Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Property/DIY

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

Original poster

Gazumped- have I made a mistake?

23 replies

Ladyof · 29/06/2021 21:14

Last week we had an offer accepted on a house we liked, it was the area we want but needed totally renovating and a lot spending on it. It had the potential to be lovely although it didn't have some of the things I wanted like a 4th bed/office and a utility room. It also had a small back garden which was quite overlooked and it was on a.busy ish Road. I live on a quiet estate now.

Anyway the EA contacted me today to say someone had offered 8k over (which is approx 2.5%) but we had already increased our 2nd offer about 4% more than our first offer. They wanted to know if I wanted to match it, but as the offer was agreed last week I was annoyed. I said no I would walk away and now I am thinking did I do the wrong thing? It ticked some boxes but not others and it needed a lot spending on it so every bit extra I went was less to spend. What would you have done?
.

OP posts:
Patup5 · 29/06/2021 21:17

You’ve done the right thing.

Terminallysleepdeprived · 29/06/2021 21:18

I would have made my final.offer last week on the understanding it was removed from the market once offer accepted.

But I would walk away, the EA works for themselves not you or vendor. If they can increase their commission they will incite a bidding war.

MyKingdomforaNameChange · 29/06/2021 21:19

I'd walk. It wasn't really what you wanted and hopefully you'll find something better.

They were probably trying to get you into a bidding war - I'd avoid that crap for definite!

YoComoManzanas · 29/06/2021 21:19

No. Its not right for you.

Pancakeorcrepe · 29/06/2021 21:34

You’ve done the right thing.
If they accepted your offer they shouldn’t then be coming back on that. They would probably be taking the piss later on in the process too.

GettingItOutThere · 29/06/2021 21:38

walk away

they are taking the piss

Lostmarbles2021 · 29/06/2021 21:43

Are EAs allowed to do that once an offers been accepted?

Original poster
Ladyof · 29/06/2021 21:51

Yes unfortunately in England, they can. The law needs to change really as it is unfair.

OP posts:
Livingintheclouds · 29/06/2021 21:53

Yes @Lostmarbles2021. The op doesn't say (and probably doesn't know) that the other buyer may have seen the property previously, or the vender may have requested the agents to keep marketing it. Regardless, the agent is obliged to present all offers to their client.
The whole system needs a major overhaul.

Lostmarbles2021 · 29/06/2021 21:55

Sad that sucks.

Sorry OP. That’s rubbish!

MaggieFS · 29/06/2021 22:03

It's crap, but given what you've said about the space, road and garden, it's probably for the best. These things often have a funny way of working out for the better.

Original poster
Ladyof · 29/06/2021 22:06

Yes they had viewed it previously put an offer in but our offer was higher so they accepted ours, then they must have decided to increase it despite knowing an offer had been accepted. EA has to tell them and they gave me the opportunity to increase before jumping ship. Really upsetting but hopefully it wasn't meant to be and something better is round the corner!

OP posts:
Twiglets1 · 30/06/2021 08:06

The property doesn't sound that appealing or right for you so maybe you dodged a bullet. I would walk away, but next time you offer on a property say that your offer is based on the estate agent taking the property off the market and not allowing any more viewings.

SoupDragon · 30/06/2021 08:07

You've absolutely done the right thing.

Twiglets1 · 30/06/2021 08:08

Sorry, just seen they had viewed it before which is slightly different to what I imagined. I think you just got unlucky in that case - or maybe lucky as the property had a lot of compromises and you will very likely find somethng better anyway.

Unoriginal43 · 30/06/2021 08:22

Ouch. Sounds like us this week. Went to beat and final. Other party didn’t clearly understand final and offered more after finding out their best and final was lower.
I said no thanks as no guarantee that it wouldn’t keep happening.

Unoriginal43 · 30/06/2021 08:22

I meant don’t feel like you’ve missed out as property seems far from perfect for you.

Thisisanartattack · 30/06/2021 08:26

You’ve done the right thing IMO. It doesn’t sound like huge sums of money that they offered above yours and this says a lot about the vendor that perhaps you don’t want to deal with. At least you’re very early on in the process and can move on.

rslsys · 30/06/2021 08:32

Keep looking and you will find a property you like more and then thank your lucky stars you didn't get this one!
You need to be prepared for the EA coming back to you if the current overbidders drop out/can't proceed. In this situation reduce your bid to the asking price 🤣

ittakes2 · 30/06/2021 08:55

It doesn't sound like you loved this property - don't pay too much for something you just like but don't love. The busy road sounds like it might bother you too.

Original poster
Ladyof · 30/06/2021 12:10

Thank you all. You have all made me feel much better, the only thing I worry about when the next house will come along in this area. Such an awful time to buy 😪

OP posts:
user1471538283 · 30/06/2021 13:13

Hmm I don't necessarily believe estate agents. Either way you were right to turn it down. It may come back up.

It is an awful time to buy at the moment. But things will settle down.

WB205020 · 30/06/2021 13:40

You've done the right thing OP. Not wait for the new buyers to 'drop' their offer once a survey has been completed.

I have seen this twice before......new buyer comes along with a higher offer, it gets accepted then way down the line the offer dropped because of XYZ.

Dont play the game and walk away.

New posts on this thread. Refresh page