Gazumping

yellow218

We had our offer accepted on Friday for our dream ‘forever home’. Instructed solicitors, mortgage in principle etc and all info provided to the vendors agents on the same day. 

When we viewed the property earlier in the day we had been told others were interested but had not sold their homes so it in a position to proceed. The property has been on the market since December. 

We’ve sold stc 4 weeks ago.  And the sale is progressing well. Including us the chain has 3 links. 

Come Monday morning I get a call saying the vendor has gone with another offer. We increased our offer to asking price but still rejected as the other buyer is apparently more favourable as there’s one less link in the chain. 

We are gutted. Gazumping is sole destroying. 

I personally don’t see our chain as a long or risky one. And surely as ours is progressing well it’s more likely the sale will be quicker than with a new chain that only a couple of days old even if there’s one less link. 

We had planned to keep some cash back for other things but we could put it towards the purchase and increase our offer above the asking price without needing extra mortgage. 

What would you do? Is there anything I’m missing here? 

[Deleted User]

You either increase your offer to an extent where they swap back to you or look elsewhere.

I'd do the latter. If they're willing to switch twice, they'll switch a third time. 

[Deleted User]

It happens, money talks - always will - and if the others are proceedable it's understandable the sellers choose a faster route.
Not a nice situation for you to be in but in the covid-climate the money world is going to be a very hardnosed place 😏
Look elsewhere now, keep an eye on that place, let the agents know you'd like to be kept informed if it falls through, and see what you can do in the here and now.

yellow218

I don’t honestly don’t see how the other buyer is a faster route. One less link yes, but our chain is mature. No issues raised and now negotiating dates for completion. Our chain wants to exchange. We should be quick if we can find the right house. Which this was. 

onwards&upwards

Its a horrible thing to do, I'm sorry.  

Walk away from these sellers, even if you offer more they have proved that they have no sense of decency and there's nothing to stop them screwing you over again further down the line. 

Falafels

Sorry to hear this. However, as you've been gazumped very quickly, you won't have lost out on costs for searches, surveys etc which really would have been money down the drain. (Thank heaven for small mercies an' all that...!)

I think it's important not to get too emotionally attached to properties until you know for certain they're yours. Not easy when you're looking for your 'forever home', I know, but to the vendor it's primarily a business transaction. Full stop. 

SharkMoney

You haven’t really been guzumped. They found a better buyer. 

yellow218

They accepted our offer. The house was marked as sold stc. They then accepted another offer after that. Isn’t that gazumping? 

MaryNB

Gazumping would be if they chose another buyer based on a higher offer, but they stuck with the new buyer even after you increased your offer (which I'm assuming was higher than the other buyer's). Ultimately it was because the other buyer is deemed to have more favourable circumstances, not more money.

AdrianC

yellow218 said:

They accepted our offer. The house was marked as sold stc. They then accepted another offer after that. Isn’t that gazumping? 

Whatever you want to call it is irrelevant. It doesn't change what's happened.

They accepted your offer.
They then changed their mind, and went with what they saw as a better one.
End of.

As others have said, at least it was very soon after the offer, not a fair way down conveyancing. And, if they do it once, they may do it again, later...

Sod 'em. Don't let them have the satisfaction. There's other houses.

Jeepers_Creepers

It's horrible, Yellow. They've done this for just one less link in a chain? Yuck.

At least it doesn't seem to be a case of more money - that might not help you, but I think it stinks a little bit less? (And it's not technically 'gazumping')

It might even be that this vendor had a horrible experience in the past with collapsing chains, and they themselves have found their dream home now that they'll do anything to make happen. 

It is horrible, tho', and your heart will feel heavy. But, it isn't 'personal', so do your best to see it that way. Tell the EA you are obviously disappointed, but you wish to be kept informed should it fall through - and that your original offer remains on the table - sod giving them any more... :-)

And... a better place will come up for you. Not right away, but it will. (Well, it has for me - 3 times.) Chin up.