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AIBU?

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Original poster

To hope their chain collapses

138 replies

Berimbolo · 02/02/2019 07:36

I know I'm being childish, but so furious and I guess sad that we've been gazumped. I know whilst not fair, it is perfectly legal and naff all I can do about it apart from keep trying to outbid the others - but it is just so frustrating.

We're FTB, 15% deposit, solicitors and broker in place after a previous purchase fell through. House has been on for 3 months, reducing to OIEO as having to move asap as relocating.
We offered 5k over the base asking price, had to prove we were good for the money by sending bank statements and paying a £200 commitment fee to the estate agent before they'd even put our offer through. We get a call re people that had seen it twice but not offered until now, have stumped up 5k more than us but have nothing in place and are in a chain. Our vendors wanted us to match it, we told them no. Even the estate agent were saying they were mad for the sake of 5k.

So yes I'm petty and BU but part of me does hope their chain collapses or takes them an age to complete

OP posts:
AntlerFlames · 02/02/2019 07:38

People are greedy. Not smart. Flowers

yoyo1234 · 02/02/2019 07:40

What is the £200 commitment fee for....can you at least get that back as they have not shown willing.

TulipsInbloom1 · 02/02/2019 07:40

More fool the sellers for taking the other offer.

If they come back to you when it all collapses id offer 5k less than you did last time.

NewPapaGuinea · 02/02/2019 07:41

Had the vendors accepted your offer?

Returning2thesceneofthecrime · 02/02/2019 07:41

YANBU - I hope it collapses too.

What is a commitment fee? Is that even legal? Where are you/this house because I know that jurisdictions vary but I had thought that estate agents in the US, UK, Europe were required to forward offers to their vendors, no matter what?

flugelhorn811 · 02/02/2019 07:48

YANBU! We bought earlier this year and I vowed to campaign for reform of the whole process, it's awful. You did the right thing not to be pressured into offering another £5k, and yes, I'd probably be hoping their chain collapsed too and as a PP says offering £5k less if they come back to you. Out of interest, did you ask them to take it off the market as a condition of accepting your offer?

InMyBloodstainedSundaysBest · 02/02/2019 07:49

Sure I read this post last night Confused

Bouncebacker · 02/02/2019 07:50

YANBU to hope their chain falls through - I’m really not a vindictive person but they are being very unfair and shortsighted! We sold our place last year as we were relocating for work. We got a below asking price offer from Someone in a very short chain after two days on the market which we accepted straight away. Our friends and family thought we were stupid for accepting the first offer but:

  1. the asking price is just a number the estate agent invented, it was way above what similar houses had sold for
  2. we needed to move quickly and efficiently and the offer we accepted meant than it took two months from putting the place on the market to completing the sale and arriving in our new city with everything tied up! That was worth much much more in real and practical terms than going with someone who offered a bit more
Namechangeforthiscancershit · 02/02/2019 07:50

commitment fee? What fresh hell is this.

Your sellers are nuts. £5k extra for an offer that basically isn’t proceedable when they had you? Seems like a terrible decision to me unless they really aren’t in a hurry to move for whatever reason

RNBrie · 02/02/2019 07:51

I hope you get the commitment fee back at least. It all sounds like a bit of a scam to me... I've never been asked to pay a commitment fee when buying and no vendor in their right mind would ditch a FTB over a non-proceedable buyer for £5k.

At least fight them to get your money back.

Frazzled2207 · 02/02/2019 07:52

They've been very stupid. Yanbu!

DisgraceToTheYChromosome · 02/02/2019 07:53

Commitment fee doesn't sound kosher at all. We messed our agent about, having had a private offer, and they charged us £100 for the photographs. When the private buyer pulled out, we went back and grovelled. They knocked the £100 off the commission, which they didn't have to do.

Oh, and I also hope their chain collapses their dog gives them fleas.

SarahET · 02/02/2019 07:54

£200 commitment fee! Estate agents must be the most imaginative coming up with new ways to screw money from people.

NRPDad · 02/02/2019 07:56

YANBU

Also this commitment fee sounds very dodgy. Estate agents make their money from commission from the seller and referring buyers/sellers to mortgage brokers and solicitors. Not from taking bribes from buyers to actually submit their offers to the seller.

It might be against the code they are supposed to follow. I'd look into it and report them if so.

NancyJoan · 02/02/2019 07:58

I hope the house falls down the day before they exchange.

Iloveautumnleaves · 02/02/2019 08:00

They’re idiots.

Definitely offer at LEAST 5k under your previous offer if they come back to you, I’d go for 7k.

However, I actually hope you find something you like more before then do you can tell them to go swing.

ChesterGreySideboard · 02/02/2019 08:01

They dropped you over 5k? Unless it was a 40k flat that is ridiculous. And the agents can fuck if with their £200 for fuck all.

Tatiannatomasina · 02/02/2019 08:01

You will have the last laugh here I bet and make sure you lower your offer accordingly. I really feel your pain, we finally found a house we liked, we have nothing to sell and finance agreed and the agents are dicking about as apparently a family member wants to buy it for full asking price (my arse) its just a ruse to try make us pay more, its not under offer and this was weeks ago. I walked away. As far as I can see buyers who can proceed are rare and worth hanging on to so know your worth and keep looking. Whats for you wont go by you.

PattiStanger · 02/02/2019 08:01

It's a while since I bought a house but is it normal to provide bank statements to estate agents before they pass on an offer, I'm not sure I'd be happy about that.

Namechangeforthiscancershit · 02/02/2019 08:03

Patti that bit is normal round here sadly. They want to see that you have actually got the deposit ready.

timeforteaplease1 · 02/02/2019 08:06

I am so glad I live in Scotland.

Gazumping just seems awful and unfair.

I hope it collapses too

WhitherShallIWander · 02/02/2019 08:07

When we were buying we had to have a letter showing mortgage in principle before agents would pass on any offers. We also had to pay £2500 deposit to secure house we wanted. It worked out but we were a bit wtf!!

evaperonspoodle · 02/02/2019 08:23

I would say you've been outbid OP, which is how the whole thing works. I thought gazumping was after sale agreed?

Neverunderfed · 02/02/2019 08:25

It sounds like sale was agreed

brizzledrizzle · 02/02/2019 08:25

Are you in England? I thought charges to put offers through were illegal and that estate agents have to put all offers through?

To use a stolen phase from another thread, I hope their next poo is a hedgehog.