Guzumped : wwyd

[mum2015]

We offered on a house, everything was going fine from our side, conveyencing setup, mortgage arranged and suddenly someone who has viewed property has come back with higher offer and owner accepted it. Cant believe someone in their right mind would do that in this market!

Shall i increase our offer, even though i think we have offered fair price at first place and by increasing offer we would be in negative equity for a while or just give up and focus on making my current place work for us by extension? What would you do?

And now the new buyers know the vendors were previously happy with your offer so will do all the surveys etc THEN drop their price back to your level.

A bastard couple gazumped us on a house a few years ago. We walked away. The house was on a lovely road but quite small - and the extra money pushed us over our limit.

The bastard couple bought it and I walk past it every day. It's now back on the market but not selling, and I'm ashamed to say that the For Sale sign, standing there slowly fading in the sun week after week, lifts my spirits every day. 🤣

I was tempted to view it and string them along for months and then drop them at the very last minute... I couldn't be arsed maturely resisted the urge. But I'm not above hoping they get royally dicked about by someone else. Bastards.

Well as you’ve got this far and have already spent out on survey, solicitors, etc...

Increase your offer, and then gazunder them an hour before exchange, to 5k less than your original offer

Could have done that but i wanted some peace of mind now.

We got into a ding dong with competing offers on a flat a few years ago. We walked when asked to go over the asking price for a second time. I was happy that we gave it our best shot.

Roll on 6 weeks and we completed on another flat. An hour later I took a call from the EA for the first flat saying the sale had fallen through and were we still interested? Obviously not - but I did have a laugh. Some people are so greedy! We had to arrange a small mortgage and the rest was cash. Nothing to sell. The EA recommended us because we were in the best position to buy but the vendor wanted more. More isn’t more if the buyer doesn’t have the money or cannot sell. It’s actually £0.

You will find somewhere just as good OP!

It's a really shitty thing to do. Don't blame the buyers - who clearly have more mi eye than sense - it's the greedy vendors who have no moral compass or integrity. I'm glad you walked away, it was the right thing to do.

Tbh I'd continue to allow viewings until exchange, there's a vile poster on AIBU who's contemplating gazundering or pulling out a week before exchange. Her vendors would be a lot less screwed if they'd got another buyer waiting in the wings.

Money than sense, ffs!

I'd be tempted to follow @The OneWith's advice

Ditto.

Hi OP

Sorry to hear this- I would just walk away form the purchase, rather than up the price.

This happened to us last year- the trust was totally gone with our vendor.

Not to mention the EA cheerily asking if we could come up with the 20k extra needed to become "1st choice buyer" again.

Totally impossible when you are FTBs and every penny is your hard earned savings rather than monopoly money equity somewhere along the chain.

Fuck that.

Good luck- back to the drawing board, but at least you know where you stand with that particular vendor.

Increase your offer, and then gazunder them an hour before exchange, to 5k less than your original offer

^^this