Gazumpers- SO RUDE!!!!

fayecosford

Absolutely GUTTED!!

My parter and I have been looking at houses for a couple of months, but hadnt found the perfect one until last friday. We put an offer in which was refused, but our next offer was accepted. As first time buyers together we were absolutely over the moon about this, and looking forward to getting the ball rolling...

However, 5 days later, I recieve a phonecall from the estate agent, warning me somebody who had PREVIOUSLY viewed the house is insisting a new bid. A 4k higher offer to be put in. The estate agent has "assured" me he is on our side (yeah yeah) but yesterday informed me the people with the new offer wants to invest, and they are yet to have thier MIP, they have a meeting with the bank booked for the weekend.

So many scenarios are going through our heads,
is the estate agent lying?
will they get their offer in principle?
Will the owner accept?

When we viewed the house (which was previously rented) we were lucky enought to actually catch the lanlord, so think this MAY go in our favour as he has seen we are genuine. I just hope to god he is, as we really cannot afford to go any higher,

All i can say to any gazumpers out there...have abit of thought for what the other party are going through, it really really isnt fair,

Whats people thoughts?

vuvuzela

fayecosford wrote: »

Absolutely GUTTED!!

My parter and I have been looking at houses for a couple of months, but hadnt found the perfect one until last friday. We put an offer in which was refused, but our next offer was accepted. As first time buyers together we were absolutely over the moon about this, and looking forward to getting the ball rolling...

However, 5 days later, I recieve a phonecall from the estate agent, warning me somebody who had PREVIOUSLY viewed the house is insisting a new bid. A 4k higher offer to be put in. The estate agent has "assured" me he is on our side (yeah yeah) but yesterday informed me the people with the new offer wants to invest, and they are yet to have thier MIP, they have a meeting with the bank booked for the weekend.

So many scenarios are going through our heads,
is the estate agent lying?
will they get their offer in principle?
Will the owner accept?

When we viewed the house (which was previously rented) we were lucky enought to actually catch the lanlord, so think this MAY go in our favour as he has seen we are genuine. I just hope to god he is, as we really cannot afford to go any higher,

All i can say to any gazumpers out there...have abit of thought for what the other party are going through, it really really isnt fair,

Whats people thoughts?

Sorry to hear this, it's a pretty common situation down South I understand.
The agent is not on your side. He is on the side of the vendor, who will be paying him. The only way to tell if an agent is lying is if their lips are moving.
Unfortunately there's nothing you can do, unless you want to potentially over-pay for the property. Stick with your offer.
The agent *may* be telling porkies to try and get a higher price (and therefore another few pints worth of commission), but there may actually be another offer.
However, the vendor may be one of the conscientious ones who feel that an agreed sale is an agreed sale and a proceedable purchaser is worth more than a speculator...

jjlandlord

This is business...

It looks like you are much too emotional.

ognum

fayecosford wrote: »

Absolutely GUTTED!!

My parter and I have been looking at houses for a couple of months, but hadnt found the perfect one until last friday. We put an offer in which was refused, but our next offer was accepted. As first time buyers together we were absolutely over the moon about this, and looking forward to getting the ball rolling...

However, 5 days later, I recieve a phonecall from the estate agent, warning me somebody who had PREVIOUSLY viewed the house is insisting a new bid. A 4k higher offer to be put in. The estate agent has "assured" me he is on our side (yeah yeah) but yesterday informed me the people with the new offer wants to invest, and they are yet to have thier MIP, they have a meeting with the bank booked for the weekend.

So many scenarios are going through our heads,
is the estate agent lying?
will they get their offer in principle?
Will the owner accept?

When we viewed the house (which was previously rented) we were lucky enought to actually catch the lanlord, so think this MAY go in our favour as he has seen we are genuine. I just hope to god he is, as we really cannot afford to go any higher,

All i can say to any gazumpers out there...have abit of thought for what the other party are going through, it really really isnt fair,

Whats people thoughts?

