Would you gazump another buyer?(49 Posts)
A few weeks ago, we missed out on a house. With hindsight (and 3 more weeks of depressing viewings elsewhere), I really regret not making a higher offer!!
The EA was playing games and used our offer to get the other buyer to offer asking price. Part of our reluctance to go over the asking price then was that it wasn’t our prime area (ticks all other boxes) and it didn’t seems appropriate to pay more than asking price in the current weak market...
Our house search has been going on for a while and I’m really fed up of viewing houses (it is ruining every weekend and I’m bored of speaking with EAs and looking at online listings). I’m thinking that we should go back now with a higher offer.
We’re chain free, cash buyers so could move quickly. We’d have to go in with an extra £25k I think to sway the vendor. I’m thinking that part of our higher offer could be to compensate the other buyer for their survey cost, mortgage fee etc.
Is it really bad to put a higher offer in now? Concerned about karma, but on the other hand, the house buying process isn’t binding until exchange, so I’m wondering if it is worth missing out on a particular house because I feel that gazumping someone isn’t a nice thing to do.
So miserable looking for a house to buy!!! 🙈 Hardly any new stock coming on to the market.
Isn't this what people do?? It's all about the money.
Personally if I really wanted it, I would.
You should definitely try. Regretting not making a purchase that important will bother you I know it did me. Offering to compensate the other buyer is okay but isn’t normal and makes no difference the only person you have to convince is the seller. As you also state the market is weak hence there is little available to buy. I’d be reluctant to miss out too.
No, if they've accepted the offer they should proceed with it and not allow you to gazump. If they are willing to piss these buyers about then they'll be willing to piss you about too.
No I wouldn't as buyer will lose money, very unlikely seller will pass any money on.
I’m thinking that part of our higher offer could be to compensate the other buyer for their survey cost, mortgage fee etc
I was going to say YABU, but it's nowhere near so bad if you actually do this.
No I wouldnt as its something you should have decided on weeks ago.
Houses come up all the time I am sure something will come up soon.
The EA was playing games and used our offer to get the other buyer to offer asking price.
That isn't the EA playing games. It is the EA performing the role that they have been employed to fulfil by the vendor, which is to sell the property for the highest amount possible.
Your post reads more that you are naffed off with the lack of houses on the market and fed up with house hunting than actually being in love with the perfect house that you've let slip through your fingers.
In these circumstances you should continue your house search, 'the one' could be just around the corner.
Also gazumping is a really shitty thing to do to someone.
Could you speak to the EA and say you are minded to make a higher offer, is the sale progressing, would the vendor be open to it as you are in such a good position? Depending on his answer you could ask him to pass on your offer, or not. If it sounds all systems go the EA might not want to rock the boat anyway and discourage you.
The reason I say this, is that often a buyer will be messing around, or they have lost part of their chain and are having to keep the vendor waiting, and your offer might come just before they re-market.
You sound kind, but I have never heard of a gazumper compensating anyone! The vendor almost certainly wouldn’t pass it on...
You sound kind, but I have never heard of a gazumper compensating anyone!
How is it kind to offer more to try to gazump? (And in this case, I think the OP is just trying to make herself sound better!)
I wouldn’t do it, no, because it’s twattish behaviour. Not just “unkind”.
QuiteUnfit in the context, I suppose it’s kind to think about what the other party might lose! Many other people would just do it without thinking.
I’m not advocating hard nosed gazumping anyway, but making an enquiry on if the sale is progressing.
Loopytiles gazumping takes two. I wouldn’t accept £25k more if my sale is progressing and I wouldn’t want to screw over my buyers. If the chain was at risk, I might consider it. We’ve had some shitty things done in the course of buying and selling in the past, but I still don’t think enquiring about it is entirely “twattish”.
I think its reasonable to contact the EA and say you are still very interested in house and if it falls through let you know. But wouldn't go further than that once money spent by buyers. There will be other houses.
Yes, and accepting higher offers is twattish too.
Loopytiles even if you had a buyer dragging their feet, who was trying to get money off everything at every stage, or who was in a really long chain that had collapsed and you had no idea how long it’d take to close it again? There has to be a place for sensible weighing of options in some cases, if you receive a new offer. Not always twattish. Again, if all progressing normally I wouldn’t accept it, so no gazumping would happen. It takes two!
Yes, I agree that it takes too.
Yes, until exchange all sorts can happen and guess there can be shades of grey. But those kinds circumstances don’t seem to apply here, at this point in time.
Hilarious double standards when it comes to property questions on mumsnet. The abuse a poster got recently for enquiring about dropping out of a sale/gazundering was astonishing. But the other way round & everyone is cool with it
I wouldn't try & gazump OP, because I'm not a heartless bitch seriously though, if you did & vendor accepted how could you trust them not to do the same to you? It would be stressful right up to completion.
I was on that thread Kamma and as you know it was different circumstances
The EA works for the vendor, it isn't unreasonable of them to play buyers off one another. I would go for it OP.
Yes I would. It is grim being the other buyer but buying and selling houses is a business transaction at the end of the day.
I say that as a person who has been gazumped and someone who has had buyers pull out at the last minute because they’ve found a house they prefer at the 11th hour.
I would never advise anyone to do it because it really is twattish behaviour. I was guzumpt by someone a few years ago. My situation was I living at my mums on her sofa with my 2 kids in the other room on zed beds having just left dh. It was the only suitable 3 bed house on the market in the area I wanted for their school. My offer was accepted then another person guzumpt me and I lost the house I was in such a rush to find somewhere I ended up 2 miles out of town
with the neighbours from hell having to drive the kids 2 miles to school then 8 miles back on myself to work because that was the only 3 bed suitable house available. Had that cunt person not guzumpt me I would be in the area I wanted and not have such stress every day.
You had you chance op so don't spoil it for someone else.
Leaving aside the rights and wrongs of gazumping, isn't there a danger you are paying too much for this house? You originally offered below the asking price; now you are considering asking price + 25k. You have noted that the market is weak and the area isn't ideal for you - what has changed, other than you're feeling a bit fed up of viewing houses? That doesn't sound like a reason which would still seem valid to you, if you went ahead with this, two years down the line.
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