Advice on gazumping an accepted offer

[tapestro]

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?

[Ihavekids]

I'll bet the other buyer had to up their offer. Hope you feel like this was a waste of time and energy for you, and next time don't try pushing out an agreed offer. It's really poor form. Offer already agreed = find somewhere else.

[coffeecart]

OP, for what it's worth I don't think you did anything wrong. You had viewed the property before the offers went in and your offer was made within days. It's a very different story to coming in 3 months into the process when buyers have forked out thousands on surveys and fees, and are days away from exchanging.

If anything, I agree with PPs saying the EA should really have gotten all offers on the table before encouraging the vendor to accept anything.

I'm sorry to hear you didn't get the house. I agree with Spiders that it sounds like you couldn't have done anything else and that the vendors preferred a cash buyer. It wasn't a waste of your time though, if it means you now know for sure that it wasn't meant to be.

It's a crap feeling when you get an offer rejected. Ignore some of the posters on here, house buying is an emotional time for all involved.

[Ihavekids]

You know what, I'm going to elaborate because I do care.
When you agree a sale, or agree to purchase, you negotiate, everyone agrees, and there is an agreement, your word. Yes, I'm aware legally non binding, but you're effectively saying, I will sell you this house, or I will give you this house for so and so cash.
It's your word. That's why it's poor form to go back, or try to break up this agreement by attempting to push in.
A home purchase is not a business transaction, it's your family's safe place, it's your hopes and dreams.
If you wouldn't like someone to come in and try to take that apart, don't do it to anyone else.
It's just common courtesy, and there's not enough of that in the world today.
I speak as someone who's not made offers on various properties I liked as there was an offer already agreed, and also as a seller who's turned down higher offers after accepting another buyer.
There's always another house out there. Don't f up someone's dreams.

[girlmom21]

@Blossomtoes

Good. How refreshing that there are still people who put principles before money.

If their buyer wasn't a cash buyer they'd have bitten OP's hand off. If it was solely based on morality they'd have said no immediately.

[midsomermurderess]

Sometimes more than just money is involved and that may be the case here. You might like the purchaser, see how much they want to buy and make a life in the house you’re selling, so you don’t want to let them down for, in the grand scheme of things, not much more money. Emotions can be involved on both sides.

[Blossomtoes]

@girlmom21

If their buyer wasn't a cash buyer they'd have bitten OP's hand off. If it was solely based on morality they'd have said no immediately.

I disagree. I suspect the reason they didn’t say no immediately was because they didn’t agree and it took the weekend for the ethical one to talk the greedy one round.

[Violinist64]

Although you are disappointed, OP, this is the right outcome. The offer had been accepted and the buying process had begun. It was not fair for you to come along and try to derail the purchasers’ plans and dreams. You will find the right house for you in due course without needing to gazump someone else.

[Roselilly36]

Disappointed for you OP, but another way of looking at it is you know they are trustworthy, if they had have taken your offer, what would have stopped them from taking another offer over yours? Things always work out for the best eventually I am sure something good will pop up on RM soon that will be better for you. Good luck in your search.