Have you ever gazundered?

ScorpiondeRooftrouser

csgohan4 wrote: »

To be fair, it's nothing personal but business. You often don't see the vendor and even if you did, it's still money that matters.


Although I am surprised his friend is still a friend. He would have known he was buying or gazumping him as they would have shared what was going on.

People who do things like that don't have friends the way you and I have friends. They just have people they keep in touch with in case they can profit by it some time.

csgohan4

ScorpiondeRooftrouser wrote: »

People who do things like that don't have friends the way you and I have friends. They just have people they keep in touch with in case they can profit by it some time.

Wouldn't be surprised if he tried to covertly get his friend to say how much he can afford and then overbid by 1k which I find is a suspicious amount.


Usually people bid a bit more than what the accepted off is. For the sake of 50+ quid or so the EA was happy and for a few hundred extra pounds the LL accepted

Jhoney_2

csgohan4 wrote: »

To be fair, it's nothing personal but business. You often don't see the vendor and even if you did, it's still money that matters.


Although I am surprised his friend is still a friend. He would have known he was buying or gazumping him as they would have shared what was going on.

Yes, it's a business transaction, but it is personal in the sense of how you conduct yourself. That is not a monetary consideration imv.

The poster justified his actions that affected his 'very good friend's' purchase by telling himself that he wasn't as proceedable and because he offered more.

These were the thoughts of the unscrupulous vendor/ea imo, not a friend of any description - but I wouldn't do that to a stranger either.

ManuelG

Jhoney wrote: »

Whilst the latter of these was timely, I find your behaviour in both situations, very poor form. Also most people do not get an opportunity to 'shake hands' with a vendor.

Poor form maybe, but tbf to the poster, showing how it can work against him with the second example is refreshingly honest, and a good advert as to why you should do things ethically in both instances... as it can catch up with you somewhere.

merrydance

Awful practice, mostly done by buyers on the days around the property in which it was due to exchange. House buying and selling is fraught at the best of times without this sort of thing going on!

Jhoney_2

ManuelG wrote: »

Poor form maybe, but tbf to the poster, showing how it can work against him with the second example is refreshingly honest, and a good advert as to why you should do things ethically in both instances... as it can catch up with you somewhere.

I did appreciate the candour. Honesty is a stretch in the context of the post though,

jimbog

I would be interested to hear if anyone ever had a buyer who tried it on and you called their bluff, decided to remarket the property, and shortly had a panicky buyer on the phone to your agent

Arklight

There should be a special place in hell for gazunderers. Its why its usually a good idea to tell the EA as little as possible about your personal circumstances because they will tell the buyer.

People in distress tell their EAs because they think it will in some way speed their move. But your house will either sell at the price you have it at, or it won't. Signalling that you are under pressure to move by a particular time just invites some pond life to come and string you along.

NinaSwiss

Gazumping seems more acceptable to some than gazundering. With supply and demand / market rate being used to excuse it.

After 2 yrs going through to over 50 viewings, prices reaching new ridiculous highs, bidding wars against other FTBs I ended up buying from a distressed seller who needed the proceeds to fund a new business. By this point I'd become immuned to the dog-eat-dog process.

I was in a particulary unique position in that I was a FTB but purchasing a property not typical to London FTBs (3-bed terrace with large kitchen extension, 2 bathrooms and 2 receptions). This meant no chain. When I first viewed and offered, they'd already reduced the price by 25k and then another 25k minimum guide.

My original offer was laughed at by the estate agent so I moved on (I actually offered within the advertised guide as a FTB and other viewers had places to sell).

A month and half later (1st buyer fell through ) EA called once a week for the next 2/3 wks to 'give me the opportunity' to up my original offer by 7k then 5k then 3k. At the final conversation I reduced my offer. I really disliked the EA and had lost some interest in the house hunting process and no longer felt desperate to own.
I'd also settled in more permanent non-sharing rental 5mins from work.

After another week the offer was apparently 'reluctantly' accepted. I guess they wanted the new offer more that I wanted the the house at my original offer made 2 months prior.

Not sure if this strictly counts as gazundering but hey ho I got the place.
Turned out to be better value and area than the 2-bed complete renovation projects I was outbid on and I don't feel one bit appologetic.

Nicki

jimbog wrote: »

I would be interested to hear if anyone ever had a buyer who tried it on and you called their bluff, decided not remarket the property, and shortly had a panicky buyer on the phone to your agent

The last time we sold, the awful biatch who had offered just below the asking price but was in rented accommodation at the time, dropped her offer by £10k just before exchange. Because we were time crunched in a chain, we initially agreed but then it transpired she would need a new mortgage offer as the price of the property had now changed and we'd be delayed by several weeks. I put it back on the market with two agents immediately and sold to a cash buyer with exchange and completion within 3 weeks for £25k over the asking price.

The original biatch then had her solicitor send me a letter before action demanding I reimburse her for her conveyancing costs and survey fees 😅

Sadly for her I am also a solicitor so was not in the least phased by that letter and not only did I tell her in legal language to F off, I also reported her solicitor to the Solicitors regulatory authority for writing a letter before action when he should have known on the law that no legal claim arose.

So not exactly the situation you asked for, but similar 😀