Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

Original poster

Gazumped, be gad!

23 replies

RafflesMaidenSister · 30/04/2019 22:50

So, we are having a time of it. We have taken ages to get an offer on our (unusual) house, which is totally unsuitable for us now. I have a toddler and due with second at end of May, so we really need to move.

The market here (UK but out of London/SE) is relatively slow at the moment and so rather than try and find the dream home (we've seen nothing we want) we have offered on a place that does the job for a bit less than half our max budget with the idea of saving over the next few years to hopefully buy land and build our own place. Offer accepted, we added a little bit to the price in order to have a quick exchange and completion.

This is when things started going wrong. Our buyers tried to gouge us having discovered I'm pregnant. That didn't work and now the sale looks like going ahead OK. Then our vendors disappeared for a couple of weeks, making the quick exchange and completion not very likely. When they reappeared they made a big song and dance about how they had had a higher offer but like us better as buyers so would "cut their own throat" to sell to us. I took this with a pinch of salt, but it didn't really seem to make much difference.

We have now incurred solicitors fees for searches on the new property, had the survey (also incurring fees) and today the mortgage valuation. Vendors estate agent called tonight saying they'd had an offer at asking price from a previous viewer who had lost their first choice house and wanted the property we'd offered on as their second choice. However, the vendors will apparently sell to us if we match their current offer.

I don't know what to do. On the one hand, I'm heavily pregnant and just need to get the job done and its only c. 3% purchase price, which we can afford and I don't want to go and live with my Mum while we find somewhere else in the current crappy market. On the other, I don't like being pushed like this and don't feel the vendors are being entirely straighforward so assume that this will only be the start of things if we agree to go higher (the timing of their higher offer is slightly suspect, they haven't really been straight with us and from speaking to the estate agent it appears probable that the initial other higher offer they didn't take may well never have existed).

Any gut feelings/ideas about what we can/should do? I really want out of our place but can't live at my Mum's indefinitely and rental v difficult as we have animals. I'd also made my peace with the compromise we were making on the house we were intending to buy. I don't know what to do. Help!

OP posts:

user1474894224 · 30/04/2019 23:08

At a gut feeling they are chancing it. They run the risk of stopping the sale with you, going with the other buyers and then there being a problem with the other buyers (their sale falls through, their survey shows an issue, they don't get the mortgage agreed...etc etc) - you are quite far down the line.....do they really need an extra couple of thousand pound more than they need the sale to go through? With Brexit around the corner sales are slowing down.....

Was it you who added more to the price to get a quick sale? Or did they ask you for an additional amount for a quick sale? I think they know that you have capital in the bank, so to speak, and they want some of it.

Personally I would say -No. (But you do run the risk of them withdrawing the house from sale....)

PinkCrayon · 30/04/2019 23:17

I wouldnt do it personally. I would take back control and find a place to rent and move there instead.
I couldnt buy off of someone like that especially if it wasnt my dream home.
People who behave like this end up having it come back to bite them in the ars at some stage. For them to pull out with you to go with buyers who see it as their second choice its a huge risk for them. Let them take it.

Singlenotsingle · 30/04/2019 23:17

You say you can afford it, so is it worth losing it on a point of principal? If you lose the house you want to buy, your purchasers are likely to give up and you'll lose them too, unless you go into rented or live with family. I'd bite the bullet.

Original poster

RafflesMaidenSister · 30/04/2019 23:26

We will complete with our buyers either way. I just worry about living with family without a plan for when we’re leaving.

OP posts:

PlanBea · 30/04/2019 23:35

I'd call their bluff, move into a rental if necessary. It seems like they're going to be a pain through the whole process, if someone else has offered then good luck to them!

Alexalee · 01/05/2019 07:53

No seller would be stupid enough to lose a sale for 3% extra... even if it was a million pound house, tell the agent to fuck off and that the sale goes ahead as agreed or you pull out by the end of day.
100% sellers are changing it for a few grand... makes my blood boil

Alexalee · 01/05/2019 07:54

Chancing not changing

Decormad38 · 01/05/2019 08:00

It’s not uncommon. You could pull out and face the same problem. Our buyers pissed us about no end. Ironic that the woman lectured in ethics but was the most unethical person I had ever come across! You could be principled but then you will needs to start all over again. Just pay the money and get moved.

mrsdaz · 01/05/2019 10:43

I can’t stand greedy people for the sake of a bit of money!! I would outline the facts to the estate agent. If you allow them to do this to you now then they might ask for more money on completion.

My sister ended up paying £11,000 extra in total on her house because they kept increasing and she felt trapped into paying it due to needing to move.

When we sold our house the buyer did similar by keeping asking for reductions. We ended up reducing by £15k in the end and he pulled out on completion day due to losing his job. We wasted 6 months messing about with him. The house was empty as it was a rental too so cost us thousands.

