Gazumping

E

eddiehobnob

Registered User
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10
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
 
Walk away. It's dishonest behaviour and the sellers could well prove to be difficult to deal with if you do go ahead with the purchase.
 
eddiehobnob said:
it seem very unprofessional of EA to me.
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To be fair, this is down to the property owner and not the EA.

You went "sale agreed" with the owner, not the EA. The EA was simply the point of contact. If the owner then changes to accept a higher bid, it isn't the EAs fault (unless of course the higher bid is a phantom bidder and the EA is simply trying to up the price.... but that's a whole different matter to gazumping).

I fully agree that having gone sale agreed this is a terrible slap in the face, but not one for which the EA is responsible.
 
The market is currently in gazundering mode rather than gazumping mode... You'll be mad to enter in bidding process. You are in a buyer's market, so plenty of other opportunities out there...
 
my offer was accepted 12 k below guide price,not huge bargain at that but now,bargain diminishing. Vendors playing risky game as they have already had a guide price sale agreed and that fell through. If I match offer EA says vendor will sell to me,but in fairness myterious bidder will be in a position to go even higher....
 
eddiehobnob said:
If I match offer EA says vendor will sell to me,but in fairness myterious bidder will be in a position to go even higher....
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This is a decision you have to make for yourself.

Gut instinct will have 90% of us saying walk away as the seller is playing games and may well be just trying to bump up the price. The question you have to answer is, how much are you willing (or can afford) to pay for this property? Are you willing to lose it if you stand your ground?

12k is a lot of money, but is saving money worth losing a house you really love?
 
Im going to match offer of other person.Its 2k more than i offered. If a bidding then starts, am going to walk away.
its just such a uncertain process, surely there should be some law made to protect the standing of a sale agreed offer?
Obviously the vendor wants as much cash as possible,but this prop has been on market for some time, greed..but would i be the same if EVER i own something to sell?
 
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.
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So we have a house that has been on the market for some time without any interest, and 3 hours after a FTB makes an offer someone mysteriously appears with a higher bid? And the EA tries to make out that they are on your side, if only you could match the new bid. How very convenient.

Every bone in my body tells me this is fictitious, but there's no way to be sure. Is this really a "dream house" for you? If it was me I'd tell them my original offer stood for 48 hours, but then I have never been in a position where I absolutely had to buy something.
 
If you do increase your offer, make it conditional on the house being taken off the market straight away. Status changed to 'Sale Agreed' on websites etc.
Best of luck anyway.
 
It looks like they are chancing their arm to get the extra cash out of you, the EA does not work for you and their primary allegience is to the seller. I would not fork out the extra cash, tell them that you need to think about it and you have spotted another property, tell them to give you a week and see what happens, if they ring you quickly to pressurize you for a quick sale walk away, EA are sales people, it is a lot of money, treat it
not as your "dream home" but bricks and mortar play hard ball.
If you loose it something else will come up.
Best of luck
 
I would play hard ball or alternatively tell them to stuff it. Your emotions are running rampant at the minute - in the cold light of day you know what needs to be done. Good luck.
 
eddiehobnob said:
If a bidding then starts, am going to walk away. its just such a uncertain process, surely there should be some law made to protect the standing of a sale agreed offer?
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If there was such a law, presumably sellers would want you to be equally bound to honour the offer you have made. I have been in the situation where a prospective buyer agreed a price with me for a property I was selling and then chose not to go ahead. As contracts weren't signed, there was nothing I could do about it - that's just the way it is. A law such as you suggest would make buying and selling property by private treaty very inflexible and difficult.
 
Its just i was so ecstatic yesterday at the thought of finally owning my own home,no more renting, this situation feels like a slap in face.
 
I'd agree with every poster so far that suggests it's a ploy. Walk away. I'd be willing to gamble that they'll be back to you, cap in hand, within days claiming that the mysterious bidder pulled out and they're willing to accept your offer.
 
I think its a scam too .

When they run back to you, claim you found a more suitable property elsewhere at a better price, claim all these delays cost you a fortune in expenses etc and lower your offer. :D
 
I can't believe people still fall for this routine. As they say, theres one born every minute.
 
LDFerguson said:
I'd agree with every poster so far that suggests it's a ploy. Walk away. I'd be willing to gamble that they'll be back to you, cap in hand, within days claiming that the mysterious bidder pulled out and they're willing to accept your offer.
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I'd say offer 2 grand less than your original offer when they come back to you and see what they say. Watch the recent estate agents programme from RTE primetime in the meantime.
 
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