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 agree. I'd prefer that system actually as it would stop a lot of the trying to second guess others. We had our buyers request money off our sale in the 11th hour, which was really annoying - but perfectly fine for them to do. We allowed it as we were desperate for the sale to proceed.

Definitely!

Don't worry @Pippinsdiary. You will find somewhere else at least as good, hopefully with more trustworthy sellers. Gazumping and gazundering are both horrible things to do. I think the sellers have probably made a mistake here because the sort of people who gazump may well try to reduce their offer later down the line or be generally untrustworthy.

Any ideas ways to do this that don’t make you non cash buyer?

I have

• remortgage existing house
• Personal loan
• bridging loan

I reckon as they have gazumped for 5k that offering final 370 accept within 24 hours? Say not subject to survey. Would easily do it.

You could even find this 20k extra on two zero interest for two years 10k balance transfer credit cards.

It is weird. I wouldn’t be surprised if they’re still on the market a year from now when you found a house you love. There is perhaps a reason why it’s been on for a year already.

Yes they are technically, but if she's trying to get the sales to line up, that would feel like a chain if you see what I mean, and be inconvenient in the same way as a chain (eg waiting for the other property sale to be 'ready'). Genuinely chain-free is a huge bonus.

Yeh, I know someone who used a bridging loan for this actually - they said it worked well.

Not necessarily - I gazumped someone, as did a friend of mine (she's one of the loveliest people I've ever met). It is very common and there is nothing wrong with it - nothing has been signed and everyone going into the house-buying process should be aware that this is a very real possibility and that it's not a done deal until completion. That's why I'm surprised the OP went £5k under asking if she didn't have to.

I would definately send them the letter.

I would never trust an estate agent - do you know whether they actually passed on your new offer?

My daughter recently bought a property, and the agent caused no end of shit by telling both parties different things. In the end, she knocked on the vendors door, spoke to them directly, and the sale went smoothly from there.

The sellers have no information about our house, only we are cash buyers and don’t need to sell our house to proceed. I said I’d like our sales to line up on here but I haven’t said that to them as it makes no difference

I keep repeating this but it’s not a case of being greedy, saving the £5,000 would have really helped us with fees etc as there wasn’t a lot of wiggle room and we are going the top end of what we can afford. Cash buyers or not

But you would rather it tied in, otherwise why raise it? And the vendor knows that apparently. So from their perspective your aim will be to tie them in, because it’s suits you, which can only delay things for them.

When I have been in your shoes, and absolutely wanted the house and had cash available, then I just pushed it through as quickly as possible. A non bank survey can be arranged in a week, if you’re motivated. Private searches can equally be done quickly. As a non mortgaged buyer you can take a view on things that a buyer who’s beholden to a bank can’t. Belongings can be put into storage, Airbnb properties can be rented for a few weeks. Sure, it’s inconvenient, if it really is the house you must have reducing the time you’re exposed to other offers is just common sense.

The ‘not waste any more time’ comment from the vendor has not just come out of the blue - something has triggered it.

This. Nobody was greedy: not the seller and not the OP. It is just a business transaction which can be negotiated until completion. It's a massive sale/purchase so of course each person is going to act in their own interests rather than a random stranger's! Nobody is at fault here- OP, nobody to blame, just get back on Rightmove.

PS we were devastated when the house we wanted fell through, but we now live in an even better house and we wouldn't have bought it if the original had worked out! You might get lucky and your dream house might turn up!

This - if you hadn't said you wanted to line up sales, there might not be an issue. This could potentially cause a massive inconvenience to a seller though (especially if they accepted your offer on the basis that you are chain free and therefore didn't think there would be any need for delay).

I want it to tie in so I don’t have to live with my elderly parents, that’s it 😂 they know nothing of this situation I can assure you.

I didn’t push it through as quickly as possible as it’s been on the market for a year with little interested so again, my bad but ffs I’m not a mind reader

No, I don't think you were greedy at all (just if I REALLY wanted a property, I'd go for asking or higher if i could possibly afford it). I don't think anyone was greedy here. It's just a negotiation that hasn't worked out.

Sorry, but the seller IS greedy. They are going back on the sale agreed or sstc status for the sake of an extra £5,000. It is possible to be a seller and not put your first buyer through gazumping by turning down the second offer. There is always a risk, in any house sale, that a higher offer will come in at any point up to exchange.

I HAVEN’T SAID THIS APART FROM ON THIS THREAD. are you all purposing being thick?

I think everyone knows that, in the UK, it's not 'a done deal' until exchange.
However, most people don't have the morals of an alley cat. There may be the occasional situation where it isn't a horrible move eg, if you have already seen the house, expressed your intent to offer but hadn't sold your own house, then sold a day or two after another offer was accepted. Offering several weeks down the line, when someone else's money has been spent is a horrible thing to do.

How is that greedy?! 😅

OP already said numerous times that the vendors don’t know about wanting the sales to line up. And that they’ve already had surveys done.

The issue is with the system then, not the people just trying their best to negotiate it. If I was offered a extra £5k on a plate, and didn't have to line up sales (when I thought it was chain free anyway), I'd be doing my kids a disservice by not considering it. £5k would make a huge difference to my family 👌

The same way I’m being greedy I suppose? It’s only £5k 🙄

OP I’m getting angry for you.

@surreygirl1987 have you read the full thread?

Have you read the two posts where I said I didn't think you've been greedy? 🙈

I have indeed. Has the OP? 🤦🏼‍♀️