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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:
OoohSmooch · 02/02/2019 12:03

They are silly vendors over £5k (esp in the south east too!). We just sold our house to first time buyers and our agent was pushing for us to get another £5k to get to the asking price but we said no, they were first time buyers.....a dream! Didn't want to annoy them. I totally agree with you not upping your offer too, going forward don't pay any commitment fees, I've never heard of that and it worries me! Name and shame the agent (something I wouldn't normally say but these ones sound dodgy!)

SpringForEver · 02/02/2019 12:08

Sometimes this happens when people think they can squeeze more out of you. Someone will suddenly appear and offer a slightly higher price assuming you will match it or offer more. Often it will also happen when you are well on the way in the buying process so that you feel under more pressure to increase your offer.

Sometimes they will also come back to you and say it fell through and ask if you want the property or it will be back on the market at a higher price soon after.

BippityBoppityBogOff · 02/02/2019 13:55

We've just had a seller pull out on us 6 months into the process after we've forked our well over 30k on legal fees, surveys etc.
Infuriating isn't even the word! YANBU I wished a lot worse than that on our sellers 😂

AornisHades · 02/02/2019 14:01

If they do come back to you I'd be considering a commitment fee of your own as well as a lower offer.

BusySnipingOnCallOfDuty · 02/02/2019 14:04

I really wish they'd make it illegal.

Insist any seller takes the property off the market if you're going to agree an offer etc from now. That was the advice given us. X

MRex · 02/02/2019 14:31

@BippityBoppityBogOff - while I wish all bad things on your vendors, you shouldn't be out by £30k, I think you're including the stamp duty costs that you haven't paid (and won't pay).

Somewhereovertheroad · 02/02/2019 14:33

The fee is apparently to show willing. We had to sign a contract where it stated the money would be kept if we pulled out

I am in NI so the law is different but I don't think they could do that here.

Although I have no experience so could be wrong.

BippityBoppityBogOff · 02/02/2019 14:35

@MRex unfortunately, we very much are out that much.
Commercial mortgage on a 14 bed Grade 2 listed building, selling two other properties to buy.
-Commercial surveys which timed out twice
-Commercial valuations which timed out twice
-Estate agent fees for both properties
-commercial Mortgage advisor fees
-various extra solicitor costs for nonsense paperwork required by mortgage provider

It's a shitty and expensive system.

CallMeVito · 02/02/2019 14:39

How long was it between the time they accepted your offer and the time they chose the other buyer?

I do agree, we have an horrible and expensive system. Offers and acceptation should be binding - at the very least as soon as you have the result of the survey.

Fleetwoodsnack · 02/02/2019 14:39

In Scotland, once you’ve accepted an offer you’re bound to it, even if something better comes along.

Sadly this is no longer true, the Scottish system is becoming more and more like England's.

Mummyshark2018 · 02/02/2019 15:02

We had this happen to us about ten years ago. Offered asking price £249,999 which was accepted and we instructed solicitors , had arranged a survey etc, then someone offered £256k. We prob could have afforded it but with the 3% stamp duty threshold kicking in at £250k we were essentially paying about £13k more. We walked away found somewhere much better, then a month later EA called to ask if we were still interested as other buyers pulled out. I had deep joy in telling them where to go! I'm sure you'll find somewhere else too. Good luck

MRex · 02/02/2019 15:04

@BippityBoppityBogOff - oh that's just awful then, I hope you get some very good luck to balance it out.

Andromeida59 · 02/02/2019 15:17

OP, you should not be paying EA fees. www.moneyadviceservice.org.uk/en/articles/how-to-buy-and-sell-a-home-through-estate-agents#estate-agents-and-fees

This happened to us three years ago. It might be horrible right now but I'm sure something better will come up. We made our offer on a house in 2015, was in the process of buying. The buyer accepted as they'd found their new home and wanted to move quickly. EA rang us and said that they had a better offer so were dropping us. The next buyers pulled out. As did two others after that. The sellers lost their dream home and sold 18 months after our initial bid. It was around the time that we bought our new home which is miles better in comparison and 15k cheaper.

