We took the money once we'd worked out that the new buyers were good for it, which is an important point.

We hopefully exchange this week.

To be honest it was too much to turn down, we've offered to pay for the other parties fees (about 2k) but I am half expecting them to come back and re-offer.

Its too much money for me to say no to.

And what did you decide to do?

I find it very strange that the real estate industry here is not regulated, buying property is usually the single biggest purchase someone makes in their lives yet anyone can be an estate agent. Most other industries are heavily regulated it just seems odd that this one isn't and things like gazumping can take place.

The system needs to change and the industry needs to be regulated - just my thought...

If you find a decent private jet for £20k, can you PM me ? I'll take a dozen.

We're actually going to spend it on a private jet!

(sorry joking again)

Totally understand that morally gazumping is wrong but the 4x4 comment was a joke!

We've had so many comments here about 4x4's being evil I was being a bit cheeky

This thread demonstrates so much that is wrong with the area and our society in general. To cap it all, the poster's comment that the extra £20k will enable her to buy a 4x4 must have really made some people wince......I hope.

What happened to a strong sense of morality and has it been so dissipated due to the decline of religion and respect for an upright (and long gone) establishment ?

The values on display here are so shallow.

I wonder if the poster should spend some of her £20k on counselling and philosophical education.

It is all so very Wandsworth - and rather sad to boot.

I have heard of this happening and people are just testing the waters and are not definitely going to buy your property..across the road from me they had a bidding war going on like this but owners felt there wasnt something right an decided to stick with original buyers ..
I wouldnt purely in that you could be left with no sale, also why did they even look at your property if it was all going through

Gazumping is a nasty business. That said, 20K is an awful lot to turn down and if you're going to take it I would absolutely cover the other family's costs at the very least. But I would add a word of caution. We were gazumped - the gazumpers then strung the vendor along for about 6 months before pulling out. The vendor came back to us but we had already found somewhere else. The house is still on the market 18 months down the line. What goes around comes around...

The fact that you are posting here means you instinctively know it is wrong and you are looking for some support to ease your conscience. I believe that once an offer is accepted one should stick to it - that goes for all areas of life. Integrity is so important and people who do not keep their word cause others lots of upset, worry and unnecessary expenses. I suspect if you wait for another 3 months your house will go up another £20k so why sell now - wait for a third offer in a little bit. I suspect you are selling in the region of £1.5m given the location - so is £20k such a big difference as to do this to the people who made you an offer that you accepted and who even measured the house for curtains and furniture? if I were you I would stick to your word - what goes around comes around.

Not quite the same situation but years ago I was buying my first flat in SE1. There were two identical flats in the same block. I bid on one (a low bid, and it was turned down). I made another bid and that too was turned down.I then bid on the other one and got it. The other agent then came back and offered to accept my previous lower offer. I declined on the grounds that I had agreed with the other seller. Then he came back and said that actually they'd take my original v low offer and that would save me £25k on purchase price. I agreed and pulled out of the other flat (no exchange had happened). I should have known the agent was dodgy- there was a visitors book in the reception and any visitors to the complex had to sign in and out and be given a tag. I went over one day to look at the complex, and discovered the agent was still showing my flat and had shown it to several other people just that week when I had engaged my solicitor and as far as I was concerned we were about to exchange. When I confronted him he said that he was showing it to people just to give them an idea about size as another flat similar in layout was coming up for sale soon.
Some agents will do this- I just happened to catch mine. The sale went through btw.

I'd put a value on the ability the ability to exchange quickly with readily available funds as opposed to £20K more, what if these people are making multiple offers on properties with different agents to secure a property & pull out of yours?

Then you have lost both your buyers!

We live in a greedy, money-driven society sadly.. Where people will always try and excuse their immoral actions to justify those actions to themselves.

Laws need changing.
People need a morality check.

Can someone explain what are the benefits of the current system ? It creates so much stress that I m surprised that it's not been considered for reform yet

Personnally I believe in keeping to your words. If everyone would start behaving that way we would have less galumphing situations, sellers deciding not to sell after 4 months of legal work (sait happened to us), bidding wars etc. I am from France and of course find the current system absurd.

I suppose it all boils down to which values are important for you. Unless of course there Are good reasons for needing the extra money (divorce, financial problems etc....).

coldatchristmas wrote:Did it.

Felt v v v bad.

Have offered to pay as per suggestions on here, thanks everyone.

Of course you did it, and no you don't really feel v v bad.
You made a choice, which is your right and now you'll have to see if it works out for you

As someone who has bought & sold a bit of property over the years, I wouldn't assume its done yet.

The old buyers aren't going to think more of you for paying their costs either