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Anybody had any expericence of this>

(13 Posts)
Beetroot Thu 11-Aug-05 10:36:09

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piasmum Thu 11-Aug-05 10:45:25

It's completely legal I'm afraid. With the market at the moemnt gazumping is less common than "gazundering", we're stuck in a chain and the investors at the bottom (9 houses below us!!) demanded an extra £5k off at the last minute and said that if the people they were buying from wouldn't cough up the rest of the chain would have to get together and find the money or they are pulling out. Am absolutely spitting blood at the moment, esp as the house these scumbags are buying was sold to them with £25k off the asking price (a huge reduction as it's only a little terraced place).

Nbg Thu 11-Aug-05 10:50:45

We've had this too.

Paid for surveys, solicitors etc and been done. We lost all the money we paid.

I was very close to going round and giving the woman a piece of my mind.
I don't think I've been as cross in my whole life.

Beetroot Thu 11-Aug-05 10:51:54

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catsmother Thu 11-Aug-05 11:36:59

I understand exactly how you feel. Last year, we were both gazundered and gazumped (twice). We lost homebuyer's survey fee , and by the timne we'd found another house, also had to pay a second load of mortgage fees as the 1st load we'd paid weren't fully refundable.

When we were gazundered, the b*ard had already kept us dangling for weeks while we waited for him to sort his mortgage out. The reason he gave for suddenly dropping his offer was that the mortgage deal he'd obtained carried a 6 month redemption penalty (like most of them do) if he redeemed within 3 years, and he wasn't planning to stay there that long ! Like, he expected us to pay out for future post-completion expense he accrued ... and, for all we knew , he could have been telling a load of lies ! Needless to say, we told him to stuff it and sold to someone else (eventually), but he had cost us loads in stress and because, we couldn't afford to drop anymore, we also lost the house we'd already offered on as they weren't prepared to wait for us to find a new buyer.

I really don't know what the answer is aside from a change in the law. In that respect, I think the Scottish system does deter timewasters and chancers as (I think) you are committed once your offer is accepted.

Beetroot Thu 11-Aug-05 11:41:26

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MrsWobble Thu 11-Aug-05 12:04:08

I know this doesn't help but the trustees may feel themselves under a fiduciary obligation to obtain the best possible price for the house and therefore cannot ignore a higher offer if they are not legally committed to the first buyer. This would also explain their requirement for exchange on day of auction as it would prevent the situation recurring if a loser at auction subsequently offered a higher price.

Beetroot Thu 11-Aug-05 12:11:29

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MrsWobble Thu 11-Aug-05 12:14:32

well presumably if they've had a higher offer since accepting yours they assume that an auction will produce the highest. Doesn't seem an unreasonable assumption to me to be honest.

MrsWobble Thu 11-Aug-05 12:15:05

they don't know you won't be turning up - unless you've told them I suppose

Beetroot Thu 11-Aug-05 12:16:43

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Beetroot Thu 11-Aug-05 12:18:17

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Beetroot Thu 11-Aug-05 18:27:29

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