Hi everyone,
I viewed a house I really liked yesterday. I just rang the estate agent to get a second viewing and was told the seller accepted an offer yesterday evening.
I asked a bit further and was told that it's cash buyer and they offered asking price (£750k). The EA basically said to me that it's very unlikely it falls through or that another offer would beat it.
However, I am still thinking about making an offer. I hate the idea of gazumping people but I don't want to regret not trying and it's hardly been much time since their offer was accepted. It's rare that this type of property becomes available in my area.
The price is at the top of my budget but I think I could to stretch to £760k or maybe even £770k. I have no chain and approx a £300k deposit, if relevant.
I'm trying not to get my hopes up as I expect a cash buyer may just be able to gazump me even further, but would like to offer something.
Does anyone have any guidance on how best to position myself here? Could I go in at £755k or £760k?
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Advice on gazumping an accepted offer
tapestro · 03/08/2022 15:16
Minimalme · 03/08/2022 15:58
I wouldn't put an offer in - the EA has told you the cash offer is u likely to fall through and a higher offer is unlikely to beat it.
And if you did get it? It would be a bitter victory since presumably the first offer people really want it too.
JugglingJanuary · 04/08/2022 01:10
@tapestro
i think it's the EA who fucked up here. They should be acting in the best interest of the seller. You had viewed it, they should have contacted you to see if you were interested in putting in an offer before presenting the other offer to their client.
you haven't done anything wrong, the EA has & well, it remains to be seen what the vendor does. But even if the vendor accepts your offer, I don't think they've really done anything wrong as they presumably didn't know you'd viewed the same day.
yes, second viewings before offering are not really happening in this really stupid market. £770,000 for something you've seen once for half an hour. Mental isn't it!!
'Cash buyer' always needs defining - 'have cash' & 'need to sell property to get cash' aren't the same thing! So 🤞🏼They need to sell & don't already have £750000 sitting idle!!
Good Luck 🤞🏼
I have to ask though. What do you do for a job? I'm envious of an income that allows for that mortgage on one wage. Obviously you can ignore me if you don't want to say 🤓
fyn · 04/08/2022 10:57
People need thicker skin if somebody gazumping them has destroyed their whole lives. I’m sure it is frustrating but at the end of the day it’s a business transaction in which the seller is entitled to get the best price for their goods.
Blossomtoes · 04/08/2022 15:03
If I’d accepted an offer for my house I wouldn’t even entertain another one but I accept that my scruples are considered quaintly old fashioned in the current world.
tobee · 04/08/2022 15:38
Even if as the vendor you really needed the £20,000? I think because figures for house sales are so big anyway compared to most other things that most people buy you can kid yourself into thinking what's £20,000 on top of £750,000?
Blossomtoes · 04/08/2022 15:03
If I’d accepted an offer for my house I wouldn’t even entertain another one but I accept that my scruples are considered quaintly old fashioned in the current world.
Blossomtoes · 04/08/2022 16:37
Even if as the vendor you really needed the £20,000?
If I really needed the £20k I wouldn’t have accepted the first offer. Look, I’ve accepted that my view is deeply unfashionable and most people wouldn’t think twice but I just wouldn’t do it.
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JugglingJanuary · 04/08/2022 23:48
@tapestro Don't worry that you didn't explicitly say you were going to make an offer, even if you hadn't told them you need to think about it, part f their job is to follow up & let people who have viewed it know there's an offer on the table & if they want to make an offer need to get them in. The EA is supposed to be getting the seller the best deal they can! Not the first offer.
Corporate slaw, you deserve ALL the money!
Good to to mention buying the surveys AND that you can move quickly.
id try to find out if they existing buyers have cash cash or if they have assets they need to sell first.
your large deposit & willingness to move sharpish coukd well easily be a better proposition for them! Not to mention the extra money!!
🤞🏼🤞🏼
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