Gazumping advice

Jhoney_2

DaftyDuck wrote: »

As they say, a foal and his money are soon parted...

Hay! Not in my neighbourhood..

BR
Whinny

shortchanged_2

I would tell them to go ahead with the other offer. Where does it end?

I would never trust a seller who is willing to gazump.

Personally I see it as a do unto others scenario. So I would wish them good luck, goodbye and hope it doesn't fall through for them.....and not to bother coming crawling back if it does fall through.

Hoploz

It depends how much you love the house, and how soon another house you love is likely to come up.

Chances are the other offer is genuine. It sounds a likely scenario if you knew from the outset there were other offers the same, so I am not going to go agent-bashing which seems to be the norm on here.

You are indeed still in a better position as you have nothing to sell and no chain below which could collapse. If you are willing to pay the extra then go ahead. If you are staying for the long term it is unlikely to make much difference realistically. What sort of money are you talking? A couple of thousand, or tens?

blinko

Also another view is lets say there is an open day and you are selling and receive an offer after accepting another offer and the purchaser hasn't spent any cash what would you do...

it's just one of those unfortunate things that happen in the housing purchse game

MisterB1959

blinko wrote: »

it's just one of those unfortunate things that happen in the housing purchse game

only its NOT a game, its a business transaction. view it like that and don't get personal about the transaction, only get personal about the property itself !


what I would do depends on how far down the line you are, how far away from completion or exchange and how much money you have invested so far.


can you afford to lose the money you have already invested? does the additional payment make the deal a bad financial decision?


If you can afford to lose the money invested in the purchase, I would personally increase my offer to above the one 'apparently' on the table and then on the day of exchange decrease it to its original level, after all its just a business decision as your seller has shown. that way your seller will either incur a loss for their greed or have to negotiate. BUT be clear, only do something like that if you can afford to walk away from the transaction.

chile_paul

Thanks all for your input and advice, it's really been appreciated.

We ended up increasing our offer to 5% above the previously negotiated price (compared to the 8% that was on offer from the other party). This has now been accepted, on the basis that we're not in a chain, so we're back on track again albeit a bit lighter in the pocket.

Still feeling a bit conflicted, we'll have to see what happens over the next few weeks. Not taking anything for granted anymore!

InvestInPoker

Tell them to !!!!!! off, don't worry - there is always another property.

Hoploz

I'm sure you were very firm when you spoke to the agent and agreed the new price. I'm sure that'll be an end to it.

sniperpenguin

If they accepted the 5%, then they were bluffing about the other buyer (or the EA pressured them to take it to guarantee commission).

House Buying is purely a cold, business transaction. If I were in your shoes now I would lower my offer to the original one 2 days before completion, simply due to being messed around.

Although saying that, I would've walked away and told them to accept the "8% higher" offer before playing the waiting game. When they come back after it fell through, I would lower my offer by 2% to cover my expenses / time.

Pixie5740

I suppose it depends how much you want the property. You're chain free so any more nonsense from the vendor and, in your shoes, I'd be tempted to gazunder them. Maybe reduce the offer by 6%.