Gazumped. NB

[burgundyben]

Despite quite catagorical assurance form the agent friday evening that our offer of the full asking price was accepted (£140k) and that the sale was closed and no further viewings or offers would be accepted they forwarded another offer to the seller saturday morning, so we decided to up our offer to 145k, this was a higher offer than the other buyer but still the seller decided to stay with the other people, so we offered 150k, which was as far as we wanted to go, no luck, they are staying with the other buyer, I have no idea, when I come to sell this place if someone makes me a 10k higher offer I'll accept it.

Dont understand whats happened buts it seems dead strange.

<hr width=100% size=1>I didn't knacker TCM's copper it was Trazie

 

[longjohnsilver]

Had exactly the same happen a few years ago, ofered the full asking price straight away and then got embroiled in a dutch auction cos that's what the estate agent wanted! Pulled out shortly afterwards and wrote to the vendors telling them exactly what I thort of their agents tactics. If it had said offers in excess of £X then I would have accepted it, but it was advertised at a fixed price!

Humberts Estate Agents are IMHO complete and utter bastards, I will never have any dealings with them again.

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[gonfishing]

Has it been sold to a builder perchance?? possibly a family member or friend?? this happened to me before I bought this place, the estate agent had not in fact passed any of my offers on, and the house went for less than asking price and 10 weeks later after a quick refurb was then re sold at 1505 profit!!!!



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[britemp]

I'm staying out of this - I've already got into trouble for daring to suggest that estate agents are anything less than saints incarnate. . . . . /forums/images/icons/wink.gif


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[nordic_ranger]

Scottish system NB

It's time you guys down south campaigned to have a system similar to what we have here in Scotland. Sealed bids in an envelope a closing date and time and opened in the presence of a solicitor. Cuts out all this gazumping and is a fairer system all round. The seller of course does not need to take the highest bid but when its decided which offer has won the finer details of the offer can be ironed out. Eg. entry date what furniture etc.

Jim.



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[Talbot]

Re: Scottish system NB

Having bought and sold in both England and Scotland, I could not agree more. The system north of the border is simple, easy to understand, fair to the buyers and to the vendors, and removes all complications (like aforementioned scumbags). In fact it is so simple that a monkey could nearly understand it, which is probably why the politicians can't /forums/images/icons/smile.gif

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[whisper]

I'm afraid that this is quite common. We asked for details of a building plot, made an offer but were told we were unsuccessful. Found out later that the plot was bought by a friend of a friend of the agent for £X less than our offer.
Have also in the past registered an interest with an Agent for any building land that that might come up for sale. Within 4 weeks find that an offer has been accepted on a plot without us ever being told about it.
In our area a clique of Estate Agents go on holiday together. Whole system stinks and desperately needs making transparent/forums/images/icons/mad.gif.

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[PaulF]

Hi Ben,

Sorry about the house situation. Many years ago experienced similar situation. In my case the property was sold to a friend of the Estate agent.

I thought the rules had been tightened uo so that all the bids HAVE to be put forward to the vendor. I suspect this is not always the case, but may not be easy to prove. While your experience and those of a few others would indicate many people acting as estate agents are not the most straightforward of characters, I have over the years been very fortunate and come across a couple that were absolute gentlemen, totally beyond reproach. It is a pity there are not more of them.

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[KevB]

I would be concerned the estate agents were not passing on your offers. It sounds as if they have other interests at heart, maybe they want it themselves?

Has the for sale sign changed outside the house? If not go knock and ask if it's still onthe market?

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[tcm]

Re: ah but

Provided that the buyer is getting all the offers from the estate idiot, then they decide to whom they sell no prob i spose, inc selling to somebody who will look after the plants, or not need to sell another house, or come from the right school, or not be the sort that is going to rip the kitchen out and drop in a couple of 300horsepower sabres? But recognise your frustration.

Much more sneaky is a bit down the line, when the estate agent won't want to upset a chain by allowing someone else in with a higher offer, even tho no exchange yet. Er mind you, if you are already in the process of attempting purchase then this is called gazumping and of course the very worrst would be if a git like me was wanting to buy a house and then (perhaps having had another bad turn) i forgot about buying the house already, and started bidding against myself. Bit like me crossing the road in front of me driving the car along said road. Bound to be an accident...

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[Planty]

Have lived at the same address now for 27years now and never intend moving, so have not encountered Agents personally for years. However last year an old mate from Rugby days approached me re part financing a speculative "domestic house development". He being an experienced commercial property surveyor wouldn't thought a problem aquiring properties.

30 odd failed offers later virtually all above asking price and he withdrew from the idea completely, every time a suitable proprty came on the market, one always had the feeling things were already "sewn up", even had 2 instances where agents dissuaded vendors from us as we were "Developers" yet once the sale had gone through, guess what happened to the property, gutted and "developed". My opinion, wolves looking after the flock. They deserve their reputation absolutely.

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