Is this gazumping / fair?

1122abc

dannim12345 said:

Really depends how much competition there is, if no one else is bidding they might be happy to accept and wait for you to sell.  I wouldn’t wait if you love it though but explain the situation.  

Has you properly been on the market long?  Is it likely to sell soon?  If you had loads of viewings booked I would be happier as a seller than than if it has been sat on the market for months. 

I’ve just gone up on the market officially today with a few pre-market viewings over the weekend, three of which are returning for second viewings. I’m not sure what to make of that really. They’re all FTB. Similar properties nearby have sold within the week of going up so my fingers are tightly crossed. 

FlorayG

1122abc said:

Albermarle said:

. Do vendors typically accept the first reasonable offer? 

The problem with this question is that one persons view of what is a reasonable price, is often different to another's view.

You mention gazumping, but seem a bit confused on what it means.

It is normally where a sale has progressed through all initial stages; offer accepted; conveyancers have done all their work; survey done and you are close to the time of exchanging contracts. Then at the last minute the vendor says they do not accept the price anymore, and demand a higher one. It is seen as unethical but it is legal, as until contracts are exchanged anything can happen. As the buyer you can 1) threaten to walk away and potentially write off all costs so far 2) agree to a higher price 3) negotiate .

By reasonable, I meant whatever is acceptable to the seller. 

Thanks for clarifying what gazumping means. 

That's what 'acceptable' means - something you are willing to accept

1122abc

FlorayG said:

1122abc said:

Albermarle said:

. Do vendors typically accept the first reasonable offer? 

The problem with this question is that one persons view of what is a reasonable price, is often different to another's view.

You mention gazumping, but seem a bit confused on what it means.

It is normally where a sale has progressed through all initial stages; offer accepted; conveyancers have done all their work; survey done and you are close to the time of exchanging contracts. Then at the last minute the vendor says they do not accept the price anymore, and demand a higher one. It is seen as unethical but it is legal, as until contracts are exchanged anything can happen. As the buyer you can 1) threaten to walk away and potentially write off all costs so far 2) agree to a higher price 3) negotiate .

By reasonable, I meant whatever is acceptable to the seller. 

Thanks for clarifying what gazumping means. 

That's what 'acceptable' means - something you are willing to accept

I’m confused, I didn’t ask what acceptable means?

BonaDea

You say 'I desperately want this house'.  In that case, (a) be prepared to accept the the best proceedable offer on yours after the first batch of viewings, even if it's very low (and bearing in mind that if the buyer knows they've got a real bargain, they're less likely to pull out); and (b) if it's the kind of property which is likely to attract offers at asking price, then offer more, perhaps even substantially more, so again the vendor knows they've achieved such a great price they're as desperate to keep you as their buyer as you are to get their house.