Gazumping, am I a to$$er??
Discussion
My house has been on the market for 3 weeks. It went down like this.
1. House valued at between 125-135k
2. We put it on at 129,950 with stamp paid
3. Get an offer after a week of 118k
4. We decline and ask for an improved offer
5. We wait a week and get another few viewings but no offers - reduce asking price to 125k as we feel this is more realistic for a quick sale
6. They get back to us and stay firm at 118k stating the house needs a lot of work (imo it doesn't, not 12k's worth anyway)
7. We see a house we really want.
8. We do some sums and figure we can take 118k and still do what we want to do with the place, it will just take a while longer
9. We accept the offer of 118k on the understanding it is most def STC but do not exchange solicitors details just yet due to other interest.
10. They come back with dad in tow who finds fault with everything
11. We have 2 more viewings that morning
12. The buyer gets back and reduces their offer to 114k! We say no chance.
13. They reluctantly agree to 118k again after trying to get us to meet in the middle.
14. The other veiwer then offers 125k
15. We accept it and send our solicitors details to the EA
16. EA rings up to let us know the 1st buyer has gone ballistic and want's to speak to me. I decline obviously. It's the EA's job to deal with fallout!
I like to think I'm a reasonable chap and I made it clear to the EA that our acceptance was STC and that I would not be forwarding them my solicitors details just yet as we had other viewing lined up and the offer was very low.
I'm of the view that the first buyer was getting a bloody good deal at 118k and just taking the pi$$ at 114 so they have been a bit greedy really and it's blown up in their faces. I did suggest early in the process, to the EA, that if they could get nearer 125 I would take the for sale board down but they wouldn't budge.
I do feel a bit sorry for them though, but should I??
1. House valued at between 125-135k
2. We put it on at 129,950 with stamp paid
3. Get an offer after a week of 118k
4. We decline and ask for an improved offer
5. We wait a week and get another few viewings but no offers - reduce asking price to 125k as we feel this is more realistic for a quick sale
6. They get back to us and stay firm at 118k stating the house needs a lot of work (imo it doesn't, not 12k's worth anyway)
7. We see a house we really want.
8. We do some sums and figure we can take 118k and still do what we want to do with the place, it will just take a while longer
9. We accept the offer of 118k on the understanding it is most def STC but do not exchange solicitors details just yet due to other interest.
10. They come back with dad in tow who finds fault with everything
11. We have 2 more viewings that morning
12. The buyer gets back and reduces their offer to 114k! We say no chance.
13. They reluctantly agree to 118k again after trying to get us to meet in the middle.
14. The other veiwer then offers 125k
15. We accept it and send our solicitors details to the EA
16. EA rings up to let us know the 1st buyer has gone ballistic and want's to speak to me. I decline obviously. It's the EA's job to deal with fallout!
I like to think I'm a reasonable chap and I made it clear to the EA that our acceptance was STC and that I would not be forwarding them my solicitors details just yet as we had other viewing lined up and the offer was very low.
I'm of the view that the first buyer was getting a bloody good deal at 118k and just taking the pi$$ at 114 so they have been a bit greedy really and it's blown up in their faces. I did suggest early in the process, to the EA, that if they could get nearer 125 I would take the for sale board down but they wouldn't budge.
I do feel a bit sorry for them though, but should I??
Edited by dave_s13 on Saturday 27th February 17:40
No you shouldn't feel sorry for them. At all.
It's your house. Sell it to whoever you want.
Essentially if they only want to pay 118k then they can't really want it. Or perhaps they can't afford it? That's not your problem and you can't subsidise their shortcomings.
Tell estate agent to deal with it: "Sorry he's accepted a higher offer on that one but we have X, Y annd Z for your money".
Move on. Literally, hopefully. But just remember that the "new" buyer might mess about and even try to gazunder you...
Oh the joy of selling houses hey. Good luck but don't feel guilty in the slightest.
It's your house. Sell it to whoever you want.
Essentially if they only want to pay 118k then they can't really want it. Or perhaps they can't afford it? That's not your problem and you can't subsidise their shortcomings.
Tell estate agent to deal with it: "Sorry he's accepted a higher offer on that one but we have X, Y annd Z for your money".
Move on. Literally, hopefully. But just remember that the "new" buyer might mess about and even try to gazunder you...
Oh the joy of selling houses hey. Good luck but don't feel guilty in the slightest.
Cheers ND. Fully aware I can still have the rug pulled myself at any moment. It's a $hit system we have really.
