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Gazumping advice

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Comments

  • Lord_Baltimore
    Lord_Baltimore Posts: 1,348 Forumite
    Anyone willing to engage in gazumping is fair game in my book. Don't get mad, get even. I definitely wouldn't give in to extortion because that is what it is.

    Up your offer repeatedly to whatever it takes to secure the property and get rid of the competition. Take your time with the purchasing formalities and then gazunder back to your original agreed price. If the vendor isn't happy with the deal he originally agreed with you, walk away and leave him, his Agent and the other buyer who tried to outbid you, licking their wounds.

    It's no more than they deserve and you won't feel best about a place you pay too much for.
    Mornië utulië
  • kinger101
    kinger101 Posts: 6,627 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Anyone willing to engage in gazumping is fair game in my book. Don't get mad, get even. I definitely wouldn't give in to extortion because that is what it is.

    Up your offer repeatedly to whatever it takes to secure the property and get rid of the competition. Take your time with the purchasing formalities and then gazunder back to your original agreed price. If the vendor isn't happy with the deal he originally agreed with you, walk away and leave him, his Agent and the other buyer who tried to outbid you, licking their wounds.

    It's no more than they deserve and you won't feel best about a place you pay too much for.

    I agree they deserve it, but OP could lose out somewhat as they'll be back at square one, minus some legal fees.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    Never knew you could do that to sellers, lower your price on exchange day and give them an ultimatum.


    I guess it worked both ways, but who stands to lose more? that is the question, not just money wise.


    If the seller calls your bluff you'll lose quite a bit, but if it comes off you don't gain anything apart from the offer you originally accepted and maybe a house if lucky. Is it really worth the risk?


    Could you not have spoken to the seller to ensure the other buyer exists and sway them?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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