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

[mrsmandm]

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?

We had something similar - offered, had that accepted, a week later they had a higher offer and accepted. (They had shown the other couple around after accepting our offer). Few weeks after that we get an embarrassed call, other buyers couldn't get a mortgage for that amount and were pulling out. We offered just below our previous offer and it was grudgingly accepted.

The vendors were a nightmare to deal with, it took 4 months for us to actually get in the house - we were in rented and they had already moved out into another property (they were getting divorced, she'd moved into her parents house and he'd gone to his OWs, the house was already empty when we viewed - neighbours gave us all the gossip when we moved in!), but they quibbled and delayed over everything.

Now we have been here 9 years I'm glad we put up with the faff, but be aware that this sort of vendor can be hard work, and if you have a chain it could be a problem.

We offered 5k below our last offer. Been here a few years now.

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.

^This

You weren't gazumped. Someone offered an extra £10k, as a cash buyer, the next day. As if any rational seller wouldn't take that new offer instead.

Gazumped is where you are down the line of the transaction and have invested money and time and THEN someone makes a higher offer which the seller accepts. Used to be common in London housing market rising crazy fast. Can't see that environment returning any time soon TBH!

Similar thing happened to us, except we had spent money on the process and the estate agents knew it. Never really trusted them again, and I'm glad we ended up buying a house through a different agency. DH and I sometimes have hypothetical discussions about what we'd do if that house ever came back on the market - my take is that I'd have to see it (because, feelings) but his is the total opposite - too much bad karma.

I don’t think you were technically gazumped.
If you want the house , put your offer in again

Offer what you can afford with a deadline for exchange so they can't mess you about. In the end, however annoying they are, if you get the house you really want, who cares? They won't be around.

There is no point in putting in a deadline for exchange as there is nothing you can do to enforce it unless you're genuinely prepared to pull out and lose any money you've spent on surveys etc if they don't comply

IMO if you still love the house, make an offer you're entirely happy with and say it will remain on the table only until X date, say 48 hours max.
And if they accept, you want the house taken off the market, no discussion.

I am tempted to wish that gazumpers like this would subsequently have their house languishing on the market for months, after which they are forced to accept a much lower offer than the original. It would serve the buggers right.

This was best and final offers, not gazumping. OP got outbid- their offer was never accepted by the vendor.

Most houses go to best and final offer around where we live, the seller has done nothing wrong.

Fingers crossed for you, mrsmandm- let us know how you get on

To me, it certainly is gazumping, if an offer has been accepted, regardless of whether any money has been paid down.

If vendors want to remain open to higher offers, they should make that clear and not pretend to accept an offer when they know they are liable to change their minds.

The offer had been accepted so it's gazumping in my book. It could have been an awful lot worse in terms of costing OP time and money but it still shows vendors' colours a bit.

OP I think it depends on if there's anything else equivalent available. In terms of how much you offer, just asking price might not work in your favour as it'll leave you exposed to the risk of being gazumped again when you're more invested. Vendors won't now happily settle for 50k less, commit to you and take their "punishment", they'll still think the they/the house "deserve" more. Re-evaluate your 40k over offer in the cold light of day. If you think it was inflated by all the craziness then reduce it accordingly. But the more you reduce it, the more you incentivise the vendors to gazump you. Personally if I really liked the house and I thought others would too, I would still be offering over asking.

It's not great behaviour but let's be honest. I think most of us would give in to the temptation of an extra 10k the day after. I'd be more honorable further down the line though.

Just offer the asking price and be prepared to walk away, and then they can take it or leave it.

Oh yes, so they did- apologies, bad form on the part of the vendors.

Why did the other buyers pull out? Did the survey show something concerning?

Anyone on here who was in the vendor's situation of that bidding war and had a better offer within 24 hours from a cash buyer, would be told to choose that over your offer. It's not really fucking you about at all. It's just part of the stress of buying and selling a house. It's business and made good sense and wasn't really gazumping.

If you still want the house, offer the asking price, which is what they needed before it all went a bit mad. Chances are that's all the bank will cover the mortgage for anyway. Good luck and don't take any shit.

Re. it showing the vendor's true character, maybe they are a bad person, who knows, but honestly - honestly - is there anyone on here who would honour the OP's offer if the other came in higher within 24 hours? And then believe that by doing so they are of poor character? I doubt it. The cash buyer side of things makes it even more compelling - who wouldn't rather have that than get into a mortgage/chain situation?

You went 40k over before because there was a bidding war with best and finals. Now there isn't. You're the sole interested party. I'd offer full asking price but no more.

We went back at £40k over, which was our top price but there's nothing like it in the area so decided to go all in, and they accepted . Fingers crossed it goes through.

Congratulations OP, I hope all goes smoothly now.

The estate agents are now legally bound to tell you if the buyers pulled out as a result of the surveyor reports findings. You have to ask the direct question.

Good luck OP. Fingers crossed!

Yes make sure they didn't pull out because the mortgage valuation didn't value that high.

Fingers crossed!