We've been gazumped!

[catwithwhiskers]

Sorry this is more a post to rant as I am just so fed up.

We're in the process of selling our property and due to complete in the next couple of weeks. We broke the chain as our buyer wanted to move quick and we have family that we can move with in the time in between.

We have had an offer accepted on a property, which then fell through as the owner was not serious about selling and decided to pull their property off the market, we had instructed our solicitors get the ball rolling and we were held up by them which took weeks, so were quite annoyed but fine. We found somewhere else and this happened again to us and we found out while we were on holiday.

We found the most amazing property and had our offer accepted on Monday this week, only to find out today that a cash buyer put an offer on the property for the same amount we did yesterday and the seller has accepted this. I appreciate cash buyers are more attractive however I am just so fed up. Fed up of sellers who aren't serious and wasting our time. We are looking in a completely different area to where we live (1.5-2hours away) and spending every weekend now looking at houses, it's getting tiring. We can't just pop after work to go and look at somewhere. I also have a lot going on with a relative who is on palliative care and I'm finding this all very draining.

I don't really have a question just more needed to rant, I'm so fed up with this whole process. Doesn't help that there aren't many houses coming onto the market in the area we're looking and we have seen a lot of the stock that is there currently.

Cash buyers aer very often not what they clain to be! So many waste a few weeks and then traspires they need a mortgage (happened to me) - vendors may yet regret it later, but I realise it doesn;t help you much.
The whole syste is terrible - once accepted this should either be inding, or a leeway of about 2 weeks, like in most developed countries!

*binding (sorry for all typos!)

They may come back to you! Cash buyers often want a reduction because of it or later on the seller finds that the money doesn't exist.

Yes, I'm sorry that's horrible. I found out the other day that my mother claimed she was a cash buyer when buying her last house. In all innocence she thought because when she sold her house she would be buying it with the cash and not needing a mortgage. Their sale took months.

Gazumping is horrible, I'm 18months into trying to buy a house and the current purchase looks like it's falling apart, so you have all my sympathy.

Thanks for replying everyone, I really appreciate it. It is really horrible and I feel like there should be some form of protection to stop it from happening but don't know what this would look like.

It's such a stressful process and I feel for anyone going though it too! I hope the seller comes back as I really love the property.

I do wonder whether buyers should show proof of funds when putting in an offer, we had to with the first property we offered on but not the second or third.

I'll tell you what it would look like: offers are in writing with proof of funds included and timescale laid out. It is signed by both parties once accepted and is a legally binding document. A small amount of money is then held in escrow. The buyer has X amount of days for survey and to get mortgage sorted. Seller takes the property off the market. There may be contingencies (like satisfactory survey) but as this is scheduled in it's not weeks and weeks of uncertainty.

I am so sorry that you have had such a shit time. We completed yesterday 8 weeks after accepting an offer and making an offer on properties. There were no shenanigans and the house we moved into has been left immaculate.

Our removal was a nightmare however . This is not meant to gloat but just to say there are decent people who will abs lawyers who will not piss you about and it can all be ok.

Fingers crossed things get better .

Many cash buyers will try for a reduction at the last minute, but you shouldn`t overpay either!

Sorry I don't know how to tag users but @maofteens that sounds like a really good system, I wonder why that couldn't be implemented here! I know in Scotland once you offer and it's accepted you're legally binded.

@olympicsrock thanks for giving me hope that there are reasonable sellers out there! Our solicitors are actually really good and have been great with our sale! I wish we used them when we purchased this place!

We saw a lovely property on Saturday, not as much character but in a good location and good size rooms. We're going to offer tomorrow. The estate agent said they had received an offer on Friday but it was too low the sellers weren't going to consider it, so they may send a revised offer. May end up going to best and final. Will keep you posted on how it goes!