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dang65
7th March 2011, 15:41
Put in a very low offer on a house about a month ago and offer was accepted. House had been on the market for ages (it has no garage, which seems to disgust about 99% of house buyers these days). Got a call today saying we've been gazumped by someone offering 'very close to the asking price'. All I can say is, suckerrrz.

I mean, we liked the place. It has very, very nice open views across the hills. But there's no way it was worth the asking price. Except... it obviously was because someone's willing to pay it.

Still, no harm done. It had several cons which I'd started worrying about and can forget now.

Property market... booming.

jmo21
7th March 2011, 15:44
How much more have they agreed to pay?

MarillionFan
7th March 2011, 15:49
Put in a very low offer on a house about a month ago and offer was accepted. House had been on the market for ages (it has no garage, which seems to disgust about 99% of house buyers these days). Got a call today saying we've been gazumped by someone offering 'very close to the asking price'. All I can say is, suckerrrz.

I mean, we liked the place. It has very, very nice open views across the hills. But there's no way it was worth the asking price. Except... it obviously was because someone's willing to pay it.

Still, no harm done. It had several cons which I'd started worrying about and can forget now.

Property market... booming.

Did you say. "Oh that's OK, we were a bit worried after we'd found out about the murder in the field behind and dry rot. You'd better pass that on BTW'

Old Greg
7th March 2011, 15:58
Gazump the gazumper with an asking price + 5% offer. Then drag it out as long as you can. Then gazunder the vendor with your original offer - a 2% convenience charge.

DimPrawn
7th March 2011, 16:48
Gazump the gazumper with an asking price + 5% offer. Then drag it out as long as you can. Then gazunder the vendor with your original offer - a 2% convenience charge.

WHS.

dang65
7th March 2011, 17:19
How much more have they agreed to pay?
Oh, at least 25k more than us. We really took the piss, to be honest.

As for revenge, our policy is just to walk away and leave it to fate and not go back. We've had this situation before and had sellers trying to get us back because the higher offer has fallen through. That's plenty schadenfreude for me, just to say, "Oh dear, what a shame, oh dear, oh dear. NO! Bye."

:devil

TykeMerc
7th March 2011, 17:29
Oh, at least 25k more than us. We really took the piss, to be honest.

As for revenge, our policy is just to walk away and leave it to fate and not go back. We've had this situation before and had sellers trying to get us back because the higher offer has fallen through. That's plenty schadenfreude for me, just to say, "Oh dear, what a shame, oh dear, oh dear. NO! Bye."

:devil

Suitably philosophical and appropriate response. Well played :D

fullyautomatix
7th March 2011, 19:10
Offer more than that offer, add a lick of paint, install a new bathroom and sell for 40% more. Profit ! There are millions to be made in brick and mortar.

Freamon
7th March 2011, 19:42
Put in a very low offer on a house about a month ago and offer was accepted. House had been on the market for ages (it has no garage, which seems to disgust about 99% of house buyers these days). Got a call today saying we've been gazumped by someone offering 'very close to the asking price'. All I can say is, suckerrrz.

I mean, we liked the place. It has very, very nice open views across the hills. But there's no way it was worth the asking price. Except... it obviously was because someone's willing to pay it.

Still, no harm done. It had several cons which I'd started worrying about and can forget now.

Property market... booming.
I compute a 95% probability that the estate agent is lying to you.

wobbegong
7th March 2011, 22:50
I compute a 95% probability that the estate agent is lying to you.

Absolutely, WFS! Tell him to shove it.

dang65
8th March 2011, 07:11
I compute a 95% probability that the estate agent is lying to you.
One might think that, but it's actually two estate agents. They kept it for sale with the other agent, and they've found this new buyer. It's not an issue though, because I don't think it's worth the higher price at all. If the new people have money to burn then they can go ahead and burn it.

Freamon
8th March 2011, 08:02
One might think that, but it's actually two estate agents. They kept it for sale with the other agent, and they've found this new buyer. It's not an issue though, because I don't think it's worth the higher price at all. If the new people have money to burn then they can go ahead and burn it.
Both the agents will know of your offer though, so the fact that it's a different agent really doesn't make it any less likely that they're lying.

