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Original poster

Gazumping - would you?

34 replies

lillylop · 12/06/2021 09:15

I accepted an offer on property 2 months ago. The estate agent contacted me this week with another higher offer which I declined. The buyer came back with another offer which I also declined. I've now had a third offer which is 12k above my accepted offer and my agent believes they will go higher. On the one hand I dont feel comfortable with this, I feel obliged to my orginal buyer and a dont really want to start from scratch. On the other hand it's alot of money, my partner says all fair in business and its daft to feel obligated to someone I've never met. Normally I'm pretty good at making decisions but I really don't know what to do. Help.. thank you

OP posts:
SpeakingFranglais · 12/06/2021 09:19

I wouldn’t because I think it’s shitty and karma has a habit of coming back and biting your arse.

Personally I would tell the agent to tell them the deal id done and if it falls through we’ll be in touch but otherwise please don’t offer again.

What’s to say they won’t offer this now and then withdraw it on mortgage application or exchange.

User135792468 · 12/06/2021 09:21

Have you showed the house to the people who put the higher offer in since accepting the original offer? If they haven’t seen it, I would take the offer with a pinch of salt as very few people would offer so much over on a house they’ve never seen.

Cs80 · 12/06/2021 09:22

It is a really horrible thing to do to someone. Really cruel especially two months in.

Freebleweeble · 12/06/2021 09:22

Depends how much 2 months + of process is worth to you.
If you have a committed buyer who has spent money, they are unlikely to pull out. Switching to someone new gets you more cash but also the risk of costly problems down the line.
The gazumper could also chip their price nearer exchange.
If you decide it’s worth the risk, the nice thing to do would be to use some of the increased sale price to pay back the original buyers costs. Who knows if anyone has ever done that!

Also you should give the first buyer the opportunity to match the new offer If you are sure you want more money.

It’s entirely legal, just considered morally dubious.

Freebleweeble · 12/06/2021 09:23

Also after you are STC the EA shouldn’t be soliciting or accepting new offers.

Original poster
lillylop · 12/06/2021 09:27

This is a rental property being purchased by investors. The person making the new offers hasnt viewed it, which is odd but not unusual in these properties. The agents received the offer and had to inform me, they are not keen as nothing to gain for them. Thanks

OP posts:
RolloTomassi · 12/06/2021 09:29

Assuming the sale is progressing as expected 2 months in, then the buyer will be substantially down the road by now and this would be an awful thing to do to someone. Presumably the current offer was acceptable at the time, and you don't know this new one will come to anything. Don't be greedy.

RhubarbFairy · 12/06/2021 09:30

A bird in the hand and all that. Who's to say that they won't drop their offer as soon as the survey comes in for them. Or even pull out.

Plus it's a crappy thing to do.

Original poster
lillylop · 12/06/2021 09:31

Wise words, thank you

OP posts:
Freebleweeble · 12/06/2021 09:35

That ALL said- I’m a massive hypocrite because come to think of it my first property- we were the gazumpers.
Previous buyer had sat on her hands for three months. We came in £30k over her, very keen and able to move fast. Paid a £1k deposit the day we made the offer.

That flat doubled in value in 2 years, which mean the original price was too low, and also I will always be hugely grateful we got it, as the property increase came a time of huge Financial instability for me and it enabled us to start a family despite that.

No sign of karmic retribution so far and it’s been 10 years.

Beeeeeeeeeeeeeep · 12/06/2021 09:38

If it's a rental investment then I would take the money and sell to the new buyer
If it was someone's home then I wouldn't

aiwblam · 12/06/2021 09:42

It would seem a shitty thing to do to someone who’s 2 months into the buying process.

PixelatedLunchbox · 12/06/2021 09:46

Golden rule snd karma, so no. It's such a shitty system here in England and it's quite unbelievable how the process is so long and drawn out. Completely unnecessary and the system is broken.

Schooldilemma2021 · 12/06/2021 09:49

Could you back to the original buyer and let them know you’ve received a higher price and would they be prepared to revise their offer. At least gives them the option to still purchase, if you are thinking to take the higher offer. It’s not so much about whose paying it, more that you get the best price available from the most reliable buyer.

Moonshine11 · 12/06/2021 09:49

Being two months into it I wouldn’t do it.
Totally different when it’s at the start of the process.

Treacletoots · 12/06/2021 09:51

I'd chance my arm and tell the new buyer if they can exchange first, it's theirs. That'll move it along quickly!

awaketoosoon · 12/06/2021 09:53

If your happy with someone doing it to you or being gazundered the go for it.

DurhamDurham · 12/06/2021 09:55

I think it may just be a tactic, once you've accepted new offer they'll use the survey as an excuse to drop the price for even the tiniest thing. By which time you'll definitely need to proceed and what seemed like a better option may not be. I'd proceed with your current buyer. Good luck!

HeronLanyon · 12/06/2021 09:55

I would not accept the higher offer. It would be tempting. I actually wouldn’t want new neighbours who had done this and who knew that I had done this. Weird complicit dynamic would be set up.
It wouldn’t hurt for your buyers to know you are sticking with them (might help smooth over any little hiccups with their own survey results or similar). If there were a natural way for them to know. Does this sound manipulative and another weird dynamic I wonder? Grin

Roselilly36 · 12/06/2021 09:56

No, if I agree a deal it’s a deal, similar thing happened when we were selling. We were happy with our buyers, they absolutely loved our house. Wanted to keep the chain on track etc. I think if you do something like this you can’t moan when it happens to you.

MrsElijahMikaelson1 · 12/06/2021 09:58

If the new buyer would put a non refundable deposit down of £10k I would consider it. It’s a lot of money to turn down and as it’s a rental property that puts a different spin on it because it’s business at the end of the day.

3catsandcounting · 12/06/2021 10:04

We were gazumped 2 months in, by an employee of the estate agent that was selling the house! We kicked up a fuss, it went to sealed bid. We lost. Cost us £££ and caused so much stress, and in same small village, so we had to see gazumper constantly.
It confirmed what we already thought about estate agents. Don’t be like them.

Twatterati · 12/06/2021 10:05

Another saying don't do it! If it's an investment place and not one that someone's got their heart set on, they won't mind at all dropping their price literally on the day of exchange. They're not emotionally invested in it at all, so won't care about messing you around. The finances might not be in place so it could take a lot longer and you could miss out on something else.

I know it sounds a lot of money but it's not money you've actually SEEN, it's just a number (so try not to to mentally spend it!!). And there is something in it for the agent if they secure a higher price - they'll get that bit more commission.

However, you could go back to the original offer and let them know. They might increase the offer a bit and/or at least get things moving as quickly as possible.

Such a terrible system in this country.

ZacsAndMe · 12/06/2021 10:07

As someone from the receiving end.

Our offer was accepted and we were on the last hurdle only for estate agent to call and say owner has accepted a higher offer. We were gutted and in not in a very good position as I was 7 month pregnant. A while later they came back and said they would accept our original offer, I wanted to put a lower offer in but OH reminded me we weren't in a position to take risks so we ended up giving our original offer. Had I not been pregnant I would have offered way lower as I had nothing to lose and I knew the owner was eager to sell as it had been on the market a while.

Candleabra · 12/06/2021 10:08

@lillylop

This is a rental property being purchased by investors. The person making the new offers hasnt viewed it, which is odd but not unusual in these properties. The agents received the offer and had to inform me, they are not keen as nothing to gain for them. Thanks
Definitely not then. If they're Investors and haven't even seen it they don't care about the property. They'll be throwing round offers all over the place to see who bites. They'll reduce at exchange when you're tied in. It's a tactic.