My feed
Premium

Please
or
to access all these features

Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

Would you trust this vendor or be too worried about gazumping?

9 replies

donteatthehedgehogs · 23/06/2014 11:37

We have been approached by the EA of a house we loved but ruled out due to price. They are desperate to proceed. We never made an offer but the Estate Agent hinted they would accept an offer a low offer. However they have had a much higher offer by a couple who have yet to sell their house. I'm very worried that we'll start down the process and end up being gazumped once the other couple have sold their house?

I would never do this to anyone (infact turned down higher offer for ours even though we'd accepted only an hour earlier) but I know people do.

OP posts:
Report
dietstartsmonday · 23/06/2014 11:40

I think I would steer clear if they have accepted an offer tbh as you are likely to end up losing if the other couple manager to sell.

unless you can tie them to a very quick exchange?

Report
donteatthehedgehogs · 23/06/2014 11:55

They haven't accepted the other offer as the other couple haven't sold yet. Am worried the other couple will make a play once they have sold and we'll be hung out to dry!

OP posts:
Report
dietstartsmonday · 23/06/2014 12:04

ahh sorry thought they had accepted.

Still worrying I suppose, but a bit stronger position for you.

Insist no more viewing etc, and maybe if its marked as SSTC the other couple won't approach again.

Its all such a gamble isn't it?
I have been in my new house for 2 months and we managed to 15koff asking, but I was waiting for someone to offer more even though it was not being shown to people! all went through and we love it here, but I do feel your pain.

I would maybe go for it and push for a quick exchange. Are the vendors buying another house? have they found something?

Report
voiceofgodot · 23/06/2014 12:23

I think it sounds good that they've come back to you as it shows that they are highly motivated by wanting to proceed quickly, and I assume you can offer that. Are the other couple under offer or still waiting? If they are not even under offer then I doubt they will want to pursue anything with them, despite their higher offer.

I would air your concerns to the EA and see what he says. You are right to have your reservations, and the vendors should be appreciative of that too - see what they come up with, perhaps they would be prepared to offer an early exchange or to meet up to discuss so they can allay your fears.

Report
Sunnyshores · 23/06/2014 20:24

you could ask for a non refundable bond that the seller has to pay if he pulls out for any reason. Make it enough to cover any searches or costs that you may have incurred by any point before exchange. Could get the paperwork done by a solicitor in a couple of days.

Report
MoonlightandRoses · 23/06/2014 20:53

Agree with Sunnyshores - sounds like it's worth taking a chance, but you need to minimise your risk - particularly as it's possible the agent may use any offer you make to either 'hurry' the higher bidders to find earlier financing or to get them to raise their current offer...

Report
donteatthehedgehogs · 23/06/2014 21:34

Thanks for the advice. The vendors have decided to give the other couple another week to get an offer on their place. We're going to pass as it really was a massive stretch for us anyway.

OP posts:
Report
MoonlightandRoses · 23/06/2014 23:06

Oh shame, still, if it was going to be a stretch, then probably for the best (although it may not feel like that just now).

Report
donteatthehedgehogs · 24/06/2014 09:16

Thanks Moonlight. Last night we were offered a nice rental through a lovely friend so are going to do this to take the pressure off. Our buyers have been a bit nervous throughout so we're just going to exchange on ours asap.

OP posts:
Report
Please create an account

To comment on this thread you need to create a Mumsnet account.