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Property/DIY

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Original poster

Gazumped...legal but so frustrating

15 replies

Berimbolo · 01/02/2019 17:54

I know gazumping is legal and of course the vendors would want more money but doesn't stop me and DH from being frustrated and furious (DH). Oh and of course ranting about it isn't going to change anything...but still.

We're FTB, 15% deposit, solicitors and broker in place after a previous purchase fell through. This house has been on for 3 months, recently reducing and now OIEO. The family have to move asap as relocating.
We offered 5k over the base asking price, had to prove we were good for the money by sending bank statements and paying a £200 holding fee to the estate agent before they'd even put our offer through.

Apparently people who viewed it before, twice, have now stumped up 5k more than us but have nothing in place and are in a chain. Our vendors wanted us to match it, we told them no. Even the estate agent were saying they were mad for the sake of 5k and the fact most FTB are not in a position to buy these 'forever' homes.

It's such a weird market here in the SE, prices definitely falling and houses not selling. I know I'm just ranting but is 5k and going in to a chain so worth it

OP posts:

Flyingsouthwiththeswallows · 01/02/2019 18:15

Really feel for you, how frustrating.

I am sure you are their preferred buyer given your circumstances, but they are playing games. They think you will soften and match the other offer.

If I was you I would walk away. The market is very wierd but the next few months will probably sort it out and something better will come along.

AvaTheGardener · 01/02/2019 18:18

You had to pay the estate agent £200 just to make an offer on a house?! Blimey.

WithAllIntenseAndPurposes · 01/02/2019 18:19

Wonder if it's the one who posted on aibu recently

sunshinesupermum · 01/02/2019 18:20

Bide your time. If they have ended up in a chain for £5K more they are mad. Will probably be knocking on your door soon. Otherwise a better house will become available to you.

Original poster

Berimbolo · 01/02/2019 18:21

Thank you Flying, I may have shed a tear.

We've told them we're not matching and withdrew. We already offered over and are in the best position (apart from a cash buyer). Just so annoying and I really hope you are right

OP posts:

Original poster

Berimbolo · 01/02/2019 18:25

Ava - yep, sign an agreement and pay a commitment fee

OP posts:

Ellieboolou27 · 01/02/2019 18:44

That’s shit, I think there needs to be a law now to stop all this. House buying is so stressful and expensive as it is.
Vendors are crazy to pull off over 5k, your in a strong position, hope you find something much better and they come crawling back and say no.

Nairobiblue · 01/02/2019 18:46

Do you get the fee back now that your offer was rejected? Seems very unfair otherwise. I always believe that these things happen for a reason and you will find the house of your dreams. If they come back to you, knock £10k off your offer!!

Original poster

Berimbolo · 01/02/2019 18:57

We did, we asked for the fee back immediately and they have paid it which is good.

We feel really despondent at the moment as have been trying to move for around 4 years now and have nothing but bad luck:

House 1 - in chain for 6 months before vendor decided he didn't want to move .
House 2 - bank valued it at less than we were paying and survey very bad. Owners refused to budge on price.
House 3 - boundary issue, advised to walk away.
House 4 - gazumped.

Our solicitor laughed (not at us, just the bad run we're having) and said it's no trouble but can't feel but feel embarrassed.

OP posts:

BowBeau · 01/02/2019 19:01

The vendor is mad to give up a guaranteed sale for the sake of £5k they might never actually receive due to the other buyer being in a chain. Morons! If they come back to you, remember to tell them your situation has changed and you can now only afford £5k less than your previous offer.

CandyFlossLegend · 02/02/2019 17:19

It is so disappointing and heart breaking when that happens. Have a good cry and let it go. Something better will come up soon.

donajimena · 02/02/2019 17:22

If they do come back I'd drop your offer. However I'm petty like that.

pinkdelight · 02/02/2019 17:24

I'd always take the chain free buyer so think they're making a mistake. Can't tell if they actually accepted your offer or not? It doesn't sound like they had but maybe I'm mistaken. Good that you hadn't forked out for a survey at least. If they're going to be flaky, you're well rid.

InSightMars · 02/02/2019 17:24

None of those houses was meant for you, OP. Don’t be despondent, back in the saddle and keep looking. You will find the one, chances are the current gazumpers will have a rethink about 5k v longer conveyancing time, don’t fuck around lowering your offer if they do come back just insist on some guarantees re exchanging quickly.

rosablue · 02/02/2019 18:02

Have you put other money into it for searches or surveys etc? If so, can you get it refunded?

We were advised (some years ago now) that if we put an offer in to get an undertaking from them that they would take the property off the market for a month and that they would have to pay reasonable costs incurred if they dropped out for no reason (obviously worded by our solicitor!).

We also paid a non refundable deposit if we dropped out for no good reason (so if the survey came back as don’t buy this we could pull out but if we changed our mind then it would have been expensive!).

Meant it showed serious intent on both sides - worth seeing if they can do anything like this now still...

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