Gazumpers- SO RUDE!!!!

Slinky

My friend has just sold her house. They were all set to go with a buyer in January, were packed up into boxes and the purchaser pulled out (don't know why). Their agent went back to somebody who had previously wanted to buy my friend's place but weren't in a position to proceed as they hadn't sold their own. It turned out they had subequently sold and offered on a place around the corner from my friend. They pulled out of that sale and bought my friend's place as their preference had always been for that property. Fortunately it appears the one around the corner has also found a new buyer.

Stuff happens, you just have to deal with it.

lxpeanut

fayecosford wrote: »

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?

I'm hoping the fact the owner of the house showed me around the property will help protect me from dirty dealings. Once someone has a face you have to be a pretty heartless person to pull a fast one. The fact it was a landlord rather than the resident in your case might however mean they view this purely as a business transaction. Its hard. Much as we know that house buying should just be a business transaction we will let our emotions get involved because that's our home. But you need to be looking at this with a more level head. You cant raise your offer but you might still have other benefits over the other buyer. Put your offer to them again in writing and make it clear it is your final offer but also state your other assets ie if you are not in a chain or the fact you've already got a mortgage in place. Hopefully they arent just thinking of the cash.

missis_amber

I brought my house via a sealed bid. I know that some people find sealed bids daunting but I was glad that they stopped taking viewings told everyone interested to put in their best offer and it was done. No fear of being gazumped. Maybe that's the way to go for all sales?

ognum

missis_amber wrote: »

I brought my house via a sealed bid. I know that some people find sealed bids daunting but I was glad that they stopped taking viewings told everyone interested to put in their best offer and it was done. No fear of being gazumped. Maybe that's the way to go for all sales?

Sorry but this is not true, there is nothing to stop guzumping just because you won a sealed bid.

moneyistooshorttomention

True.

...and I wouldn't fancy a sealed bid system myself. I tend to regard them as being a case of the vendor is trying to get people to bid more than they otherwise would (ie in order to be sure they knock any competitors out of the running).

I wouldn't want to take a guess at how much competitors might be offering and would rather know directly - though that would mean a bidding war if a competitor had offered and not been accepted yet. At least there's a better chance of only offering JUST a bit more than a competitor in those circumstances.

But, as pointed out earlier in this thread, someone who had had their offer accepted in a sealed bid situation then found the vendor ringing them up hoping for more.

jjlandlord

moneyistooshorttomention wrote: »

I tend to regard them as being a case of the vendor is trying to get people to bid more than they otherwise would (ie in order to be sure they knock any competitors out of the running).

Well, obviously sealed bids's aim is to get the best price. Duh.

Missus_Hyde

I still feel that a lot comes down to the greed of the vendor.

Ironically, when my parents were in the process of buying the house, which we're now selling, the vendor contacted my parents' solicitor two days before exchange and told them that they wanted another £5000 on the price. My father absolutely refused to be blackmailed into paying anymore for the house and basically told them they could b####r off and find another buyer if that was their attitude. Needless to say,they were just trying it on and rescinded the extra amount as they would be hard pressed to find someone else at that late stage and the sale went ahead at the original price.:p

Davesnave

missis_amber wrote: »

I brought my house via a sealed bid. I know that some people find sealed bids daunting but I was glad that they stopped taking viewings told everyone interested to put in their best offer and it was done. No fear of being gazumped. Maybe that's the way to go for all sales?

Probably the only way to be sure of avoiding a gazump, is to bid at auction.

I bought my first house via sealed bid, but the person in charge of the sale wasn't bothered about obtaining the very highest price, as she wasn't the beneficiary. She just found it a convenient way to bring all the interested parties out of the woodwork and get the thing done & dusted.

fayecosford

Thanks for all the comments guys,
we have now matched the bid and waiting for an answer, as the current owner had said they would have accepted the higher offer over ours.

However, the EA thinks that we will be chosen over the investors, as we were accepted first. Im just hoping now they dont come up with a even higher offer, if they do we will just be thankful we havent spent any money up till now, and continue our search for a home.

I just wish there was a law against Gazumping, like in Scotland! These investors can go and buy any house, yet we would have made it our home.

If its meant to be, it will be!!

Hope for the best, Prepare for the worst!!

Davesnave

moneyistooshorttomention wrote: »

I wouldn't fancy a sealed bid system myself. I tend to regard them as being a case of the vendor is trying to get people to bid more than they otherwise would (ie in order to be sure they knock any competitors out of the running).

Whether that is the intention or not, that's not how you should look at it.

As always, you should bid what you feel the property is worth to you. What it's worth to anyone else is irrelevant.

In my case, I bid slightly more than I was actually inclined to pay....i.e.£1 more!

You should never bid a 'round' amount.