Gazumping with Haart

Fin2020

We have been looking for a house, found one this week and phoned Haart estate agents.

Our first offer was accepted buy the vendors on Wednesday. Haart then rang round any other interested parties (normal procedure?) and yesterday we were told another offer was now on the table. Therefore they said it went to best and final bids. We increased our offer but got outbid. They had accepted the other offer.

When we were given the news by the agent we were invited to increase our offer. Best and final? We were told the offer but refused to gazump the other buyers.


He only would have phoned the others back to encourage them.

Will be following official complaints procedure but not hopeful that will achieve anything

Very poor and untrustworthy agents. Doubt it's every branch but think twice before dealing with them.

We realise that this is underhand but have they broke any code of conduct?

mrginge

You seem to be under the impression that the EA is working for you.

You are mistaken.

What will your complaint be? - that the EA worked to get the best price for their client whereas they should have just accepted your lower offer to keep you happy?

AdrianC

The EA doesn't decide who buys a house. The vendors do.

"Hello, vendor? EA here. We've had an offer of £x. Yes, there might be offers from some of the other viewers. OK, we'll give them a call and see."
"Hello, vendor? EA here again. There's also an offer of £Y. Yes, we can ask all those interested for final offers. I'll let you know."
"Hello, vendor? EA here again. £Y has increased to £Z, but £X have said they won't offer any more. OK, I'll let them both know, and ask £Y to get their solicitor's details to us."

That isn't gazumping. Your offer was never accepted, and your purchase wasn't in progress.

marksoton

Fin2020 wrote: »

.

Will be following official complaints procedure but not hopeful that will achieve anything

With whom?

Because apart from appearing with Anne on Watchdog or phoning the DM for a very sad face photo shoot not a single person will be interested.

Clutterfree

AdrianC wrote: »

The EA doesn't decide who buys a house. The vendors do.

"Hello, vendor? EA here. We've had an offer of £x. Yes, there might be offers from some of the other viewers. OK, we'll give them a call and see."
"Hello, vendor? EA here again. There's also an offer of £Y. Yes, we can ask all those interested for final offers. I'll let you know."
"Hello, vendor? EA here again. £Y has increased to £Z, but £X have said they won't offer any more. OK, I'll let them both know, and ask £Y to get their solicitor's details to us."

That isn't gazumping. Your offer was never accepted, and your purchase wasn't in progress.

But the OP said the vendor accepted their initial offer, why did they accept if they were aware another offer was coming in? They should have waited. Obviously the vendor wants as much money as possible but IMHO they shouldn't have accepted the first offer if that was the case.

OP, you won't get anywhere with your complaint so little point.
The vendor has gone back on their word so you've probably had a lucky escape...

kilby_007

They might have upset you, but what they've done is not illegal in any way. A property isn't sold until you exchange contracts, at which point legally you're supposed to complete, but Even after exchanging contracts I think you'd be wasting time with a legal battle if someone decided to back out. Estate agents have a code of conduct, and they're not allowed to do things like make up offers or only passing select offers on to the vendor, but nothing you've mentioned breaks any regulations.

AdrianC

Clutterfree wrote: »

But the OP said the vendor accepted their initial offer

Had the memorandum of sale been sent out?

AnotherJoe

Clutterfree wrote: »

But the OP said the vendor accepted their initial offer, why did they accept if they were aware another offer was coming in? They should have waited. Obviously the vendor wants as much money as possible but IMHO they shouldn't have accepted the first offer if that was the case.

Agreed but vendors are people and people can be irrational.

When my daughter was buying in 2014 there was an open house, on a Saturday.

Rather than wait until say at least late Monday or better Tuesday or Wednesday, to let people talk to relatives, lenders and solicitors etc, the vendor accepted what appeared to have been the very first offer that went in on that Saturday, and refused to accept any more bids even though that offer was below AP and my daughter put in a bid of AP.

Not waiting for a few days after having a crowd (literally) of people around certainly seemed irrational to me and not very good behavior from the EA as they should surely have advised their vendor to take the bids and choose between them a few days later, or even encourage a bidding situation as per the OP. (or maybe they did advise that and the vendor ignored them?)

Luckily for daughter she found a much better place a few weeks later. (and then the deal on the initial house fell through and she was contacted and asked if she was till interested ... nope )

ognum

Have only dealt with Haart once (Cambridge branch), three or four years ago was buying a house through them from a guy with financial and health issues.

He needed some money up front for solicitor and the manager of the branch paid it out of his own pocket to get the sale moving, no doubt he recovered it at completion but they really did work to help the vendor.

Clutterfree

AnotherJoe wrote: »

Agreed but vendors are people and people can be irrational.

When my daughter was buying in 2014 there was an open house, on a Saturday.

Rather than wait until say at least late Monday or better Tuesday or Wednesday, to let people talk to relatives, lenders and solicitors etc, the vendor accepted what appeared to have been the very first offer that went in on that Saturday, and refused to accept any more bids even though that offer was below AP and my daughter put in a bid of AP.

Not waiting for a few days after having a crowd (literally) of people around certainly seemed irrational to me and not very good behavior from the EA as they should surely have advised their vendor to take the bids and choose between them a few days later, or even encourage a bidding situation as per the OP. (or maybe they did advise that and the vendor ignored them?)

Luckily for daughter she found a much better place a few weeks later. (and then the deal on the initial house fell through and she was contacted and asked if she was till interested ... nope )

Oh I agree but for me if I've accepted an offer even verbally and I get a higher offer then I won't go back on my word. Some may say that's stupid but that's just how I feel!

Fin2020

We had already received the memorandum of sale.

I completely understand that agents are trying to get the best price for their vendor, but I'm mainly hacked off he was trying to circumvent the best and final bids offer. He said to us it wasn't really about the money the vendors wanted as quick a sale as possible (they were divorcing).

Then he told us that a first time buyer had bid the asking price, and that it had been accepted, but then encouraged us to bid again.

Best and final doesn't equate with "unless I can keep playing you off each other" in my book.