Ignis Fatuus
8th March 2011, 08:17
Both the agents will know of your offer though, so the fact that it's a different agent really doesn't make it any less likely that they're lying.Estate agents? Not lying? How does that work?

2BIT
8th March 2011, 13:16
Oh, at least 25k more than us. We really took the piss, to be honest.

As for revenge, our policy is just to walk away and leave it to fate and not go back. We've had this situation before and had sellers trying to get us back because the higher offer has fallen through. That's plenty schadenfreude for me, just to say, "Oh dear, what a shame, oh dear, oh dear. NO! Bye."

:devil

well if you were a real contractor you would renegotiate even lower (and then perhaps renege at the last minute) :D

DimPrawn
8th March 2011, 13:18
well if you were a real contractor you would renegotiate even lower (and then perhaps renege at the last minute) :D

Or do what I did, and gazump the other buyer. If you see something you want, the price is irrelevant.

Know the difference between price and value.

Price vs. Value - KnowThis.com: Marketing Tutorials, News, How-to and More (http://www.knowthis.com/principles-of-marketing-tutorials/pricing-decisions/price-vs-value/)

:smokin

Freamon
8th March 2011, 22:49
Or do what I did, and gazump the other buyer. If you see something you want, the price is irrelevant.

I will sell you that CD of dodgy films you were looking for, bargain at only £5,000.

dang65
22nd March 2011, 15:05
We've had this situation before and had sellers trying to get us back because the higher offer has fallen through. That's plenty schadenfreude for me, just to say, "Oh dear, what a shame, oh dear, oh dear. NO! Bye."

:devil
ROFL. The above situation has come to pass. Who would've thought it.

Other buyer has pulled out. Vendor has come straight back to us. We've since had an offer accepted on a really nice place elsewhere.

I shall be practising my sympathatic voice this evening. Want to get just the right amount of sarcasm into the phrase, "Oh dear, what a shame".

I shall do that after tea.

StopTheEarthIwantToGetOff
22nd March 2011, 15:09
ROFL. The above situation has come to pass. Who would've thought it.

Other buyer has pulled out. Vendor has come straight back to us. We've since had an offer accepted on a really nice place elsewhere.

I shall be practising my sympathatic voice this evening. Want to get just the right amount of sarcasm into the phrase, "Oh dear, what a shame".

I shall do that after tea.


Splendid!
To twist the knife a little further you could make another offer and then cancel after a few days!

:laugh

jmo21
22nd March 2011, 15:30
Splendid!
To twist the knife a little further you could make another offer and then cancel after a few days!

:laugh

<DrEvil>
mwoooohahahahaha!
mwooohahahaha!
mwoohaha!
mwha
ha....
...
</DrEvil>

StopTheEarthIwantToGetOff
22nd March 2011, 15:34
<DrEvil>
mwoooohahahahaha!
mwooohahahaha!
mwoohaha!
mwha
ha....
...
</DrEvil>

Do I know you? :eek

jmo21
22nd March 2011, 15:39
Do I know you? :eek

no.

:eyes

StopTheEarthIwantToGetOff
22nd March 2011, 15:45
no.

:eyes

Ah ok then

jmo21
22nd March 2011, 15:53
<DrEvil>
mwoooohahahahaha!
mwooohahahaha!
mwoohaha!
mwha
ha....
...
</DrEvil>

Clippy
22nd March 2011, 16:11
ROFL. The above situation has come to pass. Who would've thought it.

Other buyer has pulled out. Vendor has come straight back to us. We've since had an offer accepted on a really nice place elsewhere.

I shall be practising my sympathatic voice this evening. Want to get just the right amount of sarcasm into the phrase, "Oh dear, what a shame".

I shall do that after tea.

Obviously, if you were still interested, it would be at a new lower price.

I mean, when you made your initial offer, that was then and this is now. :wink

TykeMerc
22nd March 2011, 16:22
ROFL. The above situation has come to pass. Who would've thought it.

Other buyer has pulled out. Vendor has come straight back to us. We've since had an offer accepted on a really nice place elsewhere.

