Being gazumpted on dream property

[Pippinsdiary]

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

I disagree. In certain circumstances a home is worth whatever it's worth to you and we've overpaid twice in the past, including the house we've lived in all this century. Neither time has it caused a problem or have we regretted it.

For both cases neither vendor would budge on price. In one instance it was strictly location based and in this instance we had been looking for a very long time and this is the only house that provided everything we were looking for. We were desperate to get out of rented and had some really specific requirements, as the OP does here.

There could be something 'wrong' with the OP's purchase, although the survey hasn't shown anything up. How far along is your solicitor with searches @Pippinsdiary and although you're not taking a mortgage, have you had an independent valuation? On the other hand it could have been for sale such a long time because the vendors have been messing people around, that's perfectly plausible. It may simply have taken them until they were suited with their next property before they were actually motivated to sell and it sounds like they don't want to lose their purchase.

I don't suppose there's any way your parents could find out local gossip about the house and its owners?

We couldn’t afford it initially so we never looked at the property till more recently because something in our finances changed.

Other properties in the area have sold in the past year so there has been other competition, there’s just nothing local on the market now.

I really don’t know, I’m feeling doubtful now

in this instance we had been looking for a very long time and this is the only house that provided everything we were looking for

this is exactly how we feel.

we haven’t had an independent valuation, no. Admittedly once we viewed the house we did rush into it because we were excited we’d finally found somewhere

It’s really good you’re reconsidering

you have a mortgage… presumably the bank will do a valuation?

Oh sorry you’re cash buyer

but ideally want to line up with sale of your property so you will be getting a mortgage

have you called the EA today?

I think this owners are very shady
and the fact the property was on the market for a year op… that is a truly incredible amount of time and indicates either not just slightly overpriced but the fact you want it so badly means you’re not seeing how unbelievably over priced it is OR this property is only desirable to a tiny tiny minority of people.

would it help if you thought about why it is so desirable to such a limited number of people?

This enforced pause may actually be the best thing that ever happens for your family op!

Personally I wouldn't get put off because you need certain things and this house gives them to you - basically its worth it to you. But I would get a full survey, which is some protection. My mother's neighbours had their house on the market for a year, there was nothing wrong with it but they couldn't afford to drop the price too much because of where they were going.

Did they achieve asking in the end?

They lowered the price after about 6 months - I dont know if they had to lower it again to get a sale.

OP what's the situation now?

It's difficult and I think there are times when it may be the right decision to over pay as pp described. However, with the economy heading downwards, I don't think now is a very smart time to do that. Still, you have spare cash so are in an excellent position compared to many. A FTB with a large mortgage is in a totally different position, for example and really shouldn't over pay. Perhaps you may think it worth over paying in your particular case. I would still be sensible wrt to the price, ie not offer any more and possibly less, and also protect yourself as suggested. Good luck!

Op how’s things your end?

We have decided to walk away

will update tomorrow

😯 Will await your update...

Update : so after lots of discussion we decided to go ahead but my husband said if we are going for it we need to offer asking price, just give them what we want and hopefully it’ll be plain sailing, I agreed as I don’t want to risk losing it again.

We put an offer in for asking price, estate agent seemed really happy for us and said she would let the vendor know. EA phones back to say the vendors are looking for slightly more than their initial asking price. It’s genuinely laughable and I have no idea what they are playing at. Their house has been on the market a year at this price so no idea why they’ve now decided this isn’t enough. The EA is very neutral and basically keep saying they are just passing on what the vendors have said. I didn’t end things on good terms with the EA in the end, I appreciate it’s not their fault but the whole thing seems unbelievably unprofessional.

We could offer more in theory but I’m done now. They are obviously just very strange people and I’m not risking it

Gobsmacked! Wtf. I’m sorry you had your heart set on this house but after the way they behaved walking away is the right move. The house and buying situation is tainted now. You can’t trust them. Unbelievable

I am gobsmacked… this blindsided me more than being gazumpted in the first place. You’re right, it’s made our mind up for us.

I've had this nonsense with sellers before. Asking well above the asking price, despite it being overpriced. It turned out that they were splitting up, one wanted to sell and the other didn't. We realised it had been on the market two years earlier and it didn't sell then, either.

The EA hinted at agreeing that it was a ridiculous situation. He called us a few weeks after we pulled out, the house was off the market again, and he apologised for the bad sellers' behaviour.

It still hasn't been sold over 4 years later!

@Agapornis I wish there were more rules in place with buying/selling properties, it can be life changing for people and to be screwed over is horrible

I hope you found somewhere even better

I did indeed find somewhere better! A month later a really nice house came up, slightly cheaper, bigger and sunnier garden, less traffic noise. No regrets. Fingers crossed for you.

I think you're right to walk away. I said up thread that the vendors' behaviour could be the, or at least one, reason why the house has been for sale for such a long time.

Let's look forward to you finding something else that you love and them losing their purchase and being stuck on rinse and repeat. The problem being how many other people get sucked in.

I agree, you are well out of it. I think that they would have kept on asking for more money through the whole process. And maybe, as happened to me once, taking absolutely everything including the connector to the gas supply....

I definitely think that some sort of payment should be made when an offer is accepted to prevent this sort of thing happening. Even if it were a few thousand pounds.
I think this is fate OP and that something gorgeous will come up.