AIBU to (technically) gazump someone?(111 Posts)
long time lurker, first time poster
Went to view a house at the weekend that we loved - we've got a 13 month old ds and another on the way, and we're looking for a nice family home to live in for the next 20 or so years (with any luck). We're in the London commuter belt, so there's not exactly a glut of lovely family homes at a price we can afford. This one ticked virtually all the boxes, and was on at a great price as the seller had had a previous sale fall through and wanted a quick sale to avoid losing the house they were buying.
Rang the agent this morning to tell them we loved the house and arranged to do a second viewing tomorrow. Next thing we heard was at 3pm when we got a phone call to say that they'd received several offers, accepted one at asking price and were cancelling our second viewing.
We were pretty sold on the house in, and would just have been making absolutely certain it was right with the second viewing. And we reckon it's definitely worth over asking price (which was £50k less than it had been priced at when it sold the first time). So we came back and offered £10k over asking price, and are waiting to hear what comes out of that.
Anyway, I rang my mum to give her an update on what was going on (she's been following all our househunting via RightMove), and her immediate response was 'it doesn't seem right for you to make an offer after they've accepted one from someone else, how would you feel if that happened to you?'
AIBU to feel like we're not doing anything that wrong here? If the agent had kept us in the loop, we'd have made an offer before someone else's had been accepted, and given it's the same day it's not like they'll have shelled out for any surveys or anything.
or should we just lump it and accept that we're dirty gazumpers willing to snatch a house from under someone else's nose?
I think you were not unreasonable. The estate agents should have given you a chance to make an offer
Do what you need to do. Yes, it's gazumping. But if you're going to be polite and nicey-nicey you may be waiting a long time.
Honest answer - I don't know. I can see where you're coming from and if you make a higher offer on the same day, it's not really the same as coming in a week later when solicitors etc may have been instructed.
However, I'd be pretty upset if I was the buyer whose offer had been accepted and then got told the next day, actually we had a higher offer so thanks but no thanks.
It's a bit weird for them to cancel your second viewing without at least giving you the opportunity to make an offer. Yes it's a bit shit for the other people if they accept yours but as you say at least they won't be out of pocket over it. Given what can go again when buying a house it's relatively minor.
It's cut throat out there and you do what you need to do but don't pretend you haven't really gazumped just because it's the same day. Just accept that you've done a not very nice thing and move on.
Happened to us when we moved a few years ago. I wasn't annoyed with other buyers. I did think the agent wanted a bidding war but we stuck to our original offer as it needed work which we had to budget for. Seller went with higher offer, can't blame them I would have as well. We lost out on the house but then we got the house we have now and love it.
Not when it's been less than 24hrs. No one has invested any time and money yet. I would completely understand if I was the other "accepted" offer party. But if the house was undervalued, I might be prepared to outbid your 10k.
So don't assume it's yours yet. You may have just started the bidding war the estate agent wanted when hey undervalued it.
Incidentally, I don't think the EA should have consulted you are you hadn't yet shown interest enough to make an asking price offer. Would you have done in with an asking price offer today or even after your second viewing if it hadn't been for this other offer? This other couple may well also have young children. It may be thatadking price was their max budget so they went for it in the hope it would be accepted and probably offered on the basis of all other viewings being cancelled and when accepted they celebrated thinking they'd have a lovely family home. I'd feel less sorry for them if they'd offered massively under asking price.
Be brutal. we were outbid on a house early on. I accepted that the new buyers were just richer. end of!
I think the onus is on the Seller, they are the ones who have accepted the previous offer. I bet they will be tempted, 10K is a lot of money.
I was a bit surprised the EA never contacted us as well, although I guess if they really had multiple offers maybe they didn't care too much about pushing more interest? But still, would have been nice to be asked when we'd clearly shown interest.
and we're not assuming we've got it yet by a long chalk, although I bloody hope we have
Go higher, house prices are supply and demand, a house is worth what someone wants to pay.
I'd do it for our dream home
I'd be upset if I were the other party.
But if I were you, I would do it.
Either you didn't seem as interested as you are, or the estate agents are not doing a great job.
As it's the same day I don't think you're being unreasonable. I feel sorry for the other buyers but they won't have invested anything yet, they'll just be a bit disappointed.
Just be careful that you're not getting into a fake bidding war!!!
As well as what you offer to pay your actual buying position matters a lot.
I can see where your Mum is coming from, for whatever reason I don't really trust EA. The homeowners have somewhere they like, they want to move quick, rather than the second viewing they wanted to see how keen you were, thus creating this situation.
Sorry to any EA's, not judging you all. But it's a good way of securing a higher price for a house. I would have thought legally they shouldn't say oh there's an offer on for this much. Be prepared if there are others interested for a tense time as the owners won't want to be in negative equity or make a loss, so you might be messing about a bit with offers 5k more.
Can you afford it at £50k over the asking price? It might be worth double checking the maximum you can afford, if they come back and say oh they've said they'll pay £20k over the asking price. If you really love the place, to save stress, possibly be ready to go in with you max bid, in the hopes of securing it.
I love looking on Rightmove. If you're successful will you show it off to us?
As your second viewing was booked before the offer and the current offer only went in today its fine there has been no money spent yet. Don't be surprised if you are outbid though
Are you currently in rented accommodation? Can you move quickly? The vendors may prefer to stick with a lower bid (particularly as they need to move quickly) if the other buyers are in a better position than you.
I've been in exactly the same position....and i wouldn't be at all surprised if you are being stiffed over for the same reasons. The estate agent is supposed to be acting on behalf of the vendor (i.e. maximising the price s/he gets for his/her property). In my experience, the estate agent acts to maximise his/her OWN commission. So - if someone in a chain selling his house through the same estate agent wants the property that you are looking at, do you think said estate agent will encourage your interest? Not on your life. It's a scandal, in my opinion - it's the biggest purchase 99% of people ever make and there should be the same degree of regulation applied to estate agents as there is to lawyers and investment managers.
In short - do not be put off by the estate agent. They may not facilitate your interest but you know the owners of the house and you know their address!
Fine... but be aware if the sellers are prepared to accept your higher offer, they might do the same again to you-if someone outbids you, you may find you are gazumped too.
You're not technically gazumping someone, you are gazumping them.
However I think the responsibility is with the homeowner not to accept other offers, rather than on you not to make one.
I think it's a distinctly unpleasant thing to do. When I next sell there will be no gazumping and buyers will be required to sign a deed to the effect of no gazundering either. They're both shitty tricks.
It is definitely gazumping but the ones in the wrong are the sellers, not you.
Join the discussion
Please login first.