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Original poster

Being gazumpted on dream property

496 replies

Pippinsdiary · 04/02/2025 17:57

I know it’s legal to do it but I’m so sad Sad

we offered just under asking price on our dream property that has been on the market over a year, the estate agent phoned yesterday to say another offer slightly higher has been accepted and it’s their final decision. I asked if we could offer higher and they said the vendors aren’t interested and just want to proceed and not waste any more time

am I wrong to think as our offer has been accepted we should have been given the chance to offer more before another has been accepted?!

I know this happens and I’m glad it’s happened now and not further down the line but I feel so angry

OP posts:
Strictlymad · 09/02/2025 06:57

Drop 5k, assure them you will proceed quickly but you want it off the market. You are reducing the offer for the trouble caused. TBH I’d want to tell them to stick it but that would lose your dream house so not in best interests. But yes let them sweat

Strictlymad · 09/02/2025 07:00

To add- whatever you decide let the decision be led by what you want/need. Not your desire to get your own back, as temporarily satisfying as that may be, if you lose your dream house and can’t move closer to your parents etc you will be the one missing out at the end of the day

Bestthriller · 09/02/2025 07:01

What has been happening with your buyers OP?

Original poster
Pippinsdiary · 09/02/2025 08:12

Bestthriller · 09/02/2025 07:01

What has been happening with your buyers OP?

We haven’t long accepted an offer so not much progression yet but glad our buyers are also in a chain so we won’t be getting turfed out yet Grin

OP posts:
Original poster
Pippinsdiary · 09/02/2025 08:13

Strictlymad · 09/02/2025 07:00

To add- whatever you decide let the decision be led by what you want/need. Not your desire to get your own back, as temporarily satisfying as that may be, if you lose your dream house and can’t move closer to your parents etc you will be the one missing out at the end of the day

It’s so tempting to tell them to stick it, but we won’t. I just need to work out what’s the best way to go about things. Going to speak to my solicitor on Monday

OP posts:
Bluesclues1 · 09/02/2025 08:28

I have to say that the fact the property was on the market for over a year is quite a big red flag and the vendors now asking for your best offer is an absolute pisstake. Stick to your current price but really emphasise the fact you’re cash and have the survey done.
If they then don’t accept, they could end up having to wait another year or god forbid not get the full asking!

Wellretired · 09/02/2025 11:37

I definitely agree about a bond, though I'd stick to the same offer personally. It's hard to know, and I agree that they are idiots. They could just be going back and forward between you and the other buyers to see if they can push the price up, or they could have even invented the other buyers to push the price up.

rainingsnoring · 09/02/2025 13:05

Wellretired · 09/02/2025 11:37

I definitely agree about a bond, though I'd stick to the same offer personally. It's hard to know, and I agree that they are idiots. They could just be going back and forward between you and the other buyers to see if they can push the price up, or they could have even invented the other buyers to push the price up.

I agree. It's possible that the other party is made up, especially given how rapidly they have (allegedly) lost their buyer.
Do speak to your solicitor @Pippinsdiary and ask them to communicate your request for a bond from the seller if they want you do proceed with this purchase. You need to protect yourself. I would also lower the offer but that's up to you. At least you do have options in this situation, whereas they apparently don't want to lose their onward purchase now. You are therefore in a potentially strong position.

martinisforeveryone · 09/02/2025 13:27

It would be tempting to lower the offer, but in view of the fact it's a much desired property by @Pippinsdiary in this situation I would say that I will honour the offer which was originally accepted, but no more, as the other party's gazumping offer was clearly not a proceedable one.

I would, however, be very firm on the property being closed to other offers and an immediate exchange of contracts, subject of course to all other searches and questions being satisfied.

The idea of a good faith bond is a good one, but would no doubt incur further legal costs and I would have thought the vendors are unlikely to agree to it.

Good luck OP.

chargeitup · 09/02/2025 14:47

martinisforeveryone · 09/02/2025 13:27

It would be tempting to lower the offer, but in view of the fact it's a much desired property by @Pippinsdiary in this situation I would say that I will honour the offer which was originally accepted, but no more, as the other party's gazumping offer was clearly not a proceedable one.

I would, however, be very firm on the property being closed to other offers and an immediate exchange of contracts, subject of course to all other searches and questions being satisfied.

The idea of a good faith bond is a good one, but would no doubt incur further legal costs and I would have thought the vendors are unlikely to agree to it.

Good luck OP.

It can't be all that desirable. It's been on the market for over a year with next to no interest

martinisforeveryone · 09/02/2025 14:50

chargeitup · 09/02/2025 14:47

It can't be all that desirable. It's been on the market for over a year with next to no interest

Show quote history

What I said is much desired BY the OP. She has described it as her 'dream house' Not that it's a highly desirable property per se.

Allthegoodnamesarechosen · 09/02/2025 15:04

How quickly can you exchange OP? That’s your only assurance. You can always have a flexible completion date with agreed stoppage. We exchanged very quickly on this house, but we gave the sellers five months to find somewhere/ move out anyway. In the event they asked to complete after four months.

Bestthriller · 09/02/2025 15:36

martinisforeveryone · 09/02/2025 14:50

What I said is much desired BY the OP. She has described it as her 'dream house' Not that it's a highly desirable property per se.

