Gazumping Conundrum

[HeadDeskk]

DH and I have only been house buyers until now. Now we're selling our first home in NW London.

Last week, we accepted a low offer. We felt pressured by our estate agents to accept even though the offer is significantly lower than identical comparables in the immediate area and much lower than the asking price. Our house was on the market for three weeks. It's a chain-free sale, easy and straightforward.

Fast forward to yesterday. We received another surprise offer above our asking price. It's a significantly higher number (would pay for all the renovations on our new house and then some) and is a short chain with eager buyers.

As a house buyer, I always found the idea of gazumping pretty unnerving and revolting. But now that I'm on the flip side, I don't know what to do.

The sheer difference in price is staggering.

What would you do?

I’d take the higher offer, it’s not as if you’re taking about a few quid but significant money. It sounds like you’re early enough into it to let people know before the first buyers have spent too much. It’s rubbish for them, but it sounds like too good an offer to turn away.

Honestly, I think my morals would go out of the window for a significantly larger offer. I'd hate myself mind.

Take the higher offer. No it’s not nice but the estate agents the one at fault here tbh. 1 week in and the buyers won’t ha be done a lot or spent a lot so apart from upset at least they won’t be out of pocket.

I’d ask the estate agent to let the first buyers know and give them a chance to up their offer. If they can’t or won’t... well....

Can you not tell the original buyers that you have received a higher offer, and give them the chance to come back/match it? I think you owe them that at least.

Take the higher offer, let the lower offer people know and give them chance to increase, but if not then they lose it.

but the estate agents the one at fault here tbh Unless you know more about the circumstances than what's in the post above, it is impossible for you to be certain about that.

Take the higher offer, you may regret it if you don’t.

I would would normally be honourable and continue with the original offer but dog eat dog it's a strange market at the moment with some places selling within hours for well above valuation and others similar lingering for an age

So I will say take the higher offer, as yet very little of the legal work will have started , the original buyer can always be given the chance to meet the new offer ,

The question you must ask yourselves is what possessed your agents to push for you to accept the first lower offer ? They work for you with your interests first & foremost or should be

Where did the new offer come from if it was under offer ? Were you still accepting viewings? If so it will not be a surprise to agents or original buyers

Make sure you know exactly what position each buyer is in as in mortgages required/already agreed, timings and if there is a chain involved before deciding. No point going for more money if the sale falls through eventually.

Take the higher offer or you'll regret it.

X post!

It’s only been a week, itynot as if your buyers will have spent much money (or any) in that time.

Chains fall apart sometimes, solicitors pick up unfortunate info sometimes, mortgages don't happen sometimes, and buying/selling property is never a perfect process. The original people who offered on your house probably knew they were getting a deal. Someone could say they put in a cheeky offer that they didn't think you would really accept and your EA just wants the commission as fast as possible.

Meh. It’s morally wrong but you’re not legally bound to proceed with the first offer. Id take the higher one.

I’d take the higher offer. Don’t know why you accepted an extremely low offer on a house with no chain after only three weeks. I’d at least have wanted a comparable price to similar properties.

I'd check their credentials and then go with the higher offer if it stacked up. We had a higher offer after we had accepted one but didn't go with it bc it was just 2.5k more. We discussed it and said it would have to be a significantly higher offer to make us start messing around.

Take it.

I accepted a low offer for a quick sale - pressured by the agent who told me the market was falling.

Months later, having dicked about, the buyers pulled out. Meanwhile similar house in next road sold for asking price.

It is a market. You sell for the best price you can.