which is a total which seems to be the starting fee/ sale reduction when selling properties today.


Four double bedroom Victorian semi-detached with every original feature except the wooden sash windows which were rotten, outdoor toilet/coal shed which is now a small workshop with services. We are mature, mortgage free, not in a rush to sell and never will be. I have seen a similar property to the one we have now but at a ridiculous price, however they have planning permission in place for this, that and the other, which we have no use for as we want a three bedroom with just one large usable garage (The Ceiling Price comes in here). What a pity as it is a beauty. However, it’s been up for sale for two years now and has tenants in it at the moment, eeemmm….. Not seen anything else but want another local smaller period property with a larger garden in immaculate condition so I will keep looking.

In summary, three valuations, three surveys and a private sale with 12 months on the market. If not sold then I will accept defeat and get the estate agents in with a clause on my terms- my professional images, literature, etc as this should help towards a reduction in estate agent fees . Also, an important bit here- if it sells to anyone that I introduced to the property within the last 12 months then no fee will be paid to estate agent. If sold to a newby then 100% for the hard earned and valued work of the estate agent.

Finally, I expect a written report at the end of every month stating, individual interest, offers, etc. If we don’t sell then i will understand that it is a bad time to be selling therefore I shall sit back and wait- if we do sell then, Yippee.


I genuinely feel that everyone wants everything too quickly (me included), whether it be houses, materialistic things, etc. I really feel for you as you seem, honest, genuine hard working people, but fate will provide you with a buyer and a seller. Keep your hard earned money as it’s your pension pot, if you want to give it way then PM me. Slow down, think how hard you have worked for your money (possibly your parents inheritance, how hard did they slog!) your own children’s inheritance how hard have you your partner slogged over the years. If you have growing up children and they were in your position what advice would you give to them? Would it be step back and cool off or fight and get on with it?

Good Luck.

time2deal

I think you mean ceiling price.

N1AK

RockabillyMum wrote: »

And if he bid now through the agent, are we allowed to accept his offer, which would gazump the horrid gazundering cash buyers?
We obviously would have to take a big risk, that his mortgage offer comes through, and that his survey doesn't value the house at a lower price. But we know from other house sales recently nearby, that our house could now be worth at least 35K more than we are selling for.

What is our legal position here?

Speak to a solicitor. If the estate agents have done all the things they are accused of here including breaching confidentiality and lying about communication with the other bidders then at the very least you should be able to disregard any contractual obligations you have with them (if not sue them outright for it). That said, it might not be as clear cut and even if you can do it, the potential hassle may mean you shouldn't.

TighterThanTwoCoatsOfPain

Newlook wrote: »

....... I genuinely feel that I should have less selling fees as there is no Estate Agent. The total for my troubles will certainly be less than £15K which is a total which seems to be the starting fee/ sale reduction when selling properties today.

Where the hell do you live! 15k for selling fees?? Who from! Get on emoov or house network for hassle free marketing/ rightmove exposure for a few hundred quid and nothing else. Some folk don't like their sales progression but you don't have to use it. That includes almost unlimited photos and description etc that you can tailor/ edit yourself.

No offence intended, but you sound like you're going to be a right pain in the !!!! seller to deal with. Get this idea out your head that it's your beautiful home to start with.. The bottom line is you're about to enter a dog eat dog business transaction.