Gazumping

Can you get a friend or colleague to ring up as another bidder and see where it is at.

By some of your grammar I am guessing you are not irish so ensure it is not someone of the same nationality that enquires as this may alert someone to the check!

Worth a shot......

No law on this unfortuantely its been this way for centuries.......
 
eddiehobnob said:
Just went sale agreed on 3 bed apt last weeknd. paid booking deposit yesterday and give solic details, to supposedly very large and reputable EA. Now EA tells me that 3 hours after I paid booking dep and it went sale agreed some one came in with a higher offer. Am gutted. Am FTB.

EA says she doesnt 'condone this sort of thing'..... but am so pissed off.
Says if I match offer apt will be mine....
Can hardly trust that.
price likey to go into bidding with new mysterious bidder.
Havnt made decision yet,
feel like pulling out of whole thing
This is supposedly a buyers market,it seem very unprofessional of EA to me. I know its legal but ,This post will be deleted if not edited immediately,its dispicable
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This happened to myself and oh more times than you can imagine and as a ftb as well I just found the whole thing so frustrating. In the end we purchased a brand new apt so none of that to deal with. Am sorry I didnt just do that in first place. Also there are no bidding wars to contend with. Good luck and hope things work out for you.:)
 
Check out the Prime Time programme on such issues [broken link removed]

Sounds like a scam to me
 
It's a dilemma. 2k is not a lot of money in the grand scheme of things. If you do bid higher you may get the property - but also feel like you're being screwed over by the vendor.

If you don't bid higher, then you may lose the property.

It's easy to give advice when you are not in that situation but I agree with most other posters. My strategy would be:

- Tell the EA that you can't increase your bid.
- Mention that the ECB are going to announce a rate rise today.
- Emphasise how p***ed off you are.
- Ask the EA to give you a list of other similar properties in the area that they have on their books and arrange some viewings.
- Then hang tough for 4/5 days.
- If they have not contacted you after a week, contact them again after this period and restate your original offer.
 
I second the advice given by everyone else.
It is gut-wrenching when you think you have found your dream home, and it is pulled out from under you. It has happened to a lot of us, and we all found our actual dream home very soon afterwards.

Either the other bidder is real and is very likely to outbid you or its a phantom bid and you might get your house in a few days time.

Dont give in.
 
Hi there, your origanal offer was agreed and you had paid a deposit and the EA comes back to you telling you that another bidder has put in a higher offer..

We were in a simular position 2 years ago - only we had no deposit paid. I informed the EA I was withdrawing our offer, that the other couple can have the house that we were not interested in getting in to a bidding war.

He phoned me back to say the house was ours 2 hours later.
I am not sure about this but once the house is "Sale Agreed" the EA is not entitled to accept bids. That is not to say that it doesn't happen. The vendor has possibly told the EA to accept the higher bid, (if there is one).

My get feeling about your quandrey is to contact the EA, and tell him you are withdrawing the offer as this is unacceptible behaviour by the EA and the vendor.

You are looking to buy at a good time, so if the sale does fall through there are plenty more houses on the market.. Do be aware that as a FTB you are in a great position as you are ready to go, you are an uncomplicated customer and thus a valued one:)

All the very best with the search..
P:)
 
And that was 2 year ago in rising market....today EA will certainly call you back in 2sec..
 
CreNaCille said:
It's a dilemma. 2k is not a lot of money in the grand scheme of things.
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In the grand scheme of things 2k could be the difference between a once in a life time trip to the US or Australia or not. For somepeople 2k is alot of money.

If it were me I would pull out altogether and if they rang me back I would offer less than I had originally. If they didnt ring me back dont they say that its a buyers market now!
 
pinkyBear said:
I am not sure about this but once the house is "Sale Agreed" the EA is not entitled to accept bids.
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This is not so. The EA is under an obligation to pass on details of all reasonable offers to the vendor. The final decision as to which, if any, of the offers to accept is the vendors. If the EA failed to do so, they would be in breach of their duty to their client.

That said, I would agree with the other posters in their skepticism as to whether the other offer actually exists outside the imagination of the EA. I would also concur with the advice to the OP to tell the vendor through his or her EA to get lost.
 
infopls said:
In the grand scheme of things 2k could be the difference between a once in a life time trip to the US or Australia or not. For somepeople 2k is alot of money.
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Yes, you can do a lot with 2k.

But if the house costs 300k, then 2k represents only 0.67% of this.

Despite this, I still agree that the OP should hang tough on thier original offer.
 
What could be going on here is that the vendor wants more for the house than just what has been offered.
I have seen this before as well. Where teh vendor wanted more in addition to what was offered, and when my inlaws had moved in he had stripped the house of most of the fixtures and fittings (as they had refused to pay)!!!!

If things pan out ok with the sale - be careful of the vendor he might want to sell you his fridge, cooker - blah blah only take it if you really want it...
Good luck
 
Thanks for all the input...I am/was so distressed by the situation!

Basically I did bid up the 2k and this was accepted.

Who knows if it was a phantom bidder or a real bidder.....

It does feel like vendor was extracting as much as they could, but in fairness if I was a vendor I would want max for my property.

And yes I fell for it because Im a young FTB and I did really want the place.

Maybe Im stupid for doing this and maybe you all would have had your schemes and ways of getting what you want, but its hard to be objective ,right now I just want to be in the place and have it sorted.

The most expensive thing Ive bought before was a tv!
I cant dwell on it...I just hope it works out.

I will walk away if any more bidding happens for sure,this was a onetime only bid of 2k from me.
 
Thanks!!!! I am now only tentatively excited ,as Im half expecting EA to phone with bad news............please god no!
 
CreNaCille said:
It's a dilemma. 2k is not a lot of money in the grand scheme of things. If you do bid higher you may get the property - but also feel like you're being screwed over by the vendor.

If you don't bid higher, then you may lose the property.
Click to expand...

this happend to us and the difference was 13k 2 years ago. We do feel like the EA pulled as fast one but the feeling passed as soon as we were in the home we wanted. for 2k i know what i would do.

2k aint all that much when buying a house IMO.

WELL DONE.
for what its worth i on't think you are stupid at all.
enjoy your new home!
 
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I'm an Estate Agent. I don't know who the EA is in this case, but I bet he's telling the truth. Its too hard to find good buyers in the current market to even consider 'pretending' to have a better offer. Unfortunately as the law stands if the Agent gets an offer after he has agreed a sale he has no choice, he MUST tell his client. And its not that unbelievable, it has happened to me twice in 10 years. Buyers are like buses, you cannot finds one for ages then two come along, one right behind the other. That being said if I was the buyer who is being gazumped I would ask the agent politely to tell his client to stick his property where the sun don't shine, remind him that I am a good buyer and tell him if the sale falls through with the other person that he can come back to me and I'll still buy it for €10k less than I am offering now.
 
you could still gazunder - wait till all the dust has settled and the vendor is pushing you like mad to sign the contracts and offer a lower price. Not ethical ... but we've seen that your vendor had no problem with askin for more
 
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