Gauzamped

babyblade41

I agree a 5% deposit may not go down too well & I'm sure someone will give you a call later on down the line .

My advice is continue with your sale and go into rented , if the vendor comes back to you then I'd reduce my offer slightly .

They will have spent money on legal fees and may have to start the whole process again 

propertyhunter

Shame that sellers are able to treat buyers like this - but the market is what it is.

I'm surprised the EA has not advised their client of the inherent risk of devaluation for a purchaser with a 5% deposit. 

Bendy_House

propertyhunter said:

Shame that sellers are able to treat buyers like this - but the market is what it is.

I'm surprised the EA has not advised their client of the inherent risk of devaluation for a purchaser with a 5% deposit. 

The EA probably did advise their client it wasn't a clever move. The EA is not going to earn much more from this increase, so there is no great incentive for them to look for such higher offers; all they want is a 'sale', and as quickly and hassle-free as possible; that is what puts money in their hand. And, once they tie up this sale, they'll know there's another buyer out there with £600k to burn, so they'll be sending new properties to them right away.

For the EA, this simply means a delay, and upset buyers - not even EAs want that.

It'sSmallStuff (no it ain't :-(  ), all I'd suggest is that you obviously express your deep disappointment of what happened to the EA (whilst not blaming them, because it probably wasn't their fault), and how this has messed up more folk than you, but if the new sale falls through for any reason (and reasonable chance it might), make it clear you will be prepared to proceed on the same terms as before.

Keep searching. The only other consolation I can offer is, every time we have lost out on a purchase - and gazumping was one of the causes - we always found a better place afterwards. Always. (And, with the gazumped property, the EA did call us up 2 weeks later to ask if we still wanted it as their 'umper had backed out. By then we had found a truly superior place, so the answer was (insert anything rude you want... Actually, I was polite - because I was much happier.)

Flugelhorn

Bendy_House said:

Keep searching. The only other consolation I can offer is, every time we have lost out on a purchase - and gazumping was one of the causes - we always found a better place afterwards. Always. (And, with the gazumped property, the EA did call us up 2 weeks later to ask if we still wanted it as their 'umper had backed out. By then we had found a truly superior place, so the answer was (insert anything rude you want... Actually, I was polite - because I was much happier.)

the pleasure is actually in saying "no thank you - we have found another place" when you know that the EA was desperately hoping you would bite their hand off to be able to be back buying their property.

Skiddaw1

Bendy_House said:

propertyhunter said:

Shame that sellers are able to treat buyers like this - but the market is what it is.

I'm surprised the EA has not advised their client of the inherent risk of devaluation for a purchaser with a 5% deposit. 

Keep searching. The only other consolation I can offer is, every time we have lost out on a purchase - and gazumping was one of the causes - we always found a better place afterwards. Always. (And, with the gazumped property, the EA did call us up 2 weeks later to ask if we still wanted it as their 'umper had backed out. By then we had found a truly superior place, so the answer was (insert anything rude you want... Actually, I was polite - because I was much happier.)

Snap!! Exactly what I was going to say. Happened to us too. We ended up in houses we loved far more than the ones we initially wanted to buy. So sorry OP- it's a bummer at the time- but it'll work out in the end you'll see. And what goes around comes around sooner or later.

custardly

Just to weigh in with an alternative point of view.

First of all, I feel sorry for you OP as being gazumped is awful.

However, £40k extra is a lot of money, I don't think it is greedy of the seller to accept this. They would be mad to turn down an extra £40k (assuming it is likely that they would get it). Just think how long it would take you to earn £40k! This extra £40k may allow the sellers to retire 2 years earlier or whatever.

An alternative view point would be, why should the sellers give you a £40k discount?

Finally, I don't agree with the other posts that say you should turn the house down if that sale falls through. Assuming it is the ideal home for you then you would be mad to turn the house down so that you can "get your own back" on the sellers. That is just petty and silly. Try to take all emotion out of the purchase (difficult i know), it is just a business transaction.

Unless of course houses like this are ten a penny. However, based on my own experience (in our area) the ideal house comes up once or twice per year!

Flugelhorn

reckon they should only turn it down if they have found somewhere else they like more 

Lespaul1960

custardly said:

Unless of course houses like this are ten a penny. However, based on my own experience (in our area) the ideal house comes up once or twice per year!

Unfortunately In my experience the ideal house comes up just about never !!!   They are all a compromise one way or another. Wishing you Good Luck OP.

custardly

Lespaul1960 said:

custardly said:

Unless of course houses like this are ten a penny. However, based on my own experience (in our area) the ideal house comes up once or twice per year!

Unfortunately In my experience the ideal house comes up just about never !!!   They are all a compromise one way or another. Wishing you Good Luck OP.

That's true mate. And they always seem to come in at just slightly above your max budget

steve866

From your other thread it looks like £550k was under market value. If you really want the house I’d consider the £575k revised offer and get the agent on side (they would prefer a progressed sale vs a new sale to someone who has 5% deposit).

You will quickly forget about the extra £25k and the anger of being gazumped if it all works out in the end.