Justin Smith 10 #1 Posted May 16, 2015 How common is gazumping in Sheffield ? And call me naïve if you want but what kind of person gazumps someone when they`ve accepted an offer for their house ? Whatever happened to an Englishman`s word is his bond and good old fashioned decency ? It`d be bad enough if it were just breaking their word but if the buyer has paid for house surveys and searches and stuff gazumping them is an absolutely appalling thing to do. In my view, at the very least, if someone gazumps a buyer they should have to pay for all the costs incurred by that buyer. What are people`s experiences of gazumping and how can one try to avoid it ? Are there any tell tale signs of the type of lowlife who are more likely to indulge in such unethical behaviour ? If so it`d obviously affect whether we even made an offer on a house. Incidentally I think the opposite of gazumping (gazundering, apparently) is as bad, I don`t know how these people live with themselves, I really don`t. Share this post Link to post Share on other sites Share this content via...
Danny_Boy 10 #2 Posted May 16, 2015 It's doesn't really happen anymore in my experience. Rules have changed within estate agencies to help combat it as well. As a for instance, with a private sale once a satisfactory offer is accepted on the property the property is taken off the market so the agent cannot do any more viewings on the property and you are unable to make an offer on a property you haven't officially viewed. So really the only way to be gazumped is if someone who has already viewed the property makes a better offer than yours. It's a completely different story however for corporate sales (when the seller is a company not a private individual) and gazumping in that instance is quite common. Share this post Link to post Share on other sites Share this content via...
Justin Smith 10 #3 Posted May 16, 2015 It's doesn't really happen anymore in my experience. Rules have changed within estate agencies to help combat it as well. As a for instance with a private sale the once a satisfactory offer is accepted on the property the property is taken off the market so the agent cannot do any more viewings on the property and you are unable to make an offer on a property you haven't officially viewed. So really the only want to be gazumped is if someone who has already viewed the property makes a better offer than yours. It's a completely different story however for corporate sales (when the seller is a company not a private individual) and gazumping in that instance is quite common. That`s interesting, what rules have changed ? The cynic in me would think that it`s in the estate agents interest to get the best price for their client, partly to please the client but also because if the house goes for another £10,000 the estate agent gets another £200 or whatever...... As far as I`m aware Rightmove will continue to provide details of properties sold subject to contract (STC), it`s certainly in the options in their searches. Why would they do that if it weren`t for gazumping ? Share this post Link to post Share on other sites Share this content via...
Danny_Boy 10 #4 Posted May 16, 2015 That you cannot make an offer on a property you haven't had an official viewing on, the rule doesn't Stop it completely as if you've already viewed then you can make an offer but it does stop anyone just coming along and making an offer after an offer has been accepted. The estate agent is only ever working on behalf of the vendor and it's their job to get the best price for the client. It's certainly worth remembering that whenever you're buying a house. Share this post Link to post Share on other sites Share this content via...
Cyclone 10 #5 Posted May 16, 2015 That`s interesting, what rules have changed ? The cynic in me would think that it`s in the estate agents interest to get the best price for their client, partly to please the client but also because if the house goes for another £10,000 the estate agent gets another £200 or whatever...... As far as I`m aware Rightmove will continue to provide details of properties sold subject to contract (STC), it`s certainly in the options in their searches. Why would they do that if it weren`t for gazumping ? Not all estate agents work on a % of the sale price. Share this post Link to post Share on other sites Share this content via...
handypandy 14 #6 Posted May 16, 2015 In the late 80's, we had bought a house in the West Midlands and moved there following a promotion at work. After a year, I realised that the job wasn't for me and the company found me a job back in Sheffield. We found a house back here and were due to complete on the Thursday. I received a call to say that there had been a slight delay at this side and the vendors couldn't complete until Friday. I took a gamble and completed on my sale, loaded all our possessions into a van and headed back to Sheffield. Parked outside my mothers home, with all our worldly goods, the vendors demanded a further 10% above the agreed price before they would complete. We did manage to negotiate a little but nevertheless, I thought it was a dirty trick. We had to store furniture all over the place and our family was split up, living with various relatives until the sale eventually completed a couple of weeks later. . Share this post Link to post Share on other sites Share this content via...