Are you young because you sound it? 'Not fair' is not a buisness like expression and you are certainly in the buisness of buying a house.

These things happen, there will be other houses along and if you believe in karma then things will work out in the end.

It seems the other party is as desperate for a property as you are!

moneyistooshorttomention

OP's offer was accepted and they've "shaken on it" or the equivalent.

Personally, I sympathise with them for having been landed in this situation.

The vendor should have "held off" a bit from accepting OP's offer (ie if he thought the first lot of viewers would be back with an offer) and not gone ahead and accepted it.

I know both my EA and I were puzzled when the buyer of my last house took a few days after viewing my house to put in an offer - as my EA had told me they would be The One and told me their "evidence" for thinking that and we were both convinced they would be making an offer. In the event, my EA was correct and they did come back and make an offer. I had had an offer subsequent to theirs - but was holding out a bit and hadn't accepted it, whilst waiting for the first person to re-appear with theirs.

So, the offer made by Would-be Buyer No. 2 hadn't been accepted and I was "thinking about it" to give time for Would-be Buyer No. 1 to put in an offer.

That's the thing though - no-one's offer had been accepted. Once I had accepted an offer (ie from the person my EA thought it would be) then that was it and it was a "done deal".

That seller should have done the same and just said they were "thinking about it", whilst giving a short interlude to see if anyone else was going to offer. That way, there would be no broken agreements and all would be "fair and above board".

nicegirl

I don't think that there is any way of knowing for sure. But you are right, it does really suck.

HouseBuyer77

Well be glad they're considering the higher offer now, not a few days before exchange.

They might turn them down if they consider you more proceedable (on my current purchase I beat a higher offer because I was in a more proceedable position), so don't loose hope just yet.

Unfortunately this is just how it will be in a market high on demand and low on supply, not much you can do about it.

Zola.

Do you want the house enough to add 5k to your original offer? If not then say no and walk away. if you do, bid on it.

Be true to yourself. Dont get sucked into a ridiculous bidding war where you go beyond your means. Be straight with the agent. You want the house, but you wont be getting into a bidding war, your offer is final. Take it or leave it.

We are in the process of buying our first house at the minute, in the last stages... waiting, trying to be patient.

What I can tell is the first house we bid on we fell in love with. We got into a bidding war and it was getting too expensive, we walked away.

You know what happened 2 months later? We found a FAR better house, for almost £35k cheaper, and in a nicer area.

There are many, many houses out there.

fayecosford

ognum wrote: »

Are you young because you sound it? 'Not fair' is not a buisness like expression and you are certainly in the buisness of buying a house.

These things happen, there will be other houses along and if you believe in karma then things will work out in the end.

It seems the other party is as desperate for a property as you are!

"Are you young because you sound it" is this supposed to be a dig!?
I'm 25, and had a mortgage on my own for 4 years, and am quite simply asking for people views, as you may be able to imagine buying a property with my partner is a huge thing and after finding a house which we both love and this happening is abit of a kick in the teeth. No need to be heartless!!!

ognum

fayecosford wrote: »

"Are you young because you sound it" is this supposed to be a dig!?
I'm 25, and had a mortgage on my own for 4 years, and am quite simply asking for people views, as you may be able to imagine buying a property with my partner is a huge thing and after finding a house which we both love and this happening is abit of a kick in the teeth. No need to be heartless!!!

Not a dig, just asking for some information. The 'it's not fair' seems to come from someone who is not wordly wise that's all.

Hoploz

I feel for you Faye. No matter how many people on here state that buying a house is a business transaction the truth is when it's your home it rarely is. You are right, it's not fair. Unfortunately there's not much you can do about it.

I think EAs rarely lie about other offers. Once they get an offer accepted they clap their hands and move on with selling their other stock. They'd much prefer you to buy the one you're wanting, and to sell another one to the other party. Then they would have two deals instead of one!

Fingers crossed, I hope it works out for you.