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steve1
Original Poster
1,105 posts
114 months
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Isaac Hunt said: steve1 said: in the area we are looking they don't have to try too hard to sell things. In that case you were taking a huge risk trying to re-negotiate the price after the original offer was accepted. So is the new buyer paying over the asking price - if not, you haven't been gazumped. Even in this recession, some properties are selling like hotcakes. It was just an assumption as to why they were so s  te at their job. As for the price the other person is paying, all I was told was that it was more than what I had agreed to pay when I had my conversation with the vendor.
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Isaac Hunt
6,820 posts
81 months
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steve1 said: It was just an assumption as to why they were so s te at their job. As for the price the other person is paying, all I was told was that it was more than what I had agreed to pay when I had my conversation with the vendor. You have still avoided answering my question - is the other party paying more than the asking price? If not, then you have not been gazumped.
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DoubleSix
2,623 posts
46 months
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Isaac Hunt said:
Even in this recession, some properties are selling like hotcakes.
Yup. Given that a lot of people have decided to just sit it out there is a shortage of quality property out there. The market is 'tight', and as such, if something nice comes up my experience of the last two years of going through this process tells me you need to bid hard and fast. It may be a buyers market but the good stuff goes quick, I wouldn't really want to risk renegotiating on a property I REALLY wanted, better to get your opening offer right first time round.
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McHaggis
8,271 posts
25 months
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Indeed. When the house we bought last year came (back) on the market (it's a mild project) - within 4 hrs there were 15 viewings arranged and it sold to us within 24 hrs...
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omniflow
222 posts
21 months
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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.
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dickymint
11,430 posts
128 months
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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. Steve, it was this that led me to believe the electrics are ok for the property as it stands.......... 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? And here's another reason I think the electrics are ok for the property as being sold............ 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.
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steve1
Original Poster
1,105 posts
114 months
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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.
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Isaac Hunt
6,820 posts
81 months
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steve1 said: 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. Yeah, but we still haven't established if you have been gazumped or if the other party paid the asking price have we? 
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steve1
Original Poster
1,105 posts
114 months
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Isaac Hunt said: steve1 said: 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. Yeah, but we still haven't established if you have been gazumped or if the other party paid the asking price have we? Gazumping occurs when you have an agreed price accepted by the vendor, and then whilst the paperwork is being done they accept a better offer. This is what happened, or am I missing something?
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dickymint
11,430 posts
128 months
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steve1 said: Isaac Hunt said: steve1 said: 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. Yeah, but we still haven't established if you have been gazumped or if the other party paid the asking price have we? Gazumping occurs when you have an agreed price accepted by the vendor, and then whilst the paperwork is being done they accept a better offer. This is what happened, or am I missing something? Technically you Gazundered the seller. 
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fido
9,489 posts
125 months
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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!
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Isaac Hunt
6,820 posts
81 months
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steve1 said: Gazumping occurs when you have an agreed price accepted by the vendor, and then whilst the paperwork is being done they accept a better offer.
This is what happened, or am I missing something? No - gazumping occurs when someone pays more than the asking price when a sale has previously been agreed at the asking price or below to another party. Many people get this wrong. It is only gazumping if the second buyer offers more than the asking price.
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Bill
26,761 posts
125 months
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Isaac Hunt said: No - gazumping occurs when someone pays more than the asking price when a sale has previously been agreed at the asking price or below to another party.
Many people get this wrong.
It is only gazumping if the second buyer offers more than the asking price. 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
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Isaac Hunt
6,820 posts
81 months
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Bill said: Isaac Hunt said: No - gazumping occurs when someone pays more than the asking price when a sale has previously been agreed at the asking price or below to another party.
Many people get this wrong.
It is only gazumping if the second buyer offers more than the asking price. 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 Well I was an Estate Agent during the 80's when the market was extremely buoyant and it was always used for offers that were put over the asking price when a sale had been agreed. Guess that maybe common use/misunderstanding may have changed the meaning slightly. However, you re-negotiating the price left the door wide open for the agent to rubbish you as a buyer and find someone else who was less fussy. Hoist/petard.
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Piersman2
3,239 posts
69 months
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Isaac Hunt said: Well I was an Estate Agent during the 80's when the market was extremely buoyant and it was always used for offers that were put over the asking price when a sale had been agreed.
Guess that maybe common use/misunderstanding may have changed the meaning slightly.
However, you re-negotiating the price left the door wide open for the agent to rubbish you as a buyer and find someone else who was less fussy.
Hoist/petard. 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
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steve1
Original Poster
1,105 posts
114 months
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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.
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DoubleSix
2,623 posts
46 months
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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.
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dickymint
11,430 posts
128 months
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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. Doesn't mean you have to part with it though Anybody checked out the definition of gazundered yet? Is this not morally as bad as gazumping?
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mattdaniels
5,145 posts
152 months
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Isn't gazundered where the buy drops the offer at the 11th hour just as contracts are about to be exchanged?
To me that's different from making an offer "subject to survey", and then going back after the survey and revising your offer.
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DoubleSix
2,623 posts
46 months
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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. Doesn't mean you have to part with it though Anybody checked out the definition of gazundered yet? Is this not morally as bad as gazumping? Not quite sure what you're saying Dickymint, but my point was simply that OP sounds like he doesn't really know the form. If he made a fuss about evidencing funds then thats another issue which could have led to the agent siding with another buyer.
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