To not gazump the house I love?

[Nofoolfornoone]

I viewed a property recently and fell in love with it. It needs a total refurb and I’m buying on my own as a woman in her 30s so I really don’t think the agent took me seriously. Anyway, I made a second viewing which has been cancelled as the owners have accepted a below asking price offer. At the time I had a second viewing booked in on my property who was chain free so I explained that to the agent hoping he may advise the vendor to wait a few days to see if I can make an offer. He didn’t ask what my offer would be. When I told him I was disappointed he said I can always make an offer once I am in a position to and I can do this right up to the point of exchange! Which I know is legal but pretty poor practice.

This was two days ago and I had a second viewing on my property yesterday and an offer made. I absolutely love the house and there is nothing else comparable but I really feel uneasy about gazumping so will likely just leave it and hope something else comes up.

Am I mad??

Yes, you're mad.

But the seller would need to accept your offer making them just as bad as you. The other people can make another offer if they want to. At the end of the day the seller may say no but its worth a try.

This early in the process I wouldn't give it a second thought.

I would never feel bad putting offer in in the first week

I think you should go for it, they can say no, but at least you know you’ve tried.

Gazump away imo. You have no responsibility to the other potential buyers and if you can better their offer then that's tough for them.

YABU maybe the purchaser is cash and can move quickly that's why a lower offer has been accepted.

I viewed a property a couple of years ago. Someone had made an offer which the owner was considering. I made an offer which was more and a cash purchase. The vendor went with the first offer.

Just accept you missed out and move on.

This early in the proceedings I would attempt to "gazump".

I understand how you feel as gazumping is pretty immoral. But I think the Agent made a mistake in not advising their client to hold out for your second viewing before accepting any offers. So I would go on the second viewing and make your offer if you're sure. Then it's up to the vendors to decide. They were daft to accept another offer when they knew they had a sevond viewing booked in!

Ask the estate agent to put your offer in. At this stage, no one will have incurred costs but be prepared to have the original bidder counter offer.

Remember, there is always another house.

You should definitely make the offer. Then it's up to the sellers. They can stick with the lower offer if they choose, but at least you'll know you gave it your best shot.

So many house sales fall through after this point, that it's really not worth worrying about. The other buyers could choose to up their offer, or walk away. Nothing's been signed.

This early on I would. Gazumping/ gazundering is truly crappy at the end of the process when people have invested huge amounts of time, money and emotion in the deal. But a week in it won’t have cost the buyers much if anything at all. Plus if the agent wasn’t a dick then you would be in this position the vendors would have known there as another interested and serious party so may well have chosen to wait a few days.

Normally, they would wait a couple of days to see what you come up with. I wonder if they went with the other buyer as they feel they’re in a better position, eg chain free or maybe a builder or architect and understand the refurb. We’ve been successful a couple of times despite lower offers as the vendors thought DH would know what he’s getting himself into due to his line of work. A person who has 0 experience of buildings and refurbs wouldn’t inspire the same confidence. But you can always try if you love the house.

That’s not gazumping.

Gazumping is when the owner decides to accept a higher offer (or threatens to) right before exchange when the buyer has already spent money and made arrangements based on an accepted offer.

Make your offer. Do it in writing and ask the agent to pass it on (they have to by law if in writing, email will do).

Some agents aren’t bothered about getting the max for the owner and just want a quick turnover and a high certainty (chain free) buyer. Of course some owners want that too but not all.

I really don't think that offering at this stage would be an issue. The other buyer will not yet have paid out anything in costs/surveys etc. It isn't really gazumping, you are still at the offer stage really.

Just put in your offer and the vendor decide.
But also have a firm word with the agent, and let them know you are serious and that you want them to take you seriously

Is there two estate agents or just one?

If two go through the other agent, if one complain to the manager that you had a second viewing cancelled.

Definitely make your higher offer

If you really love the house make the offer. The sooner you do it, the less the other buyers will have spent (assuming the vendors accept your higher offer). But bear in mind that the other buyers might then up their offer, are you ready for the stress of a price war?

I wouldn't expect the sellers to keep taking viewings when they have accepted an offer. Surely the EA is working for the seller not the buyer.

Estate agent dropped the ball here. Put in your offer - it’s such early stages that presumably the other potential buyers haven’t racked up any significant costs yet like a survey. If you now purposely leave it through indecision and gazump in a week or so, I would think you morally leas in the right. Now in the first week, go for it.

Unless the vendors are unusually moral for today and have said no more viewings, since they’ve accepted an offer, I might be a bit suspicious of that agent, TBH. It’s not at all unknown for them to have ‘arrangements’ with developers or friends, who want to get a refurb job on the relative cheap. I once met someone (a developer) who openly boasted of such ‘brown envelope’ arrangements with EAs, and have experienced similar personally - the property sold for way below my offer, and the EA was only going through the motions of having it on the open market.,

Not saying it’s necessarily the case here, but...

If you love the house, then make an offer. I wouldn't think twice about it. It is only a week, and it is up to the seller if they accept or not.

Honestly I would do it. It’s very early days and I thought agents were honour bound to put any offers forward anyway. Sometimes they try to dissuade people once an offer has been accepted if they see the current buyers as solid and an easy sale with an uncomplicated chain. It’s not worth their while to work on a deal that is less of a sure thing for a relatively tiny increase in their commission.

If they were near to exchange and people had spent money on legal and survey fees then it would be morally wrong, although technically I believe the agents should still inform the vendor of all offers.

If your situation is likely to be less complicated than the situation of the buyers they currently have, plus you are offering more money then as a vendor I’d want to be told about it so I could make an informed decision.

Would you be happy if someone did that if your offer was accepted, OP? I doubt it! Tell the agent that you are now proceedable and would be interested if the current sale falls through and keep looking.