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Phantom gazumper?

(7 Posts)
MrsJervis Thu 23-Jun-16 15:05:32

We've been in a chain, trying to get to exchange, for about 12 weeks. Last week the EA for the house we're trying to buy phoned to say that there was another offer on the table and that our sellers were minded to take it if we hadn't exchanged by this Friday (tomorrow). People buying from us discovered - at almost exactly the same time - that they hadn't got building regs sign off for an extension. Whole chain has ground to a halt while the building regs issue is sorted out.

Our solicitor maintains that this is an EA ruse to get things moving faster, not a real threat of gazumping. I'm not so sure and am worried that the chain will collapse (not that there's a great deal we can do about it, either way). Has anyone out there ever discovered that an apparent attempt to gazump was less than real?

whois Thu 23-Jun-16 15:07:54

Eeeeeek super stressful!

I would tell the EA to pass on to the vendors that you are commited buyers progressing as fast as the chain allows and keep them in the loop regarding issues nad progress to resolving them.

It would be a huge risk to take the higher offer at this stage - that could just fall through and they would be even more delayed.

MrsJervis Thu 23-Jun-16 15:40:46

Gazumper has apparently already exchanged on their sale, is a cash buyer, is willing to put down an immediate deposit and exchange within a week, no surveys, no searches. Too good to be true? Sounds like too elaborate a story to be made up, I think. Thanks for good advice (and sympathy) whois.

LifeIsGoodish Thu 23-Jun-16 15:59:31

It does sound too good to be true.

Remember, they also want to sell (are they the top of the chain?).

When I bought my place, it had been on the market for 2y so I put in a silly offer followed by one increase. The seller tried to get me to increase further, but I refused. She accepted, and I started the searches, etc. Then, just before exchange, she apparently got another, higher offer. hmm I called her bluff. It worked.

MrsJervis Thu 23-Jun-16 16:11:11

Yes, they're at the top of the chain but the house is currently a rental property so they're perhaps not under quite as much pressure as the rest of us in the chain. Am trying to be philosophical about the whole thing but it's a test of nerves.

NeopreneMermaid Thu 23-Jun-16 16:14:09

I had an EA try to pull something similar on me a couple of months ago. I calmly told her that I would have to call her bluff as it would be impossible. When it turned out it was indeed a massive ruse, I added that she might go bandying idle threats about and find they work on some people but they wouldn't wash with me. We exchanged a couple of weeks later and she didn't try anything like that again.

whois Thu 23-Jun-16 16:56:37

I believe you are entitled to see evidence of the other offer? Correct me if I'm wrong on that? Might be worth going down that route? I mean, you're doing everything you can possibly do to get to exchange so if that's not enough for the vendor it's not enough.

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