Just been gazzumped!!!!!
Discussion
This type of scenario never ceases to amaze me.
If you want / need / would like the house, then don't start messing around for the sake of £500 / £1000. It really just isn't worth the hassle. What the vendor "agrees" to bears no reflection on what he/she actually thinks. If the vendor thinks you've got one over on them, then they will not hesitate to get one back when / if given the opportunity.
If you want it, then pay the price you ORIGINALLY agree, otherwise be prepared to lose out. The exception being if there is MAJOR work needed.
Stop moaning and move on.
If you want / need / would like the house, then don't start messing around for the sake of £500 / £1000. It really just isn't worth the hassle. What the vendor "agrees" to bears no reflection on what he/she actually thinks. If the vendor thinks you've got one over on them, then they will not hesitate to get one back when / if given the opportunity.
If you want it, then pay the price you ORIGINALLY agree, otherwise be prepared to lose out. The exception being if there is MAJOR work needed.
Stop moaning and move on.
dickymint said:
steve1 said:
dickymint said:
My main point is that the electrics were and are fine for what is being sold.
That's scary, have you been in the same house then, or are you just assuming they are ok.On any other deal I've done, mostly cars, I've always believed that once you and the seller agree on a final price that you are both happy with then that's it, perhaps I'm too old school.
steve1 said:
We then had someone inspect the wiring and were informed it wasn't up to the job if we were going to start changing and adding things.
Wasn't it you that initially changed the original agreed price?http://www.pistonheads.com/gassing/topic.asp?h=0&a...
You also have another thread about this house purchase. May I suggest that if you had kept to one thread then PH contributors would get the WHOLE story.
My feeling now is that you bought this on yourself/s due to being concerned about passing any electrical certification required for rental purposes after your intended modifications.
Edited by dickymint on Wednesday 11th July 23:34
I am well aware that I started another thread regarding this issue, and I have no problem with people knowing about it, if I did, then I would have deleted it before starting this one.
My main reason for starting this thread was to basically show how pissed off I was at being gazzumped, whether it was my fault or not it still pissed me off, so I was just venting my spleen.
Perhaps if we followed other parts of our glorious islands lead, then this wouldn't happen, either way.
Anyway, it's done now, off to see if my phones working yet, but that's on another section. lol.
My main reason for starting this thread was to basically show how pissed off I was at being gazzumped, whether it was my fault or not it still pissed me off, so I was just venting my spleen.
Perhaps if we followed other parts of our glorious islands lead, then this wouldn't happen, either way.
Anyway, it's done now, off to see if my phones working yet, but that's on another section. lol.
steve1 said:
Gazumping occurs when you have an agreed asking price accepted by the vendor, and then whilst the paperwork is being done they accept a better offer.
EFA.ETA: i was wrong, but heck if knock someone down then be prepared for some sh*t!
Edited by fido on Thursday 12th July 11:33
anonymous said:
[redacted]
Really? I always thought it was when an agreed sale falls through due to a higher offer, usually late in the process. Eta: it seems I'm not alone in thinking this - http://en.wikipedia.org/wiki/Gazumping
anonymous said:
[redacted]
I'm not surprised to see you were an estate agent as you're spouting s
te. 
Gazzumping has nothing to do with 'asking' price but everything to do with someone coming in with a better offer after a price has been previously agreed. That agreed price and any newer offer has no relation to the asking price with regards to gazzumping.
Of course, in your experience in the 80s when the market was bouyant it may have been rare for people to offer below the asking price and therefore gazzumping would have normally only occured when a new offer above asking came in.
But you've posted your question about the asking price 3 or 4 times, obviously wetting yourself in anticipation of proving some pedantic, meaningless point based on your experience of 30 years ago. Shame you were wrong
I think this will be my last post, it seems to be just going round in circles, whatever peoples perception of gazumping is then that's fine, I know what I think.
As far as the comment about me being too fussy, well, aren't we all fussy, and want the best deal possible.
I actually had to prove to the agent that the cash was available before proceeding, ( took some lifting, that matress ), so they knew I was serious, and could afford it.
As far as the comment about me being too fussy, well, aren't we all fussy, and want the best deal possible.
I actually had to prove to the agent that the cash was available before proceeding, ( took some lifting, that matress ), so they knew I was serious, and could afford it.
DoubleSix said:
steve1 said:
I actually had to prove to the agent that the cash was available before proceeding, ( took some lifting, that matress ), so they knew I was serious, and could afford it.
Totally standard practice these days. 
Anybody checked out the definition of gazundered yet? Is this not morally as bad as gazumping?
dickymint said:
DoubleSix said:
steve1 said:
I actually had to prove to the agent that the cash was available before proceeding, ( took some lifting, that matress ), so they knew I was serious, and could afford it.
Totally standard practice these days. Anybody checked out the definition of gazundered yet? Is this not morally as bad as gazumping?
We got gazundered on our sale - not by our buyer but the one below them. Day of exchange and he wanted £30K knocking off to get him under the £500K threshold - he ended up paying £10K Fixture & Fittings (having strung out the sale for another 3 weeks) and the rest of us took a hit. Question is, having dicked us all around, should I grass him up to the Inland Revenue?
DoubleSix said:
steve1 said:
I actually had to prove to the agent that the cash was available before proceeding, ( took some lifting, that matress ), so they knew I was serious, and could afford it.
Totally standard practice these days. Apache said:
DoubleSix said:
steve1 said:
I actually had to prove to the agent that the cash was available before proceeding, ( took some lifting, that matress ), so they knew I was serious, and could afford it.
Totally standard practice these days. When people say they are cash buyers it isn't strictly true, a lot still need a mortgage, but they assume that seeing as they have funds in place that makes them cash buyers.
This still takes a bit longer than an actual cash buyer, as the mortgage company still have to survey the property, and any subsequent findings dealt with before proceeding.
Hope that answers your question.
steve1 said:
Apache said:
DoubleSix said:
steve1 said:
I actually had to prove to the agent that the cash was available before proceeding, ( took some lifting, that matress ), so they knew I was serious, and could afford it.
Totally standard practice these days. When people say they are cash buyers it isn't strictly true, a lot still need a mortgage, but they assume that seeing as they have funds in place that makes them cash buyers.
This still takes a bit longer than an actual cash buyer, as the mortgage company still have to survey the property, and any subsequent findings dealt with before proceeding.
Hope that answers your question.
The last three properties we bought, just before our offer was accepted there was this mysterious individual who was really interested in the property and wanted to purchase it for just a little bit more than what we offered.
The last two were for us to live in ourselves, so I told the EA that this was my price, and don't bother calling me back about the price except to tell me that they have decided to sell to someone else.
We now own both those properties and this mysterious individual never materialised to purchase said property.
It could also be as a poster above mentioned, individual agents not concerned about a small increase in commission. I personally think they are trained to push the buyer to pay out as much as possible, and the easiest and most common tactic is this other person who is ready to buy at a price just a little beyond where you would go.
The last two were for us to live in ourselves, so I told the EA that this was my price, and don't bother calling me back about the price except to tell me that they have decided to sell to someone else.
We now own both those properties and this mysterious individual never materialised to purchase said property.
It could also be as a poster above mentioned, individual agents not concerned about a small increase in commission. I personally think they are trained to push the buyer to pay out as much as possible, and the easiest and most common tactic is this other person who is ready to buy at a price just a little beyond where you would go.
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