I thought gazumping was illegal??

Dead_Eye_Jones

get used to this kind of thing. Sadly EAs will always push you as far as they can. Its their job. I sat next to a work colleague who was phoned by the EA to say that there was "another offer" can you go higher? She said no chance I dont want it. The EA phoned back 10mins later and said the other offer had been "withdrawn". Funny that ay?!

It is critical to decide how much you are prepared to pay and then dont go over that amount. EAs will always try to push harder. If they think you will pay more they will use any trick to get you to raise your offer.

Of course this can work both ways. Your son could drop the price at the last minute perhaps becuase of something that is seen in the survey. The vendor may then not have the time to find a new buyer or maybe there was very little interest from anyone else anyway and they will be forced to take the lower price. This could work particularly well if he is an FTB and the vendor risks losing their next purchase. But this is pretty dubious behaviour too I guess!

You have to play the game. But thats easier said than done when you've found a property you really like - and dont EAs just know that!

Notlob

I remember some research showed that over 95% deplored gazumping, yet if offered an extra £5k then 35% of us would take it and over 65% would grab it if offered £10k more.

Hypocrisy rules!

Notlob

Katykat

thanks everyone. The latest is that my son has agreed 147k and is at the moment at the EA's with their mortgage consultant. He is happy to pay the price, but he does feel bad for the other buyer, but hey! they say its a cut throat business. The only winners here are the Estate agents as they get more commission.

EdInvestor

Dead_Eye_Jones wrote: »

Sadly EAs will always push you as far as they can. Its their job.

No it's not.The EAs job is to negotiate a deal between the two sides and make sure it sticks.

EAs will always try to push harder. If they think you will pay more they will use any trick to get you to raise your offer.

It is usually the vendor in the background who is pushing for more IMEn not the EA.I have sold quite a few houses and have never ever had an estate agent suggest I ask for more money after an offer has been accepted - though of course they are required to report to you any new higher offers received.

How would it be in their interest to encourage an owner to upset a done deal? They may get a small amount more if the eventual price is higher but they get nothing if there's no deal at all.

Alexei

Katykat wrote: »

The only winners here are the Estate agents as they get more commission.

No. The real winner is the vendor.
An estate agency on 1.5% commission gets an almighty £30 from a price increase of £2000. Totally insignificant compared to the vendor's gain.

Running_Horse

arthur_dent wrote: »

The full asking price offer was accepted. It may not strictly speaking be gazumping or illegal, but it is wrong. Once your offer has been accepted then that should be the end of the matter. If you wish for all your cards to be dealt before accepting that offer that is of course very sensible but I believe that once an offer has been accepted then that is it.

If you believe that you are wrong. If you wish for that you are sensible but naive. I believe in world peace and Father Christmas.

arthur_dent_2

I believe in doing what I believe is right even if it is to my own detriment. I have several valuable records that I promised never to sell. Many times I have needed the money but I will not go back on my word. That is how it should always be your word is your word.

Running_Horse

We did everything honestly and above board throughout, and ended up being screwed over twice by others less scrupulous, and having to back on the market twice as a result. Until the government intervenes in the housing market, trust no one. I don't blame the vendor for holding out for the best price, as there are plenty who would happily trick him out of thousands, given the chance.