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Gazumping : How common is it ? What kind of person does it ?

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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 ?

 

Yes if it's a private sale and SSTC then they are no longer allowed to do viewings on the property. If it's a corporate sale (repossession as an example) then the house is on the market and available for viewings and offers up until the point of exchange. All estate agents should tell you if it's a corporate or a private sale.

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Only a fool would refuse a higher offer. Business is business. Mixing emotion with sound financial decisions is a rookie mistake. Honour and integrity have no place in business. Top dollar is all that matters and it is your responsibility to get top dollar, for yourself and for your family.

 

Are you taking the p*** ? It`s hard to tell on a forum......

 

---------- Post added 16-05-2015 at 12:58 ----------

 

Yes if it's a private sale and SSTC then they are no longer allowed to do viewings on the property. If it's a corporate sale (repossession as an example) then the house is on the market and available for viewings and offers up until the point of exchange. All estate agents should tell you if it's a corporate or a private sale.

 

Well that`s good news.

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Are you taking the p*** ?

 

Absolutely not. You need to man up and learn how to bring home the bacon. Are you a man or a mouse? Whining because someone accepted more money, well duh! Sorry if it sounds harsh but it's a home truth you obviously need to hear. Maybe let your wife deal with the house sales in future.

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Absolutely not. You need to man up and learn how to bring home the bacon. Are you a man or a mouse? Whining because someone accepted more money, well duh! Sorry if it sounds harsh but it's a home truth you obviously need to hear. Maybe let your wife deal with the house sales in future.

 

Ahh, so you are taking the ****.

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Ahh, so you are taking the ****.

 

Good, you seem to have toughened up. On a positive note you've learned a good lesson so next time you will close down the sale effectively.

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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 ?

 

 

 

No contract, but one persons word is, apparently, worth more than someone elses.......

 

They haven't done anything wrong though, not legally speaking. I doubt that they would object to you naming them, it's not like you're ever likely to interact with them again and who else would care?

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They haven't done anything wrong though, not legally speaking. I doubt that they would object to you naming them, it's not like you're ever likely to interact with them again and who else would care?

 

They haven`t done anything wrong legally speaking, I think that says it all.

On the subject of who would care I suspect that people bidding on houses would care very much to know if the vendor(s) they`re dealing with have gazumped in the past. And if they don`t care they aren`t thinking about it very hard.....

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It certainly still does happen my sister had an offer accepted and then had to increase by £8K due to being gazumped. The problem was that the vendor knew how much she wanted the house so pushed as much as they could at the end she said that was her limit which eventually went through.

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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

 

Have the rules changed in the last two years?

 

We bought our house two years ago and the Estate Agents were wanting to leave it on the market and still do viewings, even after our offer had been accepted.... it's only because we told them we'd withdraw our offer that they then decided to keep any interested parties names and numbers but not do any actual viewings.

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Have the rules changed in the last two years?

 

We bought our house two years ago and the Estate Agents were wanting to leave it on the market and still do viewings, even after our offer had been accepted.... it's only because we told them we'd withdraw our offer that they then decided to keep any interested parties names and numbers but not do any actual viewings.

 

A sound piece of advice which we`ll follow if necessary !

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The estate agents acting for the vendor of the house i bought tried to have me believe that another buyer was interested in the property. The vendor was after a quick sale, but wasn't happy with me lowering my offer after the survey came back with lots of remedial work to be done. My response was to tell them she was welcome to sell it to another bidder if she thought she could get a higher price. Never heard about this other bidder again after that. My lower offer was accepted.

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Have the rules changed in the last two years?

 

We bought our house two years ago and the Estate Agents were wanting to leave it on the market and still do viewings, even after our offer had been accepted.... it's only because we told them we'd withdraw our offer that they then decided to keep any interested parties names and numbers but not do any actual viewings.

 

I don't work in an estate agent and haven't for a while but afaik if you offer under the asking price they can accept the offer but stipulate the property is still marketed. Obviously a swift way to deal with that is threaten to withdraw the offer and you usually get your own way.

 

With the housing market recovering you will see more of this as it's becoming less of a buyers market again as more and more people are looking to buy the same property.

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