Gazumpers- SO RUDE!!!!

Annie1960

Until exchange of contracts, the vendors can accept offers from anyone they want to. They are not being rude to you, just doing what's best for themselves.

stator

ognum wrote: »

This is the problem, of course it's emotional but it is a buisness transaction not a wedding.

You could easily say a wedding is a business transaction too, and buying a house could even be a longer term arrangement than your marriage
But buying a house is so much more than a business transaction that calling it such is condascending.

ognum

stator wrote: »

You could easily say a wedding is a business transaction too, and buying a house could even be a longer term arrangement than your marriage
But buying a house is so much more than a business transaction that calling it such is condascending.

Adding emotion is your choice

kinger101

At this point I'd walk away and be thankful that gazumping has occurred before you've incurred any expenditure. I wouldn't up my bid. I wouldn't even leave it on the table in the event buyer 2's MIP fails to materialize. The vendor is entitled to attempt getting the highest price, but at this point, I wouldn't trust them to truly remove it from the market before exchange of contracts.

Other houses will come along. And these will likely have vendors less inclined to roll the dice after they've accepted an offer.

cashbackproblems

I really don't see your problem, until you sign on the dotted line there is always a chance of one party pulling out and is their right to. The fact that it is not "fair" if your problem and nothing to do with the estate agent of the seller, if its a popular house i doubt they would lie about a 4k higher offer.

MIP is pretty easy to obtain, i got mine in 5min from my bank as long as you have a good credit rating and the relevant deposit.

JencParker

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!!!

House buying is not a nice process but you need to take a realistic view of it. I'm assuming you didn't offer the asking price so there may be a legitimate reason for thinking it is actually worth more. The problem is that it is not like buying something at asking price, in most cases it is bartering until you get to a middle ground. Either party can be honourable, but either party can be underhand too. Try not to take it personally. It may be that the house is worth more than you have offered and if you can't make a higher offer, then perhaps it is beyond your current budget. Something else will come along.

slowpoke_rodriguez

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.

All these cynics are getting carried away. From what you say, I wouldn't be too worried yet.
Maybe, just maybe, the agent is just warning you. After all, why would they mention the other buyer didn't yet even have their MIP?
From the agents point of view, he has a buyer, a buyer he knows is going to proceed, then another potential buyer appears out of the woodwork, and makes an offer. THe agent is obliged to pass on this offer to the seller; no matter that the new bidder is not a certainty. The new bidder risks effing it all up for only £40 extra in commission. The seller may also decide the bird in the hand is worth two in the bush.
Don't raise your offer , OP. Wait until you're told they've gone with the other to raise your bid, or walk.

kinger101

cashbackproblems wrote: »

I really don't see your problem, until you sign on the dotted line there is always a chance of one party pulling out and is their right to. The fact that it is not "fair" if your problem and nothing to do with the estate agent of the seller, if its a popular house i doubt they would lie about a 4k higher offer.

MIP is pretty easy to obtain, i got mine in 5min from my bank as long as you have a good credit rating and the relevant deposit.

The problem with this argument is that although neither party is committed until exchange of contracts, the seller's reneging on a previously accepted offer only highlights their attitude to the part of the buying/selling process which does rely on mutual trust.

I think people are being too harsh on OP, and being a little unreasonable in their disregard for the sense of fairness. It's rather disingenuous to say this is how business works. No business sets out to trash it's own reputation early in a deal.

stator

ognum wrote: »

Adding emotion is your choice

Absolutely not. Emotion is not something you ever chose or decide to have. It's something that happens to you, (if you are a normal human being).

moneyistooshorttomention

ognum wrote: »

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.

I don't think its right to call OP "not worldly wise". They may be young (MUCH younger than I am for one). I'm about 40 years older than OP and distinctly cynical - but if something isn't fair, then I'll still turn round and say so (at my age).

With being my age, I've learnt a lot of people aren't fair and will put their own interests first, foremost and last and then look for excuses as to why its okay to "do the wrong thing".

Doesn't mean I've given up hoping for fairness and condemning anyone who isn't fair.

Ultimately, I guess OP is asking for a law to be made to prevent this sort of thing happening. The thing is that the conduct of many people in many circumstances is such that that would involve one heck of a lot extra laws to prevent anyone getting up to anything they shouldn't - and, even where there is a law to prevent some-behaviour-or-other, some people will still "try it on" and you have to have money for legal costs to stop them.

Some people will always regard laws/rules/morals as something that doesn't apply to them.