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??

I really don't recognise this idea that you have to have an offer on your property before you can make an offer yourself.

You are able to make an offer at any time you choose, you might just have to factor in your proceedability into the offer (i.e. if you're not under offer yourself, you will prob need to make a higher offer than if you were chain free/cash buyer etc).

It fits into the same bag as not applying for jobs unless you meet every one of the criteria - why not just chance your arm? What's the worst that could happen?

Of course she wouldn’t be happy but house sales can fall through at all stages for all sorts of reasons. People frequently just get cold feet or find something better, or decide they can’t afford it after all, or break up, or get made redundant, or see a nicer house for a better price two weeks before exchange etc etc etc.

Only a week has passed. If two offers are forthcoming within a week it’s a sign the house has been very competitively priced. The owner has a right at this stage to be aware of interest elsewhere or the agents are not doing their job properly.

I would offer the higher price and would not consider it gazumping. You sound very principled, which is excellent. But I don’t see offering a higher price as immoral. You had already viewed the house. It’s not like muscling in when a sale is already half-completed. I think you might regret not buying the house you love.

I wouldn't call it gazumping this early in the process! Just part and parcel of offers. Go for it.

You aren’t gazumping,you are putting in a an offer
They can accept it or not

Thanks all!

I have experience of renovating houses before many times. Agent did not ask me anything about it or about my chain or my position on my first viewing which is why I think he took one look at me and decided I was a time waster.

In the past when I’ve been buying as soon as I’ve made an offfer I have known the agent to call everyone whose viewed or got a viewing booked and ask if they want to also offer. I know the accepted offer is in a longer chain than me and I know it was not asking price as agent told me on my first viewing. So that’s why I feel annoyed at the agent like he’s dismissed me and not told the vendor of my position.

What worries me is as the agent has told me via email I am welcome to make higher offers right up to the point of exchange, if I now made an offer and it’s accepted he may have told other interested parties to do the same and I could get to exchange stage and someone gazump me. I just do not trust this agent

But maybe it’s worth making a counter offer and seeing where it gets me

The other potential buyers could be seen as just as immoral in offering a below asking price. They had no qualms in offering below what the vendor wants, so how are you in the wrong offering the asking price. If you make a below asking price offer its a chance you take, if they want it so much they should've offered asking price. Go for it l say.

Make a written offer but state that it’s subject to property being taken off the market and no further viewings taking place

I think if you're prepared to gazump then you have to accept it may happen to you as well and you can't really complain if it does.

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

Yes it is.

Gazumping is simply when a vendor accepts an offer from one potential buyer, and then choosing to accept a higher offer from someone else.

It's hardly the 11th hour they won't have even had a survey let alone booked the movers.
Gazump away...

I'm in the first week of offering on a property. We've instructed solicitors but haven't paid anything out yet in terms of surveys, searches etc. If I'm going to be gazumped I'd far rather it was now than later! (We are not in a chain so if you're gazumping me I am probably in a better position! But go for it!)

It's just a house and other houses are out there. I know how fast you can fall for a house, but it's just one of many.
We fell in love with a forever house just last summer, head over heels. The agent 'implied' it was about to be taken off the market so we made an offer. My DH had niggles about the house but I had our life mapped out in this house. All the renovations were mapped out and costed. Then the surveys came back and we wouldn't be able to do most of what we planned AND a moderate risk of subsidence. I still loved the house, scaled back the plans even, I loved this house now beyond belief. We arranged a detailed survey to set DH mind at rest.
Before the survey took place, I woke up. I realised what a money pit this house was and how we'd never have the house I'd dreamed up. We'd always have to climb over the bed in the master bedroom to just open the window, and installing another bathroom wasn't ever going to happen. So we withdrew the offer.
The world didn't end, the vendor didn't hate us and we found a better house where we live now.
Don't 'gazump', let it go, the better house is out there.

Lol @puptent don’t worry, it won’t be you, the agent told me they are in a long chain so it took a few days to verify it

You can put an offer in but it doesn't mean that the owner will accept it. They might be perfectly happy to continue on with their existing buyer. It's not all about money.

If you're desperate to buy this house then by all means put an offer forward but be prepared to accept that they will say no and you will have to look for something else

This is a crap estate agent’s fault not yours. Definitely do it!

What is the agent doing wrong. It's not their job to advise their clients to wait for you because someone is viewing yours.
They aren't working for you or on your behalf.
If you offered and it's gone now, that's life, happened to us dozens of times on homes and investments.
Put your offer in writing and give to the agent, the other sale could fall through.

It sounds to me OP like you're so desperate to explain your past history about renovating houses and the agent not taking you seriously that you're failing to understand that the agent doesn't give a stuff about your past history or your age.

What they care about is getting a proceed able buyer for their vendor. Either put an offer in or don't. It's up to you. They've given you all of the information you need and you're looking for an excuse as to why they won't accept your offer. It's not a conspiracy.

So early in the process, it's still part of the negotiations. You would be mad not to, and the estate agents are to be blamed.

Not accepting offers until you are in a position to proceed is normal though, on that note they haven't done anything wrong.

The sellers might not accept your offer anyway, but if you act, do it quickly so no one is suffering any loss.

Just put your offer in!

OP - your second viewing was cancelled because they had already accepted an offer, or that was what you said in your first post. That implies to me that it was the decision of the vendors, not the EA. Either way, you were not proceedable at that stage.

However - in your update you say I know it was not asking price as agent told me on my first viewing so were they considering an offer when you went on the viewing?

It still sounds like the vendors, not the EA, who don't think you are a serious buyer.

You're not gazumping - as you have not yet been allowed to make an offer.
Now that the estate agent is graciously allowing you to do so, get it in & se what happens.

btw, it is an infringement of professional body regulations for an agent to refuse to convey an offer, to his client. Keep that one in your armoury if you need to give Mr Agent a wake-up call.

Go for it. I think its wrong that agents deter people from making offers so early in the process. I think this is to avoid paperwork and phone calls on their behalf and also preferential treatment when they've had an offer off people they seem to like. The vendor should have all the options on the table at least. I also think as a single woman it is harder to be taken seriously by agents sometimes.

If the vendors know you intend to develop and flip they might be less likely to go with you than a couple who want it as a home. They will be more emotionally invested than you and therefore less likely to pull out if the survey flags up extra expense or whatever.

Poor estate agent and possibly a naive Seller.

I'd make your offer and leave the moral issues to them. If it needs a lot of work doing the Survey may put off the first bidders, and long chains are fragile and can test the patience of all parties involved.