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Original poster

What’s your view on gazumping?

19 replies

GorgeousLadyofWrestling · 22/11/2019 17:29

We’re still waiting to exchange in our property and I generally live in worry that we’ll be gazumped.

It seems so unfair that it could happen but at the same time, if it’s just business and you can’t so emotional about it, is it terrible thing to do?

OP posts:

misspiggy19 · 22/11/2019 17:35

I think it is wrong and immoral. I wouldn’t do it myself.

TheLightSideOfTheMoon · 22/11/2019 17:38

Very rude.

If you've agreed on a price like civilised people then you should stick to it.

Can't imagine fucking someone over lije that. Why? It would taint your new home.

JoJoSM2 · 22/11/2019 17:43

It’s a bit horrible but it’s legal and, as a vendor, you need to do what’s in your best interest. It’s better to get extra money to spend on a family holiday/pension contributions/something else than worry about the hurt feeling of a stranger.

Neron · 22/11/2019 21:58

something else than worry about the hurt feeling of a stranger.

Bit more then 'hurt feelings' when buyers can and do lose thousands with no recourse when vendors accept gazumping. Legal yes, everyone wanting top dollar - ok, but it's a cunting thing to do

BIWI · 22/11/2019 22:01

It's a despicable practice.

madeyemoodysmum · 22/11/2019 22:34

Yes it’s only acceptable when no money at all has been laid out and even then it’s shady and wrong.

Allycumpooster · 22/11/2019 22:41

We were gazumped. I was furious. As it worked out the Gazumpers then pulled out and we got our house at a lower price as the vendor was then in a very difficult position. I would never use that estate agent again to buy or sell, under handed and dishonest I just couldn’t trust him.

Allycumpooster · 22/11/2019 22:42

Posted too soon. I also read google reviews of EAs rather obsessively as people tend to tell google all about their experiences with gazumping.

PleaseNoFortnite · 24/11/2019 11:28

I think it should be made illegal, or at the very least the seller should have to pay a forfeit to you if they've accepted your offer and then accepted someone else's higher one.

We haven't been gazumped, but we did have a buyer once who dropped their asking price two days before exchange because of 'market conditions', and we just had to suck it up because we had moving vans etc booked and paid for.

Either is pretty low imho - we would never do that to someone.

Dazedandconfused10 · 24/11/2019 11:30

It's not the agents fault.... It's the vendors choice. The agent has a legal obligation to put forward any offer they receive. They want their money, they don't want the sale going back to step 1.

TeachesOfPeaches · 28/11/2019 20:29

I made an offer on Saturday with the condition that if it was accepted then the flat would be removed from the market immediately. Vendors accepted and removed the property from the market.

Learnt this trick from Kirsty on Location Location Location

ploopsie · 28/11/2019 20:36

Does this apply to gazundering too?

CatAndHisKit · 28/11/2019 21:53

Teaches, that's no guarantee at all - if they saw it on the market before, they can still make offers after it's been taken off line.

TurquoiseDress · 28/11/2019 23:49

@TeachesOfPeaches

A couple of years ago I saw this property that was sold STC and I asked the agents about it, we really liked the look of it & got quite excited

The agent was very firm that we couldn't view or make any offers as it was sold STC

I do think it's often the agent who's got a large part to play in gazumping!

DramaAlpaca · 28/11/2019 23:58

It happened to us 27 years & several houses ago. I still get angry if I think about it. I was pregnant & we were desperate to move. The house was perfect for us. A few months later we found another house we liked almost as much on the same road & bought that. I had to see the people who gazumped us in the school yard for years afterwards & I used to totally blank them. Not bitter at all, me. It's such a despicable thing to do.

FrancisCrawford · 29/11/2019 00:01

This reply has been deleted

Message withdrawn at poster's request.

Pipandmum · 29/11/2019 00:08

I saw a flat in the 80s when things were sold super fast. The agent said the other buyers were hesitating so if I could get my mortgage and be ready to exchange in FIVE days it was mine. Paid extra for personal searches etc and was ready the afternoon before. Next morning the agent told my lawyer that they had just exchanged with the other party.
I was stumped on my first purchase. Then tha fell thru they came back to me but I told them where to go.
To stop it all it takes is for offers to be in writing and legally binding. You have deadlines to get your mortgage and survey. There are outs if you cant get financing or survey is really bad but in general you should be legally committed on both sides once offer agreed.

Pipandmum · 29/11/2019 00:09

Stumped? Yes that too but I meant gazumped.

GETTINGLIKEMYMOTHER · 29/11/2019 10:51

I wouldn't accept a gazump offer once I'd given my word to the buyer.

Someone did offer a little more once, after I'd accepted an offer. I turned him down. My CF buyer then tried to gazunder me just before exchange.

I called her bluff, a risk I felt obliged to take, but it worked. . After I'd turned the higher offer down I was particularly mad about it. My EA did seem to be on her side, too - urging me to accept - which made me madder still, cheeky little sod!

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