Show quote history

I thought it was a highly desirable area in itself? Hence nothing else being on the market because no one sells up and houses are passed down through generations?

Doggymummar · 09/02/2025 17:11

Just get a bridging loan, which is what you should have done originally and end this stress.

Original poster
Pippinsdiary · 09/02/2025 18:12

Bestthriller · 09/02/2025 15:36

I thought it was a highly desirable area in itself? Hence nothing else being on the market because no one sells up and houses are passed down through generations?

Edited
Show quote history

The area is desirable and the house has amazing potential but it needs a lot of work doing and in my opinion, over priced.

OP posts:
Original poster
Pippinsdiary · 09/02/2025 18:14

Doggymummar · 09/02/2025 17:11

Just get a bridging loan, which is what you should have done originally and end this stress.

Well I didn’t need to originally because they accepted an offer we could afford. We don’t need a loan now regardless

OP posts:
surreygirl1987 · 09/02/2025 20:07

Pippinsdiary · 08/02/2025 19:35

Hilarious! So, the EA phoned me back and the couple who gazumpted us are no longer proceedable as their buyer has pulled out, but as it stands still interested. So the vendors are now enquiring if we would be interested again and how quickly could we push the sale through, and if so, what would our highest offer be. The vendors are worried they will lose their new house if things delay as they also want a quick sale. Should have thought about that before they chose to screw us over Grin I can’t get over the CF!

I’m genuinely gob smacked and laughed when the EA phoned me. They seemed embarrassed to be phoning. They’re shut now till Monday so I’ll leave the vendors sweating while we debate what we do

Haha this is excellent. I mean, I still maintain that nobody did anything 'wrong' - it is just a business negotiation - but I love that you've got the upper hand ahain now.

Depends how much you want it and how much you trust them. House buying/selling is basically a giant game of poker... or maybe chess.

If I didn't care too much about losing it, I'd be tempted to put in £5k less now, as they've declared their 'hand'. BUT, if you really really want it - which you did say - I think I'd just stick to the original offer (or even offer asking depending on how desperate you are). Your move 👍

surreygirl1987 · 09/02/2025 20:08

martinisforeveryone · 09/02/2025 13:27

It would be tempting to lower the offer, but in view of the fact it's a much desired property by @Pippinsdiary in this situation I would say that I will honour the offer which was originally accepted, but no more, as the other party's gazumping offer was clearly not a proceedable one.

I would, however, be very firm on the property being closed to other offers and an immediate exchange of contracts, subject of course to all other searches and questions being satisfied.

The idea of a good faith bond is a good one, but would no doubt incur further legal costs and I would have thought the vendors are unlikely to agree to it.

Good luck OP.

This.

surreygirl1987 · 09/02/2025 20:09

Wellretired · 09/02/2025 11:37

I definitely agree about a bond, though I'd stick to the same offer personally. It's hard to know, and I agree that they are idiots. They could just be going back and forward between you and the other buyers to see if they can push the price up, or they could have even invented the other buyers to push the price up.

True. I wouldn't put anything past anyone involved in property buying and selling. So much game-playing!

AlertBrickBear · 09/02/2025 22:50

The fact it’s still on the market, when in a desirable area, after a year and that they’re messing you around on price (among other things) when you’re a cash buyer, suggests that they’re problem vendors in some ways. Unfortunately, I doubt that this would be your last problem if you go ahead. But keeping my fingers crossed for you.

Bestthriller · 10/02/2025 06:21

I just can’t get my head around a property in need of work (which loads of people want) in a highly desirable area and the only property on the market in that area…, and it’s been on the market for a year.

Did it stay the same price throughout op?

Original poster
Pippinsdiary · 10/02/2025 06:56

@Bestthriller it was over priced so I think that’s why it didn’t get much interest, I’m not sure. or maybe it did get interest but they wouldn’t budge on the price 🤷🏼‍♀️ It stayed the same price for the year, I’d say I’m suprised they didn’t reduce it but they were obviously being stubborn or couldn’t afford to.

OP posts:
Bestthriller · 10/02/2025 08:17

If was on market for a year because so over priced, aren’t you overpaying by paying just £5k less than asking?

op, I’d tread very carefully if I were you

Original poster
Pippinsdiary · 10/02/2025 08:59

Bestthriller · 10/02/2025 08:17

If was on market for a year because so over priced, aren’t you overpaying by paying just £5k less than asking?

op, I’d tread very carefully if I were you

Yes but we wanted it enough to go for it. The area is very important for us and time wasn’t on our side

I don’t KNOW that’s why it’s been on the market for a year, I can only guess that’s why

OP posts:
rainingsnoring · 10/02/2025 12:08

Bestthriller · 10/02/2025 08:17

If was on market for a year because so over priced, aren’t you overpaying by paying just £5k less than asking?

op, I’d tread very carefully if I were you

I agree with @Bestthriller. There is either a very obvious, major problem with the house or it is very over priced if it hasn't sold in a whole year. I had the impression from your earlier posts that it had been reduced, as you said somewhere that you couldn't afford it initially. With this additional information, I think you would be very unwise to proceed at this price with these people. It's not the right time to be over paying. I know you have extra £££ in cash and will presumably have extra once you have sold but, even so, think carefully. From what you have said, you do have options and no specific deadline, even the option to live with your parents.