Try to get the full facts - have they got a house to go too? Do they need to complete or are they able to wait out for another buyer? You need to know where your strengths are with it.

Original poster

RafflesMaidenSister · 01/05/2019 12:42

Unfortunately we’re a bit stuck, we need to go and they don’t have a house to go to until end of this year (they’re buying a new build).

I think they’re being greedy and to those saying just pay the money - you can afford it - how far does this go? It’s not about what we can afford at this level but about what the property is reasonably worth. I don’t want to lose a load of capital when we sell in a few years.

I’m also dubious it will stop here, like PP, and we’ll just keep getting gouged

OP posts:

UnexpectedItemInShaggingArea · 01/05/2019 12:53

I'd walk away. They are bastards and they'll throw something else at you down the line. Take advice from your solicitor and threaten to recover your costs from them.

I'm a firm believer that everything happens for a reason. It will work out.

notatwork · 01/05/2019 12:58

You already agreed more than you wanted to to ensure a quick process and they haven't adhered to that. Now they are trying to string you along until their house is ready.
Go find a convenient rental and keep looking.

KooMoo · 01/05/2019 13:11

If they can’t honour your initial gentleman’s agreement, I’d walk.

Go rental. Might be inconvenient but better than being manipulated into paying more than agreed.

Myimaginarycathasfleas · 01/05/2019 14:09

Try to think of it with your head, not your heart. Do you really want the house? If you tot up how much you might have to pay in rental, two lots of removals etc, how much difference will it make?

Of course you want to say no, who wouldn't, but would you regret it in a year's time?

From their point of view, if someone is offering to pay them more for their house, then by turning them down they are effectively giving you, a complete stranger, their money.

The agent needs to go back and remind them that you have shown good faith in waiting for them, and that you are further ahead than the new buyers in the process. And see where you go from there.

SecondHandTicking · 01/05/2019 14:38

Animals to your mum, you to a rental near your mum?

It is a personal choice and there's no wrong answer really - you make the best decision for you and move on. But I don't think we can offer much advice. I like to think I'd draw a line and stand on principle but there are no prizes for cutting off your nose to spite your face.

PlanBea · 01/05/2019 15:23

If they're moving into a new build, do you know if their site is delayed? They may be trying it stalling tactics to limit how long they're renting for.

Typically a builder will ask for exchange of contracts within 28 days of reserving, even if completion is months or years away. They can extend it but if they don't have a buyer and don't make progress the builder may take the plot back off them.

VanillaCoconutDove · 01/05/2019 15:36

I’d tell them it’s the offer they’ve already accepted or you walk away. There’s no sentimantility to this particular house, and I’d personally have very little good will towards these sellers.

If they get an inch now, they’ll want a mile later.

2nd a pp idea of the animals staying with your mum officially and you renting elsewhere.

Original poster

RafflesMaidenSister · 01/05/2019 15:50

Thanks, PlanBea, I didn't know that, maybe worth doing a little digging around that. The agent selling our property can't believe we've been gazumped in this market.

Thanks, Ticking, I know there's no great answer was hoping someone may have a magic solution . My head says offer asking and crack on but don't take anymore crap but my heart (unreasonably, I know) says "die you cheating fuckers die".

"From their point of view, if someone is offering to pay them more for their house, then by turning them down they are effectively giving you, a complete stranger, their money.", I know prior to exchange there is no legal obligation, I still think it's a shit thing to do. However, if they hadn't jerked us about by disappearing we would have exchanged by now, so it feels that if I offer asking I'm giving my money to complete strangers who have already acted in bad faith. Which leaves an unpleasant taste. But I agree, maybe bearing that is ultimately the cheaper option.

In all the circs going back and offering asking (while preparing to lose it anyway) is the grown up thing to do I think. It really sticks in the craw to do it.

Thanks for all your answers, though, it's been helpful to know what others think.

OP posts:

Original poster

RafflesMaidenSister · 01/05/2019 16:07

Mr RMS has kindly agreed to deal with the estate agent so I don't have to be a grown up but we are going to try offering asking, but not go any higher. We're also going to look at some other places this weekend. I doubt very much we'll ever live there but worth a try I guess.

Thanks once again. x

OP posts:

Myimaginarycathasfleas · 01/05/2019 16:43

Hope you find a solution you're happy with. I agree with you, btw, it is a shit thing to do. My advice? Just leave it to karma.

MarieG10 · 01/05/2019 20:19

Don't give in. I'm lucky as
Not had to face but know people and what happens is they come back and say other person offered more (even if they don't exist) and you are in a bidding spiral

Oh....despite EA codes of practice something's they go along with it as they can say the seller had a direct offer

Alexalee · 01/05/2019 20:57

And you giving in to them is why people continue to do it... because it clearly works

BackwardsGoing · 12/05/2019 11:42

What happened OP?

Flip

Swipe left for the next trending thread