Gauzamped

MEM62

itssmallstuff said:

What is the likelihood that the bank will value the same property +40k in mere 4 weeks? I heard of some kind of central database for valuations...so even if I applied with few other lenders, the valuation might just come out the same?

Whilst this is an important consideration from the viewpoint of your mortgage, the more important question is do you think that the house is worth the extra £40K?  That is quite a jump.  It's very easy to get into the mindset of 'this is the house' and be suckered into coughing up more than the market value.     

fewcloudy

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. 

Indeed. One of the nicer things about the system we use in Scotland (not saying its perfect, nor do I want to cause thread drift) but this gazumping sounds horrible...

itssmallstuff

MEM62 said:

itssmallstuff said:

What is the likelihood that the bank will value the same property +40k in mere 4 weeks? I heard of some kind of central database for valuations...so even if I applied with few other lenders, the valuation might just come out the same?

Whilst this is an important consideration from the viewpoint of your mortgage, the more important question is do you think that the house is worth the extra £40K?  That is quite a jump.  It's very easy to get into the mindset of 'this is the house' and be suckered into coughing up more than the market value.     

The things is, the adjoining semi also came on market after my offer was accepted. Now the adjoining property does not have a rear extension and still went for the same price as I offered on the extended. This may have triggered sellers to want more

steve866

itssmallstuff said:

MEM62 said:

itssmallstuff said:

What is the likelihood that the bank will value the same property +40k in mere 4 weeks? I heard of some kind of central database for valuations...so even if I applied with few other lenders, the valuation might just come out the same?

Whilst this is an important consideration from the viewpoint of your mortgage, the more important question is do you think that the house is worth the extra £40K?  That is quite a jump.  It's very easy to get into the mindset of 'this is the house' and be suckered into coughing up more than the market value.     

The things is, the adjoining semi also came on market after my offer was accepted. Now the adjoining property does not have a rear extension and still went for the same price as I offered on the extended. This may have triggered sellers to want more

Buy that one?

itssmallstuff

steve866 said:

itssmallstuff said:

MEM62 said:

itssmallstuff said:

What is the likelihood that the bank will value the same property +40k in mere 4 weeks? I heard of some kind of central database for valuations...so even if I applied with few other lenders, the valuation might just come out the same?

Whilst this is an important consideration from the viewpoint of your mortgage, the more important question is do you think that the house is worth the extra £40K?  That is quite a jump.  It's very easy to get into the mindset of 'this is the house' and be suckered into coughing up more than the market value.     

The things is, the adjoining semi also came on market after my offer was accepted. Now the adjoining property does not have a rear extension and still went for the same price as I offered on the extended. This may have triggered sellers to want more

Buy that one?

Already under offer. Same EA. EA said it went for the same price as I was paying, only that the other one doesn't have an extension

oystercatcher

Although it is horrible for the OP, who is really going to turn down an offer of an extra 40 K if the agent thinks it will go through? I'm pretty sure I wouldn't.

Murphybear

Flugelhorn said:

I would suspect that @ 600K with a 5% deposit the valuation may come back lower - maybe the EA will be calling you back at that point 

That happened to us a few years ago.  We made an offer which was accepted then a few days later the EA told us they had accepted a higher offer.  A few weeks later the EA called again to say it had fallen through and were we interested in buying at our original offer.  They didn’t understand why we said no.    . The expression”wouldn’t touch it with a bargepole” went through our minds but we didn’t actually say this.

it was serendipitous as we found our “perfect” bungalow a few days later.  

saajan_12

Morals aside, all you can do is keep house hunting and let the EA know to reach out if this one falls through. 

No point in upping your offer unless its to beat the 600k, else the vendor will still go with the FTB, and if that falls through then you can think about the number then. 

SaintJudy

oystercatcher said:

Although it is horrible for the OP, who is really going to turn down an offer of an extra 40 K if the agent thinks it will go through? I'm pretty sure I wouldn't.

Exactly. It took me 25 years to save enough for a deposit, which still wasn't as much as this extra 40k.  As much as it'd make me feel awful I wouldn't be able to effectively 'gift' 40k to someone I don't even know 

Thrugelmir

Flugelhorn said:

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.

The EA ???  Don't you mean the vendors. 

Obviously not a fan of EA's..........