At what point do I pull out?

Crashy_Time

getmore4less wrote: »

when you say progressing is that rental?

they could be trying to get you more committed and will suddenly find a property and it will drag on longer.


how long has this 2nd one been on? With offers over they may be adjusting their expectations if you are the only interest at this price point..

Yes, they probably will be, let them sweat a while then go back later, why is the OP allowing themselves to be pressured by EA`s and kite flyers. Chill.

SephirothX

Not having much luck with houses. I had an offer accepted on Thursday for this one - my final offer matching the listed price (it was offers over though). Just had a call from the estate agent saying they've had a higher offer. Two properties in a row now I've been gazumped on. I think I will have to let this one go as I can't afford to enter a bidding war.

glasgowdan

You've not been gazumped, you've been outbid.

SephirothX

I don't know, the definition of gazumping is pretty clear to me.

"make a higher offer for a house than (someone whose offer has already been accepted by the seller) and thus succeed in acquiring the property"

glasgowdan

Ah sorry I missed the bit you said you'd had the offer actually accepted. Stick at it though; buying a house is one of the most frustrating and stressful things you'll ever do.

SephirothX

I guess with it being only two days later it is more acceptable to listen to a higher offer. The higher offer hasn't been accepted yet, apparently it depends on whether the other buyer can get a DIP (which tend to be quite easy to get). It's frustrating for me, I didn't think this kind of thing was common practise. Even if the other buyer can't proceed what's to stop it happening again?

It wouldn't surprise me if the estate agent knew another offer may be coming as they have been dragging their feet changing the status on their website/RM to sold. Instead they've gone for "under offer" on just their website and even that update only came today when we spoke about this other offer. I did ask them on Thursday about changing the status too. When it's still listed as available that just encourages offers.

I might just stick with property 1, luckily I hadn't pulled out yet as I had been waiting for the second one to be listed as "Sold STC" first.

getmore4less

You fell for it last time and upped your offer £5k

just say offer stands, I aint got no more and wait.


if the EA are in the same town then they(someone from each) probably go for a beer together on a Friday night.

What has really happened with No.1

SephirothX

Yeah I'm not falling for it again. I have just reaf the odds of being gazumped outside London is 1 in 20 (5%). So the odds of it happening twice is 1 in 400. Can I really be that unlucky ot is there something more going on?

I can't really afford to increase my offer so I haven't, and I'm not even sure the property is worth more. I even told the estate agent that I am thinking about withdrawing my offer regardless of what happens with the other buyer rather than thinking about whether I can get more money together. Not sure if that was a good idea or not.

They wouldn't tell me what the other offer was but did say there's a chance the other buyer may have a problem getting a decision in principle due to a new job and that's what it rests on. That doesn't mean much though, just means the buyer has less lenders to pick from as some won't care about new jobs.

Property 1 is still better than anything else I can find on the market if the second falls through so it's not a terrible fall back plan.

Oh and the estate agents aren't in the same town, few miles apart in a different town. I worry more that estate agents read these forums to be honest!

SephirothX

Looks like the other offer was real and it was significantly higher than my accepted offer. I even offered a couple of grand more but it's not enough so I'm letting them have it.

gibson1

They agreed to your offer I presume, and then took another offer forcing you to increase yours, which isn't too pleasant.

Do what you want, they obviously are. Go for the house you prefer at the price you prefer. Instruct your solicitor to keep everything about the other property confidential.

No need to tell the first vendor whats happening unless you decide to take the second.