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

It’s not a case of we have it sitting in the bank. This thread isn’t about my finances

They know we don’t need to sell our property to proceed so there will be absolutely no hold up on our end in terms of competition

Yep, and I appreciate the back and forth is frustrating trying to get the price right but not even considering a higher offer is bonkers to me.

OP I feel for you, I really do but as you know house buying is an ugly business that isn’t always happy. You are clearly over invested in this house emotionally. Walk away - there is something else out there for you and try not to get your heart set on something next time until exchange.

But you want the sales to line up. If I heard this from someone who claimed to be a cash buyer, I’d not be very happy and it would make me distrust them.

I know, it’s just hard given our situation and not much coming up for sale in the area we want to move my parents health is declining so I’m so desperate to move and admittedly did get my hopes up

We want them to line up so we don’t have to move in with my parents until our sale is complete but we would if we had to… it doesn’t make a difference on the sale, they don’t know any of this

Ah ok, you made it sound like they did know.

Depends how much you want the house but I would put forward one final higher offer and offer to pay their legal fees.
If they have a mortgage a good chunk of the proceeds proceeds from the sale just pays off the mortgage / goes into another mortgage. Whereas legal fees is pure cash out their pocket

But I'm caveating this advice with for me getting the ideal house having looked for so long would be worth "overpaying" for, for me

But you want the sales to line up. If I heard this from someone who claimed to be a cash buyer, I’d not be very happy and it would make me distrust them.

I agree.
Even if they're wrong about it holding things up, moving is stressful and if they want a quick sale, someone who is a cash buyer and isn't now selling their house would be more appealing.

I’d walk away. They aren’t motivated sellers. It’s been on the market for a year without reducing the price. After it being on the market for a year, they wouldn’t accept £10K under asking but were swayed with £5K under asking. Three weeks later they’ve ditched a cash buyer that has had their survey done and is keen to move for an extra £5K.

If you offer more and they do accept, there’ll be delays with them finding somewhere, delays with queries and almost certainly restrictions that they can only move the third Thursday in a month but not months that end in ‘r’.

Also though, it’s a small world and the estate agent selling your purchase would likely learn you’re selling your own house and that might look really odd when you’re claiming to be cash buyers with no chain.

So frustrating op I feel for you.

Is renting near your parents something you could do to speed up the move? Rent your current house and see where you are in a year or so?

Three weeks post offer with no survey in place has probably felt like a delay to the vendors.

OP says they’ve had a survey done!

We don’t live near the property we are buying. I explained to them when viewing that we don’t need to sell our house to proceed so there will be no hold up but they do know our house is on the market as we are moving across the country so obviously we are selling our current property. The money is inheritance that’s been held up in bonds for years.

Nope!

Yes, we even told them on the viewings and the estate agents know this and have proof of funds.

We have had a survey and provided the estate agents with everything they need. Solicitors are in place

Yes they did both of the viewings themselves

I'd put a note through the door. I did this once when I put an offer on a house that the agent said she wouldn't bother relaying to the owner as she knew they wouldn't accept it.

So I went round and talked to the owner. She was slightly cold and not interested in the offer, so I knew the estate agent was telling the truth. Then the estate agent, having been told I'd gone around, rang me up and yelled at me quite unreasonably and I thought I might as well forget it as neither the agent nor the homeowner was every going to consider me!

So I went on looking and found another house elsewhere. As we were going through the buying process the original agent rang me and asked if I'd like to resubmit my offer for the first house, which hadn't sold. In the end, I said no. A good decision!

So go ahead and contact them. You never know how things can change down the line.