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??

the house we viewed before the house we bought

If they were about to complete tomorrow then yes it would immoral to gazump, however as it’s so early then go for it!!

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

Of course it's ok! And better to do it now, before the other buyer has spent any money (if you really feel guilty).

I think when it's so early that nobody can have paid for any searches or surveys then it's fine.

I will however never understand your English house buying system. It's weird and wrong.

As a seller, I’d want as many offers on the table as possible.

As a buyer, I’d be wary or other offers if I went in under the asking price.

Submit an offer, the Estate agents have to pass it on to the seller. Good luck!

You're debating the moral issue here, cos you wouldn't do this Op, amiright? I think in this case I would go for it. Someone has put a lower offer in than the asking price. They are chancing their arm IMHO. If you put in an offer for asking price, that would be perfectly reasonable of you. Yes, the estate agent sounds like a bit of a snake, so I would maybe hold off surveys, etc, until you are more sure of where you stand.

The thing is Mamboitaliano what you'd be asking the seller to do, in this situation, is to make you a substantial cash gift. Why should they do that? How could you be so cheeky as to expect that?

It's not a gift - it's a fair offer. You have a choice to accept it or not. A shop isn't giving you a 'gift' if they sell you an item at a fair price either, you know, even if they could get someone else to pay a bit more for it. Sounds like you rushed into accepting an offer you weren't happy with. Doesn't mean it's ideal though does it.

I have to say, I think I would offer. I get that it's possibly considered to be bad manners, but as the seller I would want to know. We had a lot of pressure to accept a cash offer on our old house, it was slightly under asking price, but the buyers turned out to be complete nightmares (and tried to tie in another property days before before exchange). I later learned that several other parties were interested in the house, but hadn't been able to view it quick enough to beat this offer. I don't know that it would have made any difference, we might have still gone with the same buyer, but I would have liked to have been given the opportunity to choose. Make the offer, you have nothing to lose. And it might put you to the top of the queue on the EA's books for the next house too.

Gazump away.

A house is worth what the market is prepared to pay for it.

If you love the house and have plans to do it up ... why feel obligation to a complete stranger?

Who could be a property developer who is going to flip it for profit.

The agent sounds pretty unprofessional. If you think your current house will sell easily if something goes wrong with the purchase, I wouldn’t hesitate to put in a higher offer.

Make the offer. It is always appropriate to make an offer, even if the seller is in final stages with someone else.

It is then up to the seller to make a choice. If the seller chooses a higher offer in the final stages of another offer then that's on the seller not the new potential buyer. And you'll never know why the seller did or don't accept your higher offer; maybe the other buyers are messing about? Maybe the sellers dreams can come true with your higher amount? Who knows?!

Buying and selling houses is a business transaction. If people are able to build strong enough relationships with their chain that people honour less favourable offers then great, but the sellers deserve to know they could make more money on their sale just as much as the first offer people deserve to buy the house. Let all parties have all the information and then let the sellers decide who they'd like to sell to!

It might be that the other buyer has a house to sell through the same agent - i've experienced that in the past, where I have struggled to view some houses because I'm on with another agent. They could just be trying to maximise their commission. But they have to put your offer forward, if you make it.

This early in the process make the offer - the other party would likely do the same !

All is fair in love and purchasing property.

You've got nothing to lose by putting in a counter offer and, this early in the proceedings, no-one has spent any money on surveys etc.

Go for it. You'll always think "What if?" if you don't.

I see what you’re saying OP (and commend you for it) but you wouldn’t be gazumping and you personally have no obligation to the other buyers.

I think the agent has been at fault here and part of it was not taking you seriously as a buyer.

Make your offer. Let the vendor decide.

I had a similar situation - not Braxtons in Maidenhead by any chance? My OH went to view and liked it, and arranged a time for me to view on the basis if I liked it I'd make an offer. I came straight from emptying my old house which had sold (we were living at parents, so now no chain), so old jeans and tshirt looking nothing like a housebuyer. Agent was doing the viewing has house was empty (probate sale). I said yes we'd like to offer x, to be told the vendors had accepted another (lower) offer that morning. I was very cross that EA had wasted my time doing the viewing if he wasn't prepared to submit my offer to the vendors.
I found out later through mutual friends of a friend that the EA never submitted our offer, the vendors only had one very poor offer apparently. Did us a favour though, as we ended up in a better location.

I wouldn't hesitate. That's not gazumping to my mind. You have every right to make an offer. Up to the seller.

Unlike goods in a shop at a fixed price, a house is worth what someone is willing to pay Mamboitaliano Unlike goods in a shop, the sale is not completed on the spot. Unlike goods in a shop, houses cannot be returned within 30 days; all the checks need to be done, adjustments to terms made, or the sale withdrawn from, before purchase.

With houses, either side can withdraw at any point before completion, if the terms of the sale are no longer favourable - no longer appear fair - to them.

None of us can see into the future. No-one can know that a better offer is going to be made a week later.

The point at which you have an obligation to the other side is when contracts have been exchanged. A seller might feel some degree of moral obligation after the buyer has paid for a survey and searches - yet, many buyers pull out at this stage. They, rightly, do not feel any moral obligation to go through with a purchase that they no longer believe is in their best interests. Many sellers effectively withdraw at this point by refusing to adjust the price to take account of issues raised by a survey.

What is a 'fair price' for a particular house, is not agreed until the point of exchange.

The whole house-buying process is a dance, a negotiation. Up until the point of exchange and even, with penalites, completion.

OP it's completely normal for EAs not to want to deal with you at all, even do first viewings, until you are in a position to make an offer. Depends on the market but they do have to weed out time-wasters.

Everyone knows that an offer is vulnerable to being withdrawn by the offeror or rejected by the offeree until exchange. That's why exchange of contracts and payment of deposits exists! The offeror can insist on speedy exchange if they want to secure their position.

Make an offer! The house we bought had an offer on it (full asking). We offered to match, even though already accepted other people's, and we got it!. They just preferred us 😀 you never know

No it is just wrong. You should tell the estate agent to let you know if the first offer falls through, or find another house. Dont be THAT person

Although the house the OP was viewing had an offer, it doesn't sound like the vendors had accepted it when she viewed - just that it was on the table. Offer was accepted after the viewing (at which point the OP was not a proceedable buyer) and the OP's appointment for a second viewing was cancelled because the vendors had accepted the offer. That is taking it off the market! The OP has never made an offer on the house to pass forward to the vendors.

As it's only been a few days I think it's fine.

I bought a house recently and we were gazumped. It happened after a couple of days, we weren't bothered.

EAs have lots of cosy arrangements with people like developers and landlords whose ongoing business (through resales or through lettings) is worth a lot more to them than the added commission that they would get if the vendors accepted your offer.

Put an offer in to the EA and make sure a copy of it is given directly to the vendor.