I shall be practising my sympathatic voice this evening. Want to get just the right amount of sarcasm into the phrase, "Oh dear, what a shame".

I shall do that after tea.

Predictable situation.

I do hope you enjoy your chance to respond :D

BoredBloke
22nd March 2011, 16:28
As others have said I suspect the agent is trying to get you to push up the price. However if (when) the higher bid fails, why not continue with your much lower bid - afterall you liked it enough to place the original offer. It sounds like you are prepared to cut your nose off to spite your face.

TykeMerc
22nd March 2011, 16:31
As others have said I suspect the agent is trying to get you to push up the price. However if (when) the higher bid fails, why not continue with your much lower bid - afterall you liked it enough to place the original offer. It sounds like you are prepared to cut your nose off to spite your face.

He's already offered on another place and it's been accepted.

Following a gazumping I'd have to be extremely interested in the place and get it at a very low offer price to consider going back.

TheFaQQer
22nd March 2011, 16:37
I wouldn't bother even responding, e.g.

Vendor: The other buyer has fallen through.
You: oh

<click>

Vendor: I think we must have got cut off there.
You: oh

<click>

See how many calls it will take before they take the hint.

TykeMerc
22nd March 2011, 16:39
I wouldn't bother even responding, e.g.

Vendor: The other buyer has fallen through.
You: oh

<click>

Vendor: I think we must have got cut off there.
You: oh

<click>

See how many calls it will take before they take the hint.

That's got potential :D

dang65
22nd March 2011, 16:47
Obviously, if you were still interested, it would be at a new lower price.

I mean, when you made your initial offer, that was then and this is now. :wink
So true. I have to admit that I'm a bit torn. The other place we've had an offer accepted on is really special, although it's more expensive. Perhaps a much lower price on the first house might entice me back. :devil

dang65
22nd March 2011, 16:49
Actually, I really, really shouldn't be smug, because I haven't exchanged contracts on the place I'm selling yet. It could be bad karma to enjoy my revenge too much just now.

EternalOptimist
22nd March 2011, 16:50
So true. I have to admit that I'm a bit torn. The other place we've had an offer accepted on is really special, although it's more expensive. Perhaps a much lower price on the first house might entice me back. :devil

I'm not sure if I could ever settle in a place that had a bad vibe


an interesting story about a battle of wills or crafty financial footwork - yes. but being gazumped - i think that would sour it for me

just saying


:rolleyes:

Clippy
22nd March 2011, 16:54
So true. I have to admit that I'm a bit torn. The other place we've had an offer accepted on is really special, although it's more expensive. Perhaps a much lower price on the first house might entice me back. :devil

Put in a stupidly low offer on the first place.

It's not binding and all they can do is say no.

(BTW, regardless, don't mention the other property you have offered on to the estate agent - its none of his business).

mrv
22nd March 2011, 23:07
Put in a very low offer on a house about a month ago and offer was accepted. House had been on the market for ages (it has no garage, which seems to disgust about 99% of house buyers these days). Got a call today saying we've been gazumped by someone offering 'very close to the asking price'. All I can say is, suckerrrz.

I mean, we liked the place. It has very, very nice open views across the hills. But there's no way it was worth the asking price. Except... it obviously was because someone's willing to pay it.

Still, no harm done. It had several cons which I'd started worrying about and can forget now.

Property market... booming.

kill the people and burn the village. (c) but wait, srsly

conned tractor
22nd March 2011, 23:43
Actually, I really, really shouldn't be smug, because I haven't exchanged contracts on the place I'm selling yet. It could be bad karma to enjoy my revenge too much just now.

I think you should just buy the house you want, bargain or not, most people stay in a place for a number of years and happiness tends to outweigh whether it was a bargain IMO.

Unless you regard flexibility as important, in which case rent for a while and see what happens.

Lockhouse
23rd March 2011, 08:28
I think you should just buy the house you want, bargain or not, most people stay in a place for a number of years and happiness tends to outweigh whether it was a bargain IMO.

Unless you regard flexibility as important, in which case rent for a while and see what happens.

Agreed - If we like somewhere we are going to offer near the asking price to make sure we'll get it. We're just buying and selling our house at the moment and it's not all about the money IMHO.

