Looks like we are being gazumped again

[Jedstre]

I just need to rant really. We had an offer accepted on a house last week. We went in with a strong offer, highest bidder and our offer accepted. We’ve learnt today that someone else has offered substantially more (once they realised their initial bid not enough). This is the second time this has happened to us so feeling pretty low about it. We definitely can’t match the offer that’s been put in. I’m sure there’s people on here who can empathise......

[MartinJD1976]

I'm sorry that this has happened to you, twice. One small shred of comfort you may want to take is that if the people who gazumped you need a mortgage, they may well find that the mortgage valuation downvalues the property if the offer is way above the advertised price on right move etc. So the same may yet fall through. Also the sellers are probably arseholes if they've accepted a subsequent offer after accepting yours, so you may have saved yourself a stressful transaction.

[Jedstre]

Thanks Martin. The sellers haven’t actually accepted it yet and according to the agents they feel bad about it but this subsequent offer is a bit too good to ignore. Interesting what you say about mortgage valuation.
Last time we had to go to best and final AFTER they’d agreed on our original offer, another strong offer, higher than anyone else’s. The whole thing is completely tiresome with so much competition where we are at the moment.

[intheningnangnong]

I’d restate your case, tell them you’ll listen if it doesn’t proceed - happens a lot - bow out (wankers)

[JoJoSM2]

So they haven’t accepted it? I’d find it dodgy if someone didn’t take best and final seriously and then tried gazumping a week later. Not sure I’d trust them as the vendor: would be worried they may try to negotiate down later or pull out when they realize they’re overpaying.

[Jedstre]

Our offer was accepted last week but a higher offer has come in over the weekend by people who also offered previously. We’re talking a huge increase in offer not a few thousand. The market is crazy here. I got 10 offers on mine after 3 days of viewings.

The best and final was a different house a few weeks back, hence feeling so pissed off that we are in the same situation again of putting in good offers at the outset, having them accepted then further offers coming in from previous interested buyers (who didn’t offer enough in the first place!)

[yellowymellowy]

So sorry you have lost out twice. How upsetting and frustrating. It sounds as if the (potential) buyers of this more recent property are probably over paying if it is so much higher than your good offer. They may live to regret it in a few months or the house may be valued much lower on the survey.

@Jedstre- which area of the country are you in out of interest? There seem to be huge discrepancies between areas at present.

[plum100]

Oh I feel for you . We’ve just sold. We had a first offer a little over the asking price , accepted and took it straight off the market. We are not interested in getting any more for it. I want to treat others how I want to be treated however not everyone feels the same some
Are just wanting the most they can get. You don’t want to deal with people like that . Hope it works out for you
Xxx

[Jedstre]

We’re in North East @yellowymellowy. There’s huge discrepancies within a couple of miles of us so not necessarily representative of the whole area. All offers on mine were well above asking price, things are going to best and final within a few days, such is the demand.
Thanks @plum100

[yellowymellowy]

@Jedstre-wow. Such a response to the stamp duty holiday! I hope you manage to buy something you really like very soon.

[mumsy27]

some cheeky buyers bid high and get the vendor to commit and spend time and money, then they come back with reduction(mortgage valuation, survey valuation+ issues).
the vendor will feel deflated and reluctant to advertise again and succumb to the offer.

stick to your reasonable and fair offers all the time every time, you only need to get lucky once.

[pinkflamingo86]

This happened to us a few weeks ago in the NE too. We withdrew our offer. I noticed on Rightmove their sale fell through when the house went back on the market.

We've found something else now and it's head and shoulders above the other house ! It's been an exhausting process but we are due to exchange next week it will happen for you too.

I'm so glad we walked away. The feeling we were being pressured to pay more more more was awful - and it would have spoilt our enjoyment of the house. With ours I felt like we weren't getting the full story from the EA and I wasn't confident it was the full truth

[Curiosity101]

We unintentionally gazumped someone once. We'd made an initial offer on a house and the EAs said they'd call us back to let us know what the sellers said. They didn't call so we called them a few days later and found out they'd rejected our offer and accepted a higher one a day later. We increased our offer and the EAs got annoyed at us for gazumping, the second offer was the final and best for us and if they'd called us back like they promised we wouldn't have done any gazumping.

Sorry you've got caught twice OP, but just wanted to share my story cause there are so many reasons this can happen.

Also it turned out well cause the house we eventually went on to buy was so much nicer (and bigger) than the one we offered on.

[sitckmansladylove]

Try not to let this annoy you (though it is upsetting - see it as a business transaction)
Something better might turn up