Property – Legal Advice / Offer Accepted – Now Gazumped!?!
Discussion
Hi Guys,
Need a bit of legal advice, and fast. Placed an offer on a house yesterday which was accepted subject to proof of funding, in which I was to supply this morning.
When I went down to the estate agents they claimed a couple, who has previously placed an offer BUT retracted it have no placed an offer again higher than mine. Is this legal??
I have a written document from the estate agent of an accepted offer, I could understand if I’d outbid the previous couple, but I had not, they had simply retracted their initial bid before I placed mine.
I’d like to know where I stand on this situation, or is it tough s
t see what they come back it.
Need a bit of legal advice, and fast. Placed an offer on a house yesterday which was accepted subject to proof of funding, in which I was to supply this morning.
When I went down to the estate agents they claimed a couple, who has previously placed an offer BUT retracted it have no placed an offer again higher than mine. Is this legal??
I have a written document from the estate agent of an accepted offer, I could understand if I’d outbid the previous couple, but I had not, they had simply retracted their initial bid before I placed mine.
I’d like to know where I stand on this situation, or is it tough s
t see what they come back it. Craig! said:
I have a written document from the estate agent of an accepted offer, I could understand if I’d outbid the previous couple, but I had not, they had simply retracted their initial bid before I placed mine.
Not worth anything (assuming you're not in Scotland) - imagine if, as buyer, you discovered something about the house in the legal process which put you right off. The seller then tries to compel you to buy it; would you prefer to be in the situation you're in, or bound to buy it?Anyway, gazumping in this market is stupid (but yes it does happen); you can simply go back to the estate agent and say that you'll exchange in 3 weeks and that you won't be increasing your offer, or you can go and find somewhere else. Is it unique?
Its only a house and no matter what you think now you will find one better.
Any trick like this that a seller tries on me and we just walk away.
Remember that they could have waited until you spent shedloads on fees etc.
If you try to stay in the deal this sort of person would do that too.
Forget it.
We had a similar thing a few years ago and we were gutted but walked and now we have a nice double garage and a workshop attached plus superb neighbours oh the house is very good too!
Any trick like this that a seller tries on me and we just walk away.
Remember that they could have waited until you spent shedloads on fees etc.
If you try to stay in the deal this sort of person would do that too.
Forget it.
We had a similar thing a few years ago and we were gutted but walked and now we have a nice double garage and a workshop attached plus superb neighbours oh the house is very good too!
Do you know the other buyers position?
What is apparently common now for people who have nothing to sell (so no risk to losing their own sale) is they blow the other offers out of the water, then drag the buying process out for months by asking stupid questions, then at point of exchange offer the price they wanted to pay in the first place.
In 4 property sales in a our family in the last 18mths, the above has happened 3 times. I think EA's have something to answer for - in one of the cases they admitted they knew the buyer was flakey and said they were surprised that the deal did complete. I almost feel like they used us to get rid of her.
If the seller is in a chain, or keen to get the place off his hands, they've either got to swallow their pride and accept, or else put the house back on the market and start the whole process again.
What is apparently common now for people who have nothing to sell (so no risk to losing their own sale) is they blow the other offers out of the water, then drag the buying process out for months by asking stupid questions, then at point of exchange offer the price they wanted to pay in the first place.
In 4 property sales in a our family in the last 18mths, the above has happened 3 times. I think EA's have something to answer for - in one of the cases they admitted they knew the buyer was flakey and said they were surprised that the deal did complete. I almost feel like they used us to get rid of her.
If the seller is in a chain, or keen to get the place off his hands, they've either got to swallow their pride and accept, or else put the house back on the market and start the whole process again.
Edited by Deva Link on Friday 5th August 13:38
trackerjack said:
Its only a house and no matter what you think now you will find one better.
Couldn't agree more- we put an offer in on a house last summer which was knocked back in favour of another offer he'd had before we saw the place but hadn't mentioned. Less than a month later we saw a much better place (that didn't need a new kitchen or bathroom, and didn't back on to some University halls of residence) for not much more and were moved in before his place had even been taken off Rightmove. Just see it as a learning experience- you now know what you like!anonymous said:
[redacted]
There is the concept of "offer subject to survey" in Scotland. Not quite sure how legally binding the acceptance is, however I've never heard of, or experienced anyone being "gazumped" - generally once there is an offer subject to survey and an acceptance then it is only for the buyer to withdraw their offer after survey. A scottish estate agent won't entertain any further offers once it has been accepted, long before the legal paperwork is final.In any case the legal paperwork is done at this time, so come moving day there is no question of either party withdrawing without significant penalty.
Everyone I know who has experienced both systems would say the scottish system is a far better/fairer/honest way of doing business.
GreigM - This is the same type of letter I have, acceptance subject to survey and proof of funding, both of which I was in the middle of sorting out when they called me to come by as 'they needed to talk to me' yet couldnt tell me over the phone.
They claim the other couple have offered considerably more, which makes the tactic above sound like this is what they could be playing as they've made and rejected offers before all wayyy higher than someone in the rear world would offer.
They claim the other couple have offered considerably more, which makes the tactic above sound like this is what they could be playing as they've made and rejected offers before all wayyy higher than someone in the rear world would offer.
Scottish system sounds worst to be honest. I'd rather do the deal up front and rely on integrity of the seller.. not always reliable of course.
I've turned down higher offers before in favor of an existing buyer as it wasnt fair (buyer had forked out for surveys)
And Ive pulled out immediately after the EA tried to get me into a bidding war with someone else when buying.
Its hard... readly hard, but you have to remove as much emotion as possible from the purchase as you can.
I've turned down higher offers before in favor of an existing buyer as it wasnt fair (buyer had forked out for surveys)
And Ive pulled out immediately after the EA tried to get me into a bidding war with someone else when buying.
Its hard... readly hard, but you have to remove as much emotion as possible from the purchase as you can.
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