Scrag Meister
23rd March 2011, 08:47
Oh, at least 25k more than us. We really took the piss, to be honest.

As for revenge, our policy is just to walk away and leave it to fate and not go back. We've had this situation before and had sellers trying to get us back because the higher offer has fallen through. That's plenty schadenfreude for me, just to say, "Oh dear, what a shame, oh dear, oh dear. NO! Bye."

:devil

Or drop it another 15k :D

On the other hand feel smug about the fact that the estate agent is probably sat in his office going "Damn! Damn! Damn!" and trying to explain to his boss that he has little commission this month becuase his get rich quick scam went belly up, and you have a nice house in the pipeline.

Price and Value as Dimprawn said. You've got to live there and a reduced price doesn't make it a home.

Platypus
23rd March 2011, 10:49
On the other hand feel smug about the fact that the estate agent is probably sat in his office going "Damn! Damn! Damn!" and trying to explain to his boss that he has little commission this month because his get rich quick scam went belly up

Have you considered that the agent is telling the truth? Do you think they'd bugger up a perfectly good sale for an extra £300* (that's hardly a get rich quick scheme is it?). *£300 is 2% of £15k.

The agent will have been desperate to get rid of house that wasn't shifting, but was duty bound to tell the vendor the higher offer. It's the vendor who fscked you, not the agent.

For the record, I'm not here to defend estate agents in general, but where I live (rural area) there are a several agents, one is a bit of a c-nt but the others are nice people and take the view that if they screw someone over, their reputation is damaged long term and that costs a lot more than a few hundred or thousand quid, so they don't.

jmo21
23rd March 2011, 11:28
Have you considered that the agent is telling the truth? Do you think they'd bugger up a perfectly good sale for an extra £300* (that's hardly a get rich quick scheme is it?). *£300 is 2% of £15k.

The agent will have been desperate to get rid of house that wasn't shifting, but was duty bound to tell the vendor the higher offer. It's the vendor who fscked you, not the agent.

For the record, I'm not here to defend estate agents in general, but where I live (rural area) there are a several agents, one is a bit of a c-nt but the others are nice people and take the view that if they screw someone over, their reputation is damaged long term and that costs a lot more than a few hundred or thousand quid, so they don't.

Have you read Freakanomics? It states similarly, from the sellers position, the estate agent is not going to bust his tail to try and get a £5000, £10,000 increase in an offer as he hardly gets anything out of it.

Platypus
23rd March 2011, 12:08
Have you read Freakanomics?

I haven't but I should. The reviews on Amazon are that it's a bit lightweight.



It states similarly, from the sellers position, the estate agent is not going to bust his tail to try and get a £5000, £10,000 increase in an offer as he hardly gets anything out of it.

Indeed.

Most vendors, it seems to me, choose their agent based on who gives the highest valuation. Knowing this, an agent will give a high valuation and then subsequently recommend that the vendor accepts a somewhat lower (realistic?) offer.

2BIT
23rd March 2011, 12:24
Have you considered that the agent is telling the truth? Do you think they'd bugger up a perfectly good sale for an extra £300* (that's hardly a get rich quick scheme is it?). *£300 is 2% of £15k.


agreed, there is a theory that there is a threshold at which trying to get higher price becomes no longer worth it - for example they may have been trying to sell the house for months and they can sell for £200K but the seller wants £215K the agent may not feel it worth doing to much work on getting it sold for what works out to an extra £300 in commission

2BIT
23rd March 2011, 12:25
Have you read Freakanomics? It states similarly, from the sellers position, the estate agent is not going to bust his tail to try and get a £5000, £10,000 increase in an offer as he hardly gets anything out of it.

ah jmo had explained this better than I did

SueEllen
23rd March 2011, 12:45
Most vendors, it seems to me, choose their agent based on who gives the highest valuation. Knowing this, an agent will give a high valuation and then subsequently recommend that the vendor accepts a somewhat lower (realistic?) offer.

Lots but not all.

Plus there are vendors who reject higher offers even if both parties are willing to move quite quickly because they strongly dislike the person(s) who made the higher offer.

In housing buying you come across all sorts......................