Oh and the sad thing is I believe she had instructed the someone to do a valuation survey, not sure if she's incurred any unrecoverable costs though.
I going to get pi$$ed now anyway.
Oh and the sad thing is I believe she had instructed the someone to do a valuation survey, not sure if she's incurred any unrecoverable costs though.
I going to get pi$$ed now anyway.
Nope, this isn't gazumping, as said that to me is when people have incurred legal fees etc.
TBH I wouldn't want to sell to the first buyers anyway, you know that come survey time they are gong to try to screw you again. I'd sell to the buyer that appears to be more reasonable.
I once refused to sell to a buyer who offered more than a previous buyer but he was a tosser of the highest ordered, he had made low offers before and then offered more to try to beat the offer I had accepted. I was pretty sure he was only going to try to screw us later and I didn't want to sell to him. The buyer I stuck with was no problem at all, no issues at survey time (it was a pretty dilapidated property but was priced to reflect this).
TBH I wouldn't want to sell to the first buyers anyway, you know that come survey time they are gong to try to screw you again. I'd sell to the buyer that appears to be more reasonable.
I once refused to sell to a buyer who offered more than a previous buyer but he was a tosser of the highest ordered, he had made low offers before and then offered more to try to beat the offer I had accepted. I was pretty sure he was only going to try to screw us later and I didn't want to sell to him. The buyer I stuck with was no problem at all, no issues at survey time (it was a pretty dilapidated property but was priced to reflect this).
I think up until the point where they reduced the offer from 118 to 114 I'd have an element of sympathy for the original buyer.
By reducing their figure they have shown their true colours and so it's a bit rich for them to expect you to play the gentleman when they clearly were happy to play by different rules. In this life if you live by the sword expect to die by it.
Tell the agent had they not tried to chip you you'd have stood on at 118 and swallowed the £7k. By bidding 114 all bets are off and you're taking the 125.
Good luck.
Henry
By reducing their figure they have shown their true colours and so it's a bit rich for them to expect you to play the gentleman when they clearly were happy to play by different rules. In this life if you live by the sword expect to die by it.
Tell the agent had they not tried to chip you you'd have stood on at 118 and swallowed the £7k. By bidding 114 all bets are off and you're taking the 125.
Good luck.
Henry
t happens Nolar Dog said:
No you shouldn't feel sorry for them. At all.
It's your house. Sell it to whoever you want.
Essentially if they only want to pay 118k then they can't really want it. Or perhaps they can't afford it? That's not your problem and you can't subsidise their shortcomings.
Tell estate agent to deal with it: "Sorry he's accepted a higher offer on that one but we have X, Y annd Z for your money".
Move on. Literally, hopefully. But just remember that the "new" buyer might mess about and even try to gazunder you...
Oh the joy of selling houses hey. Good luck but don't feel guilty in the slightest.
This!It's your house. Sell it to whoever you want.
Essentially if they only want to pay 118k then they can't really want it. Or perhaps they can't afford it? That's not your problem and you can't subsidise their shortcomings.
Tell estate agent to deal with it: "Sorry he's accepted a higher offer on that one but we have X, Y annd Z for your money".
Move on. Literally, hopefully. But just remember that the "new" buyer might mess about and even try to gazunder you...
Oh the joy of selling houses hey. Good luck but don't feel guilty in the slightest.
If the really wanted it they would have exchanged contracts instead of trying to screw the price down.
It's not great form, but I'd do exactly the same as you in this situation. Assuming, of course, that you believe both buyers are equally likely to complete. They sound like the sort that would probably try and gazunder you the day before exchange, so I don't think you should lose too much sleep over it.
Edited by wiffmaster on Saturday 27th February 18:58
F uck them
Look after yourself in this life.
If they offer 126k they can have it.
They bid you in the balls, then they went back on their bid, then they got outbid. Tough luck. The Dad turning up and finding fault is the oldest trick in the book. "What da best price bruv, innit....?" Same scum who turn up with a grand less than the agreed price when they come to pick up the car you've agreed a price on.
F ck them, innit.
Look after yourself in this life.
If they offer 126k they can have it.
They bid you in the balls, then they went back on their bid, then they got outbid. Tough luck. The Dad turning up and finding fault is the oldest trick in the book. "What da best price bruv, innit....?" Same scum who turn up with a grand less than the agreed price when they come to pick up the car you've agreed a price on.
F ck them, innit.
Edited by Soovy on Saturday 27th February 19:28
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