Would you gazump?

[kirinm]

We've been gazumped and I'm still majorly pissed off about it. The EA has blathered on about being under a legal obligation to pass on offers but said that the gazumpers knew that an offer had been accepted but chose to gazump anyway. Personally I don't think I could do it and nor would I, as a vendor, be a dick.

The EA said it's actually not that common these days but not sure how true that is.

I'll never know but it never came off right move and even now still had a for sale sign outside it.

I wouldn’t do it but I also wouldn’t pull out of a sale (or purchase) midway through the process and I don’t think gazumping is any worse than that - the impact is exactly the same.

I’ve been trying to buy a house since Jan and I’ve had two vendors pull out a few months into the process after searches and surveys. The latest one had told us they were relocating for work and had already started their new jobs doing a 4-hour daily commute and were moving out imminently to rent in the new location. A few weeks later when we asked if that was still the plan we were told they had moved out and it was being sold as vacant.

3 months later when we were about to exchange contracts (we’d already signed ours) they pulled out which they said was due to a bereavement. We’d given notice on our rental property by that point.

So no, I wouldn’t do it but I’m not sure why gazumpers are demonised but pulling out of a sale is seen as more acceptable.

I’ve also had a buyer pull out, causing us to lose our onward purchase so these things happen all the time. You can lose a house that’s STC for a myriad of reasons and so there’s no point getting attached until you’ve actually exchanged contracts.

My house sold a month ago. We haven't had any viewings since, but we still have the board outside. The EA took about a month to put it there in the first place too

I usually just think it wasnt meant to be. But i also have a little bit of angry left over hoping that anyone who is willing to offer to gazump and anyone willing to accept it are going to be out for number one. Chances are they will both try to stiff each other at some point further down the line costing them both more and more money. They are welcome to each other.

Maybe but anyone can reduce their offer at the last minute anyway.

And you could always refuse to budge much on price because with 2 buyers fighting over your property you would probably feel pretty confident about selling it for a good price.

I wouldn't do this. It's just not cricket.

PLUS I wouldn't trust the seller to not let me down if they had done so to someone else already.

The sellers don't know you from Adam, they have no idea if you will pull out before exchange at any point for a million reasons.

Fail to get your finances in place/lose your buyer/lose your job/decide you hate your partner and run off to a Greek island to marry a waiter....?

Or you're an arsehole who tries to hustle a drop in price last minute.

It's gutted, and shit it's happened to you but how is a seller supposed to know who the 'good' buyers are and therefore money is the only thing that talks.

Estate agents are famous as a profession for being liars and bullshiters. They work for the sellers and just want to get the sale done for the best price and the least hassle (fair enough).