To feel so upset about galumping, has anyone found nicer afterwards?

(121 Posts)
Lambzig Tue 14-May-13 09:51:09

Just got gazumped this morning on our dream home and cannot stop crying. I worked so hard on negotiations, sorting finances, plans for renovation on the house, not to mention the cost of the survey and architect time and all for nothing.

Is it worth selling your home and renting to make yourself a cash buyer (buyer only offered 2k more which we could have met, but seller not interested as wants cash buyer despite us having mortgage approved)?

Has anyone got gazumped and then found somewhere better?

Feel so upset, nothing else on the market at the moment.

Morloth Tue 14-May-13 11:00:31

LOL, I grew up on a sheep station. I know all about galumphing...

Seriously it will turn out for the best, I would make a large bet on it.

OryxCrake Tue 14-May-13 11:02:25

You poor thing. It's horrible and, yes, it has happened to us as well.

Didn't think we'd ever get over it at the time but a few months later we found a much better house in a better area for the same price and are still here nearly 20 years later!

You'll find your perfect home - don't worry. And when you do you'll be happy this one didn't work out. Hang in there.

Dawndonna Tue 14-May-13 11:09:48

I love my house. It is a modern box. However, it's at the bottom of a cul-de-sac with the most incredible views over a valley and the best neighbours in the world. We found it after being gazumped on an identical house round the corner which had been done up. It also had no conservatory and a smaller garden. It was also 12 grand more than this and on the main road through to the high school.
I was on rightmove at six, every morning after losing the other one. Found this and had viewed and offered by nine.

adeucalione Tue 14-May-13 11:26:05

It happened to us too - the seller asked if we could match the gazumping offer, but we couldn't.

We sold our house and moved into a rented property so that we didn't lose our buyer, and it put us in a very strong position in terms of being able to move quickly, without being in a chain, when we eventually found another house.

During the period that we were renting the estate agent informed us that the gazumpers had pulled out and asked us if we wanted to reinstate our offer, but we didn't. A month later he phoned again and said that the vendor would accept a lower offer than the one we originally made, but we weren't interested - they had already shown us that they had no integrity, so couldn't risk it happening again.

ModernToss Tue 14-May-13 11:34:22

I am not sure i would rent and sell because what happens if your place isn't sold it is added stress

But presumably you're going to need to sell it anyway before you buy elsewhere, so isn't it actually less stressful to get it sold first? It would be horrible to lost the new house because you can't sell in time, and as adeucalione says, you're then in a very strong position.

Lambzig Tue 14-May-13 11:45:08

I fear renting because I did that for six months once, prices shot up and then I could no longer afford a house and had to buy a flat. Also difficult with two small children I think. We need to get DD into a school soon too.

shewhowines Tue 14-May-13 11:51:51

i remember crying my eyes out, after they pulled out of selling the house I was going to buy, two weeks before I was going to move in.

Did me a massive favour. The one I did buy was twice the size and much nicer.

maddening Tue 14-May-13 11:55:24

I thought rules were in place to stop gazumping?

BarbarianMum Tue 14-May-13 12:00:13

We rented so as to be cash buyers. It was so worth it. smile

There is always a better house out there though...

JenaiMorris Tue 14-May-13 12:20:19

We really, really wanted a particular house that was too expensive - as in they were asking too much for the market and more than we could stretch to.

We put in an offer at about 10% below the asking, which they rejected. They kept it on the market - still no sale. Seven years on they are still there and a block of flats has been built on what was the lovely green which adjoined their garden.

There is no way they'd get what they were asking back then even now, especially with the new development which completely changes the feel of the place.

In the meantime, we bought a house in the next street, for a good 15% less than the vendors of the orignal house were asking (and nobody has, will or indeed can build at the bottom of our garden because there's a brook in the way!).

I don't feel smug or anything - I feel a bit sorry for them really. They needed to sell their house for their retirement plans to work but just wouldn't (or couldn't maybe?) unless they sold at their unrealistic asking price. I suspect they're stuck now, which is a real shame.

MidniteScribbler Tue 14-May-13 12:30:33

God, I wish someone would galumph me.

I even have my own shearing shed.

<unhelpful>

Technotropic Tue 14-May-13 12:35:26

You have my sympathies OP. Gazumping sucks big time.

We were ultra paranoid about being gazumped as we bought a builders PX, which was already £30k under market value. We knocked them down another £15k as we had no chain and also insisted the terms of the offer were that they took the house of the market immediately. I guess having no chain gives you some leverage to call the shots.

We expressed our gazumping concerns to the agent and taking the house off the market helps with this. I think it's also possible to put financial clauses in place so you can recover any costs but we didn't go down this route (thus not sure how effective this option is). We were lucky but lost a load of 'dream' houses along the way. In retrospect we now have our dream house and are very happy with how it all turned out (stressful as it is along the way).

