What to do after being gazumped?

SephirothX

I was told the vendor wouldn't accept anything less than the asking price since they had an offer on the table for the asking price.

leespot

We were told that about the house we bought too, ended up buying it for a lot less in the end. I take it your offer was subject to survey?

SephirothX

It was subject to survey yeah. But as the survey is 10 days away I might be tempted to withdraw my offer before then.

I really suspect foul play to drive up the price but there's no way to prove either way.

nubbins

Sounds like they got their mate to put in a sneaky offer if you ask me.

leespot

They've already proved the real reason for the higher asking price - having to buy higher themselves so putting the squeeze on you. I'd be happily telling them to get back in touch if they want to proceed with your original offer. It really looks less like another buyer and more like the seller trying it on. Always a gamble though on both sides.

SephirothX

That's what I thought once I had all the information with me. There's nothing to stop a vendor asking a mate to ring up with a fake bid. The estate agent doesn't check how valid a bid is until it has been accepted and you go in to go through your mortgage plans. It really is a gamble because if I pull out and the other bidder did in fact exist then I lose it.

Right now I'm doing more digging into the value of the house by looking at previous sales over the last two years. It's difficult though because it's hard to take into account house price inflation since those sales.

If they wanted more money for the property they could have withdrawn their acceptance of my original offer and said they want to sell for more and given me the opportunity to increase it rather than do this. My initial estimates of its value were a couple of grand more than what I had accepted.

Cakeguts

A semi detached in the same area with roughly the same amount of accommodation will fetch more than an end of terrace. It is the terrace bit that reduces the value of an end of terrace. Semi detached sounds better than terraced even if it is an end.

getmore4less

Have I missed why this previous buyer had to give up/pull out?

whatever the motivation (EA, vendor need more money, real offer...) the vendor still has to weigh up further delays.

whats the story on their onward chain.


big estate plenty of properties seems they are first home type and if around the 4y there will be plenty of movers.

if you can keep saving and were not stretched your options as the spring sellers put their properties up for sale might find something better.

leespot

I would always opt for the semi detached if give a choice. If a semi sold for £147k in April last year there's no way I'd be laying the same out for a terraced house.

getmore4less

SephirothX wrote: »

If they wanted more money for the property they could have withdrawn their acceptance of my original offer and said they want to sell for more and given me the opportunity to increase it rather than do this.

You don't slam the door shut until you have to, if they said your current offer is rejected the risk of you walking is higher as it i an ultimatum, this way you have too consider what you do next they have left you the option to come back keeping the offer on the table.

My initial estimates of its value were a couple of grand more than what I had accepted.

tough call did you have any estimated time line for exchange/completion?