Justin Smith 10 #7 Posted May 16, 2015 In the late 80's, we had bought a house in the West Midlands and moved there following a promotion at work. After a year, I realised that the job wasn't for me and the company found me a job back in Sheffield. We found a house back here and were due to complete on the Thursday. I received a call to say that there had been a slight delay at this side and the vendors couldn't complete until Friday. I took a gamble and completed on my sale, loaded all our possessions into a van and headed back to Sheffield. Parked outside my mothers home, with all our worldly goods, the vendors demanded a further 10% above the agreed price before they would complete. We did manage to negotiate a little but nevertheless, I thought it was a dirty trick. We had to store furniture all over the place and our family was split up, living with various relatives until the sale eventually completed a couple of weeks later. As I said before I don`t know how some people can sleep at night, scumbags. It`s a pity you can`t "name and shame"..... Share this post Link to post Share on other sites Share this content via...
Waldo 96 #8 Posted May 16, 2015 Is there no contract that can be agreed and signed between buyer and seller, such that if the buyer then sells to a third party, they are liable for the (original) buyers costs? Share this post Link to post Share on other sites Share this content via...
Justin Smith 10 #9 Posted May 16, 2015 That you cannot make an offer on a property you haven't had an official viewing on, the rule doesn't Stop it completely as if you've already viewed then you can make an offer but it does stop anyone just coming along and making an offer after an offer has been accepted. The estate agent is only ever working on behalf of the vendor and it's their job to get the best price for the client. It's certainly worth remembering that whenever you're buying a house. Are you saying that if an estate agent had someone wanting to view a property that was sold STC they would refuse a viewing ? I actually think that`s what they should do, but where would that leave them as per they`re supposed to be getting the best price for the property regardless, one assumes, of ethics ? Share this post Link to post Share on other sites Share this content via...
Cyclone 10 #10 Posted May 16, 2015 As I said before I don`t know how some people can sleep at night, scumbags. It`s a pity you can`t "name and shame"..... Name someone from a transaction 30 years ago? ---------- Post added 16-05-2015 at 10:13 ---------- Is there no contract that can be agreed and signed between buyer and seller, such that if the buyer then sells to a third party, they are liable for the (original) buyers costs? There's a deposit involved once the contract goes to a certain point, but before that, by definition, there is no contract. Share this post Link to post Share on other sites Share this content via...
SnailyBoy 10 #11 Posted May 16, 2015 How common is gazumping in Sheffield ? And call me naïve if you want but what kind of person gazumps someone when they`ve accepted an offer for their house ? Whatever happened to an Englishman`s word is his bond and good old fashioned decency ? It`d be bad enough if it were just breaking their word but if the buyer has paid for house surveys and searches and stuff gazumping them is an absolutely appalling thing to do. In my view, at the very least, if someone gazumps a buyer they should have to pay for all the costs incurred by that buyer. What are people`s experiences of gazumping and how can one try to avoid it ? Are there any tell tale signs of the type of lowlife who are more likely to indulge in such unethical behaviour ? If so it`d obviously affect whether we even made an offer on a house. Incidentally I think the opposite of gazumping (gazundering, apparently) is as bad, I don`t know how these people live with themselves, I really don`t. Tell tale signs? They'll snigger when you leave the house, when you turn around they'll pretend they didn't do it. Classic behaviour Share this post Link to post Share on other sites Share this content via...
Justin Smith 10 #12 Posted May 16, 2015 Name someone from a transaction 30 years ago? Obviously it`s not going to happen, but why should they get away with it ? And if every one who gazumped anyone was named it`d help stamp it out. We would be less willing to put an offer in on a house being sold by someone who was, in my view, fundamentally dishonourable and untrustworthy. And if these gazumpers really do think they haven`t done anything wrong why would they object to it being publicised ? There's a deposit involved once the contract goes to a certain point, but before that, by definition, there is no contract. No contract, but one persons word is, apparently, worth more than someone elses....... Share this post Link to post Share on other sites Share this content via...