Gazumping - can I live with myself Post Reply

[Localgirl79]

I've got a mate who works at an estate agent and what usually happens is that an applicant who previously viewed the property when is was available but didn't make an offer, comes back at a later date to put an offer in (usually because they can't find anything suitable or have themselves lost out on a purchase!);
by law, the estate agent has to put the offer forward to the vendor so you can't blame the estate agents for this type of situation. It's all down to morals and decency on both the vendor's and the new bidder's part and I always get so disappointed in the human race when greed speaks higher than morals!!
Anyway as said before Karma will decide....

[tooting_mummy]

Or people see it 'sold subject to contract' on Zoopla or walk past and make direct enquiries. We're buying a buy to let and couldn't even view several properties because people were knocking on the door prior to open days and making offers. It's all gone a bit bonkers and we're between the wrong commons
Gazumping aside it makes sense for estate agents to be a bit open minded until exchange of contracts because so much can go wrong.

[CHTM8888]

Economically right but morally wrong in my opinion. Sure it's allowed but that does not mean it should happen. If this was France you would have to pay 10% of the purchase price to the buyer to pull out of the deal. Mind you they would have paid the same to secure the price by now.

Go ahead and take the higher offer if you like but from now on when anyone does something mean to you remember that what goes around comes around.

[gladis]

I was recently gazumped. I am a hard working single mum... It has caused absolute chaos in our lives and we are now renting because I didn't want to risk loosing my buyer. I am now living across the road from the house we lost and I cannot bring myself to smile at the owners, they caused me so much stress.

Morally gazuming is wrong. Why did you allow another viewing after you'd accepted an offer?

[Jenniflowers]

We were gazumped five years ago - lost about £5k, had a lot of stress and worry - they did this to us FIVE days before we were due to exchange. I'm a severe asthmatic and ended up in hospital.

I have a house overseas, and there, you both sign a contract when the offer has been accepted.. And there's no going back for either party. Gazumping is illegal there, and rightly so. Commitment means commitment!

England are wrong to not have this type of behaviour classed as illegal. It might be legal but it's not moral. No matter which way you look at it. Laws need changing.

[moops]

Hi!

We've just sold our flat in Earlsfield and gazumped the first person who put in an offer. The second buyer offered more money but was also in a better position financially then the first buyer so we felt more comfortable going with the second. I have to say I did feel bad though, I kept thinking karma would kick in and it would all go tits up but thankfully it all went through last week

[Scottov]

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

[monaco]

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....).

[Jenniflowers]

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.

[NYE31]

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!

[MaudeetMoi]

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.

[KasiaT]

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.

[catty29a]

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...

[shazza06]

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

[Scientist]

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.