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Original poster

We were gazumped, now they have pulled out - should we go back or walk away?

48 replies

mrsmandm · 12/04/2018 21:57

That's it really. We fell in love with a house, entered a CRAZY bidding war. Went £40k over, they gazumped us with £50k over. We went to £50k over but they had cash, so wouldn't take our offer. Eight weeks on they've pulled out and now the agent wants to know if we're still interested. I love the house, but not sure whether to go back, and what offer to make if we do. WWYD?

OP posts:

toomuchfaster · 12/04/2018 21:59

Offer the asking price once and once only if you like the house. If you're not bothered, tell them to get to fuck.

UnexpectedItemInShaggingArea · 12/04/2018 21:59

Only if you really want the house. And obviously your price has dropped considerably.

DancingLedge · 12/04/2018 22:04

Do you mean gazumped, where you've had an offer accepted, are in the process of buying, and the seller then does the dirty and accepts a higher offer?
Or outbid, where someone else simply offers more than you?

If you were gazumped, obviously you don't touch the unprincipled seller with a bargepole.

If you were outbid, decide if you still want the house.
Try a lower offer. But bear in mind they'll be expecting you to go as high as your previous offer.
Are you prepared to pay that?

Original poster

mrsmandm · 12/04/2018 22:05

Thanks - I needed someone to speak sense to me! It is lovely but who needs that level of messing?!

OP posts:

frasier · 12/04/2018 22:05

Offer the asking price as pp said. Make sure they know that that is your final offer this time.

Original poster

mrsmandm · 12/04/2018 22:07

A bit of both. We went to best and finals. They accepted our offer (£40k over). 24 hours later the others went in at (£50k over). No one had spent any money, so they didn't do the dirty too much...

OP posts:

LyricalGangster · 12/04/2018 22:09

Offer what you are willing to pay for the house. If you don't get it will you still be kicking yourself in 5 years for losing it by not offering £10k over asking? Also, if you do put in an offer emphasise your position and that you are very keen on the house and won't drop out of their chain

tethersend · 12/04/2018 22:18

This happened to us- stuck to original offer as that is what the house was worth. Am now sitting in the house as I type.

If you want the house, forget the games, offer what it is worth (for our house this was over the asking price; London market in an area with rising prices) and stick to it.

Having seen similar houses go for much more than we paid, I thank the higher bidders who dropped out every day

Original poster

mrsmandm · 12/04/2018 22:25

thank you tethersend - think if it's meant to be it will.

OP posts:

AtlantaGinandTonic · 12/04/2018 22:29

What tether said. I'd offer what the house is worth and no more. What CF.

katzensocken · 12/04/2018 23:24

Good luck, whatever happens. The vendors sound absolutely cheeky! You went 40k over asking and they were still greedy enough to dishonour that agreement for just another 10k? Madness. If you still love the house and re-offer I really hope they apologize profusely and behave this time!

OneDayIWillHaveAGreatUsername · 12/04/2018 23:32

Do you know why the other people pulled out? That would be my first question before considering whether I wanted to offer again. If they found something via the searches/enquiries that put them off then you might also and that will be after spending some money. (And if you do go ahead make sure this is one of the first enquiries your solicitor makes anyway).

But I also agree with the PP - offer what you feel it's worth and are comfortable with. If it's meant to be, it will be.

wowfudge · 12/04/2018 23:56

Did the others pull out because the valuation was lower than they'd offered? That's what I'd be wondering.

starzig · 12/04/2018 23:58

Go back to 5k under asking. Certainly not a penny over.

sdaisy26 · 13/04/2018 08:29

Definitely find out why they pulled out first. Then if you still really want the house offer what you think it's worth and don't let them push you up more.

PotteringAlong · 13/04/2018 08:31

I agree. Find out why they pulled out then offer the asking price.

TheQueenOfWands · 13/04/2018 08:33

Walk away.

You'll forever associate the house house with massive fuckwittery.

snewsname · 13/04/2018 08:35

I'd offer the asking price but not emotionally invest anything. I'd expect it to go wrong.

ShowOfHands · 13/04/2018 08:37

I wouldn't walk away. I was in a similar situation but slightly different and we bought the house. We are v happy here.

Tethers advice is good.

MarmiteTermite · 13/04/2018 08:39

I’d offer what you offered before. I can understand the sellers accepting an offer that was for cash and £10k higher within such a short time of accepting your offer. You didn’t loose out financially.

Peanutbuttercups21 · 13/04/2018 08:40

Yes, asking price but in a cool detached manner, whilst looking at lots of other houses (your estate agent will convey to theirs that you are now seriously looking at other properties too)

Give it one more shot, play it cool and prepare to walk

WhatWouldOliviaPopeDo · 13/04/2018 08:42

Personally I wouldn't. The seller has already shafted you once - can you trust them not to do the same again?
However, if you really want the house, put in an offer at the asking price and not a penny over, but only once you find out why the other buyer pulled out.

TwitterQueen1 · 13/04/2018 08:43

You weren't really gazumped if no-one had paid any money or made any commitments. People just offered more than you did in the offer process. It's pretty normal in these early stages and it's not 'just 10k'. If the situation were reserved would you really turn down a higher offer?

If you want the house I would offer the original asking price and leave it at that. House buying is an incredibly stressful process - good luck!

EnriqueTheRingBearingLizard · 13/04/2018 08:44

Depends on whether you’ve seen anything else that comes close in these past 8 weeks. The higher bidders may have had problems with the money, not everyone tells the truth. They may have changed their minds, or withdrawing might be about the house. Try to find out and also if the agent is personally contacting anyone else.

If you do decide to go for it make it clear that yours will be one fair and solid offer, but at any sign of messing you around, you walk away.

Izzy24 · 13/04/2018 08:51

I’d have been over the moon if the house we were outbid on had come our way again. Unless I’m missing something your seller simply took the highest offer?

After pestering the estate agent for weeks in the hope that the outbidders had changed their minds and pulled out (they didn’t) we found a much better house. Even though I was heartbroken at the time .

Good luck OP!

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