Best of luck with it all smile

Mutley77 Tue 14-May-13 12:42:14

I feel for you - this happened to us twice - although the first time we were only just past offer stage and hadn't got to survey or anything. And both at different times (once when we were buying our first house and again when we were buying our second).

I have to say that both times things worked out totally for the best for us - we found houses that we were overall happier with (and honestly I NEVER believed that would happen). You are not wrong to feel so upset as these things are v emotional, but you will end up finding something else.

Definitely take the money for the survey - that really annoyed me when we lost out on the survey we had done (and we also had to pay the mortgage arrangement fee too).

Mutley77 Tue 14-May-13 12:46:04

PS I would really consider the market before you sell and rent. It will cost you a lot extra (moving costs, rental costs) and you may end up overlapping - again significant cost - if you get a six month rental (usually the minimum) and find somewhere to buy straight away.

You are also taking the risk that you don't find anywhere to buy before the market starts rising and then you will feel in a race to get your money re-invested.

Where I come from in England prices are definitely still rising (very slowly) and buyers are not hard to come buy so it wouldn't be worth the risk to sell and rent to safeguard a buyer but obviously you need to judge your market - and take advice as appropriate.

Mintyy Tue 14-May-13 12:48:00

Omg, small north facing gardens are not worth crying over!

Sorry this has happened to you but definitely take the money for the survey. Looks like the vendor feels a tiny bit guilty.

Badvoc Tue 14-May-13 12:49:23

We sold up and rented.
I meant we got this house for quite a bit less than asking as we were no chain and mortgage approved etc.
It may not be the end if the world op x

Badvoc Tue 14-May-13 12:49:47

...and we sold our surveys btw.
Why not?

minouminou Tue 14-May-13 13:02:33

Take the cash for the survey!

There's no point getting all emotional about these things.
Just tell yourself the place is haunted anyway (I'm a staunch UNbeliever, but this has raised a smile when we've lost out on houses) and find somewhere nicer!
You won't regret it in the long run.

Cakecrumbsinmybra Tue 14-May-13 13:03:37

I had to read this thread as I genuinely wanted to know what "galumping" was! Anyway Lambzig, I am a firm believer that when this happens, it is for the best. There is ALWAYS a better house around the corner, because it's all about timing - there is not just one dream house in the world, there are thousands and the next one to come on the market could be the best one for you!

This has happened to us twice - first time it made us realise that our entire strategy of moving was wrong and thank god someone did gazump us! It was a lovely place in an amazing location, but our plan was all wrong. 4 months later, with the right plan in place, we found another property in a completely different part of the country. We'd found the right area, and fallen in love with the first lovely house. We were gazumped again and pretty gutted. 3 months later we found a much, much better house, and it was exactly where we wanted it - having spent 3 months getting to know the area, we found the best village for us. We are so happy we were gazumped! Good luck.

minouminou Tue 14-May-13 13:03:37

Gazumping is legal, but some estate agents won't allow it once there's a reasonable offer in place.

Cakecrumbsinmybra Tue 14-May-13 13:05:13

Some people I know have done really well out of renting and then being able to move quickly, although it is quite disruptive.

Agree - take the money for the survey and then buy yourself something as a consolation. Spa trip? Weekend away? Designer bag? Or just be sensible and know it'll pay for the next one.

SarahAndFuck Tue 14-May-13 13:07:35

Lots of people sell their surveys OP.

Some people feel they are helping the person who 'stole' the house, but the bottom line is, they will get one anyway and won't lose anything except perhaps a little bit of time by having one of their own done if they can't buy yours.

At least if you sell the survey on to the new buyers, you've got your money back.

If you keep your survey the only people gaining are the ones doing the survey and the only person losing out is you. The gazumpers will be paying the same either way.

RollingThunder Tue 14-May-13 13:11:36

We had it the other way. When we sold our flat we had two interested buyers and did manage to get buyers up a bit due to this. The man who didn't get the flat then offered us loads more money, said he didn't need a survey as our bank had confirmed our previous survey was ok still (wtf?) etc.

We said no! We said that our flat wasn't worth as much as he was offering and he was clearly a liar! So we stuck with our buyer!

We found out later that he did the same to someone else, offered a high price and then, at last minute, just before exchange he demanded a substantial discount! Bullet well and truly dodged!

dozily Tue 14-May-13 13:25:41

We didn't actually get gazumped but lost out on the house we wanted to a lower bid from a cash buyer. Was gutting at the time but a few months later (and having sold and moved to rented in the meantime) we found a nicer house in an area that suited us better. And presumably the vendors of the first house decided not to sell after all as we noticed they were still living there two years later.

I know your situation is harder as you've paid for survey etc but hopefully you will also look back and decide things.worked out for the best! Good luck

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