What to do after being gazumped?

SephirothX

Cakeguts wrote: »

What is the parking like? Would it be worth going for the one with the garage?

The parking on the one I was buying is adequate for one car. If I was living with someone who owned a car then parking would be tricky.

Problem with the property that has a garage is that garages in this estate aren't built for housing cars, unless you have something very small. The garage isn't attached to the house either with it being a mid terrace so can't reuse the space.

I still don't know about buying a mid terrace either, I quite liked that the one I was buying was on the end.

hazyjo

I'd never gazump someone. People have tried to do it to me and I've walked.

Karma - what's the betting they'll drop their offer later down the line, or have the same thing done to them.

Nah, even if it meant cutting my nose off to spite my face, I would pull out. Wouldn't get into a bidding war, let alone on something I was already buying.

Guess we're all different though.

Jx

Person_one

SephirothX wrote: »

There is an almost identical house for sale for £250 less on the same street (this street was built 4 years ago)

There is also another similar property on the same estate priced at £150k in excess of but that one comes with a garage.

I am set on this kind of house, in that estate.

Similar properties in the estate have gone for anything from 143k to 157k over the past couple of years (most of them £143-147k)

How big is this estate and how many houses have been sold on since they were built just 4 years ago?

Person_one

SephirothX wrote: »

Why do you think matching the other buyer has a low chance? They already agreed to sell to me, surely any decent person when presented with two identical offers would go with the person they agreed to sell to first. What advantage is there to telling them that is my final bid? That's like saying to the other buyer - offer £1 more and it's yours.

Decent people don't tell buyers their offer has been accepted and then pull the rug and allow a gazump. Work on the assumption that these sellers are not going to behave like 'decent people' at any point.

SephirothX

Person_one wrote: »

How big is this estate and how many houses have been sold on since they were built just 4 years ago?

The whole estate isn't 4 years old, the area was built over time from 2007 to 2012. This street was the last one to go up. The estate has properties of all different kinds from 2-4 bedrooms, terraced, semi detached, detached, townhouses etc, typical of any modern estate. There's been quite a few sales but there's hundreds of properties. Most likely people just upgrading to somewhere better, which is what this vendor are doing.

Person_one wrote: »

Decent people don't tell buyers their offer has been accepted and then pull the rug and allow a gazump. Work on the assumption that these sellers are not going to behave like 'decent people' at any point.

Yeah that is a valid point, they aren't really decent at this point.

hazyjo

January's usually a fairly busy time to sell - if you do decide to pay more, nothing wrong with you playing them at their own game and viewing other properties and buying another if you prefer it.

As I said, not something I'd do as I'd have pulled out anyway! I do believe in treating people the way they treat you though.

Jx

SephirothX

hazyjo wrote: »

January's usually a fairly busy time to sell - if you do decide to pay more, nothing wrong with you playing them at their own game and viewing other properties and buying another if you prefer it.

As I said, not something I'd do as I'd have pulled out anyway! I do believe in treating people the way they treat you though.

Jx

Certainly yeah. Once I had my offer accepted I stopped looking at the market in case I saw something else I liked but if I do increase my offer I would be looking all the time.

I had a look tonight and it seems not much has come on the market since then and some others have sold.

da_rule

As has been said, if you really like the property and can afford to up your offer then feel free to do so. At the same time I would be looking at other places, and if something better comes up, as long as you haven't exchanged contracts then you can pull out. You would probably incur some legal costs from your solicitor for this though.

SephirothX

Yeah I think that might be the best path forward. I can certainly afford more, I'm not near my limits here. But I don't want to pay too much either.

hazyjo

Nothing's come on for a couple of months where I'm looking. Dead this time of year. You'll have far more choice come January...

Jx