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gazumping - know we'd be wrong to take the offer, but...

(11 Posts)
pinksky Tue 02-Oct-12 15:31:24

We agreed the sale of our home last week, but another person has just contacted our EAs with a higher offer. This person knew we were considering an offer and we had told them that we wouldn't consider theirs after Friday.

I absolutely hate gazumping, but the difference is enough that I'm not sure that we can afford to take the moral high ground. Our current buyer wouldn't be able/willing to match (very definite final & best offer negotiated last week). Both are cash buyers. What do people think? If it makes a difference, nothing has progressed aside from swapping solicitor details. I think if we took it then karma would bite us on the arse and they'd pull out at the last minute grin but who knows?

nancerama Tue 02-Oct-12 15:36:29

I wouldn't risk it. We were gazumped on a property we were buying earlier this year. I loved the house and was so disappointed.

2 months later it came back on the market, but I wasn't interested because I could no longer trust the agent or vendor.

Sales do fall through. If I was you I'd keep mr gazumper on hold - you may need him if the original buyers drop out.

MoreBeta Tue 02-Oct-12 15:36:38

Make sure your new buyer really is a cash buyer. There is a strong chance they are just trying to get you to drop your existing buyer to give themselves more time to sell their house or organise a mortgage.

They need to produce absolute proof they have the cash.

MoreBeta Tue 02-Oct-12 15:39:22

Definitley agree with nacerama to keep the gazumper on hold and let the other buyer know they have a strict time limit to contract or the house goes back on the market with another buyer already in the wings.

MoreBeta Tue 02-Oct-12 15:39:40

nancerama

pinksky Tue 02-Oct-12 15:47:00

Thank you both, narcarama and MoreBeta. The gazumper needs to move quickly from what I remember chatting to them, but yes, if we were to consider it we'd need proof that they are cash buyers.

I might ask our EA to get in touch with existing buyers just to confirm an expected timescale. I'm pretty sure the survey will scare them, so be good to get things moving quickly as I anticipate some discussions later on.

Eglantyne Tue 02-Oct-12 16:24:01

I wouldn't accept the gazumper's offer. They have already shown you that they don't respect deadlines. Keep them as a back up though.

noddyholder Tue 02-Oct-12 16:27:16

How much different is it? If it is substantial and you need it then I can see the dilemma but it could fall through and then you would be gutted. Every house I have offered on this year was refused and the ones that did sell came back on within weeks due to financing probs and were re offered to us at out original price and we said no!

pinksky Tue 02-Oct-12 16:38:58

You're right Eglantyne - I'm not impressed that they didn't let us know last week.

I'm sorry you had offers turned down, noddy. Hope you have managed to find something.

Right, I think it's a NO to the gazumper, but I am going to have a chat with the EA about timescales for survey etc.

Thanks all.

noddyholder Tue 02-Oct-12 16:43:04

Don't worry I was expecting it I always offer low!

nancerama Tue 02-Oct-12 19:52:01

Plus there's no guarantee that the gazumper will pay what they offer. There's a risk they are offering high to secure the house, then will try to shave off a bunch of cash once the survey happens.

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