Gauzamped

Flugelhorn

Thrugelmir said:

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..........

well both really - the EA would be hoping that they could pacify the now fraught vendors AND get their fee and the vendors would be able to get on with the chain, though of course they would be selling to people they had already let down

EAs occasionally are marvellous (2 recently who negotiated really good deals with vendors, one particularly impressive) - most of the time they drive me dotty.

Sistergold

Slithery said:

If the lenders valuer personally thinks it's worth a million pounds then they'll cstill only value it at £600k for the new buyers.
Unless they're going to undervalue it they'll always give the exact offer price as the value, no matter how much more they think it's worth.
A lenders valuer will never give a higher figure than the offer.

Yes this 👆🏾once value is okay for offered price then that’s i t for values.  Only if value is less then they put the actual undervalued figure 

Sorry about this, this s really terrible. A better one will come, I know this does not help as chain was complete. 

itssmallstuff

Update-

The area is very popular among families with kids. Prices have been in the rise. The house we are buying is in good condition (5x3 m rear extension, garage, under floor heating, new kitchen bathroom etc). Ready to move in!

A other property in very close vicinity but with very high spec refurbishment ( designer bathroom, POP celling, 3*5m extension with bifolds, garage etc. is Sold STC 625k. 

The property adjoining to the semi we are buying does not have extension, needs refurbishment, new bathroom,kitchen etc. Came on the market 3 weeks after our offer was accepted for asking price if offers over 550k and was sold STC within couple of days.

So, we think the property is definitely work around 600k and we had found a very good deal at £560k.

We negotiated hard and now settled at 580k, but with a condition that the vendors will vacate as soon as we can complete (their onwards purchase fell through today). they will move in rental until they find their new home ... 

meeemee

Sounds like you got a good deal and nice the sellers are going into rented, all worked out well for you in the end. 

MobileSaver

itssmallstuff said:

they will move in rental until they find their new home ... 

If you haven't already, make sure you get this in writing and reinforce/remind the vendor/EA of this at every opportunity. Many people say they will move into rental but then come up with a 101 excuses as to why they can't/won't when the time comes.

Having it in writing won't give you much, if any, legal protection but it may give you enough on the moral argument to persuade the vendors to do the right thing.

UnderOffer

What happened to the £600k buyers? Did they pull out? If not, and they’ve been gazumped are they likely to return with another offer? 

Flugelhorn

UnderOffer said:

What happened to the £600k buyers? Did they pull out? If not, and they’ve been gazumped are they likely to return with another offer? 

well one wonders if they ever existed or whether the vendors just liked the idea of increasing the offer

Thumbs_Up

For most people the house buying – house selling process go though  enormous amounts of stress I know, I have the tea-shirt. But what’s with the ill will towards the gazumpers  who is  prepare to step up and admit that they would turn down £40k more then they expected selling there house, get real.

Let me get to the point, if you are selling your house you want the most you can get for it, right? If you are looking to buy a house you want and hope to get it as cheap as you can, right? We all know in the real world it doesn’t always pan out like that. I under sold a flat and over paid for a house, its life just so get on with it.

Flugelhorn

I am intrigued with gazumping - if the buying process is progressing and hence being going on for some time, how does the new purchaser actually get to see the property? does the EA show them? have the vendors shown them round? did they look originally and have just decided to offer?

newsgroupmonkey_

Flugelhorn said:

I am intrigued with gazumping - if the buying process is progressing and hence being going on for some time, how does the new purchaser actually get to see the property? does the EA show them? have the vendors shown them round? did they look originally and have just decided to offer?

Generally, it'll be 1 of 2 things - usually a previous viewer who has had something fallen through, or had a change of heart.

Or they're simply buying blind. Desperation makes you do strange things.