Hold on OP. You will find somewhere. Definitely get your money back though. The EA sound dodgy to say the least.

Somewhereovertheroad · 02/02/2019 15:48

Andromeida59 it sounds like Karma definitely bit them on the behind. Grin

Original poster
Berimbolo · 02/02/2019 16:07

Oh Bippity Flowers I really feel for you. Totally not right and it should be illegal.

I guess we were lucky we wasn't in it too long, and whilst work was underway I did ask our solicitor not to apply for the searches yet because the vendors haven't even found anywhere to move to yet. We did get the fee back from the estate agent and luckily having waited means whilst we've paid the solicitor the fund's can stay on account until we find somewhere new.

OP posts:
Original poster
Berimbolo · 02/02/2019 16:10

Oh and the property was off the market, marked as SSTC on the listing sites as well. The people with the higher offer saw it before we did but only offered once it was sold

OP posts:
Danglingmod · 02/02/2019 16:14

That's bad luck, OP.

We turned down someone who tried to gazump our buyers when we sold our last house. Second couple tried to offer £10k more but we'd accepted the first couple's offer and it was a few weeks down the line. The original couple were pregnant FTBs and it would have been immoral to allow them to be gazumped.

(I still sometimes dream about spending the £10k though but I have my integrity intact.)

Puzzledandpissedoff · 02/02/2019 16:33

The people with the higher offer saw it before we did but only offered once it was sold

Call me a cynic, but I'm afraid I wouldn't believe them. Since they've not yet found anything to buy they won't be liable for fees yet, and I suspect they're playing at this and trying for whatever they can get

Hopefully you'll find another lovely home - and hopefully it'll backfire on them in a big way

CallMeVito · 02/02/2019 16:38

I did ask our solicitor not to apply for the searches yet because the vendors haven't even found anywhere to move to yet.
You would have been crazy to spend any money anyway.

The people with the higher offer saw it before we did but only offered once it was sold
50% chances it's true, 50% it's not - and it makes not much difference anyway. It's unlikely the EA would have wasted their time organising viewing for a SSTC house, when they have been instructed not to do so on top of it!, so it's far from impossible.

CallMeVito · 02/02/2019 16:41

Danglingmod

If you used the funds to buy your new property, 10k is nothing on a mortgage anyway, you wouldn't have noticed the difference - if it makes you feel better!

I am with you, unless there's a really huge dip in the market one way or another, once offer is accepted, I hold onto my word. Many people do, thankfully!

Confusedbeetle · 02/02/2019 16:43

If the vendors had not accepted your offer you have not been gazumped. They were greedy, Sensible buyers like FTB because there is no chain and less likely a pull out. You are in a good position . This house hadnt been on the market very long which is usually when vendors get greedy. They will quite likely get let down and serve them right. Dont deal with them if they come back to you

Original poster
Berimbolo · 02/02/2019 16:54

Completely agree with you Puzzled and CallMe it may be a scam at getting more from us, especially as they reduced the price as it wasn't selling (I hadn't seen it before as was out of our range, new price dropped it in to my search) so it may be a way to get some of the money back they thought the house was worth?
The house before this fell through and we lost money on the searches etc so this time we thought we were being smart by not having them done until the vendors found somewhere and had their offer accepted. I'd have mixed feelings if they did come back to us.
Also, thank you for the kind comments. I do agree, 'what's yours won't pass you by' but this process certainly does suck

OP posts:
Original poster
Berimbolo · 02/02/2019 17:04

Oh and the people on here that have turned down people trying to gazump/offer more and stayed with your original buyers Flowers nice to know there are people out there willing to do that.
I also don't blame them in a way, because if you could get more money then why wouldn't you. They don't owe DH and I anything, it's a business deal but doesn't mean I like them for it and it's still unfair

OP posts:
Danglingmod · 02/02/2019 17:11

CallMeVito, I know, it's not a huge amount of money to us. Our mortgage is small - we were moving 'sideways' - so therefore a bigger percentage but not a lot of money to us but it was to our original buyers who just couldn't borrow more if they wanted.

Missingstreetlife · 02/02/2019 17:13

So so stressful. Hope you find something soon