Gazumping

[Millbrook Saint]

As I have just been gazumped on a new property I was buying meaning I am now out of pocket the solicitors fess, I think the disgusting parctice of gazumping should be made illegal. Sign the epetition if you agree and forward it to all you know

 

http://epetitions.direct.gov.uk/petitions/5414

[Dog]

Gazump em back, then pull out.

 

Any decent estate agent would not get involved in gazumping, name and shame them...

[buctootim]

Gazump em back, then pull out.

 

Any decent estate agent would not get involved in gazumping, name and shame them...

 

I got gazumped, so I upped my offer gazumping them, then after a few weeks when the gazumpers had found somewhere else I lowered my offer to £1,000 less than my orginal one telling the vendors why and that I was going to give the difference to charity. It was worth it for the look on the agents face.

[Millbrook Saint]

exactly what I'm going to do, will name the estate agent after I have finished with them

[Ken Tone]

I once turned down a gazumping offer on the house I was selling, having given my word on the original price as I saw it. Gave me a warm moral glow, but it was a bloody expensive glow!

[bridge too far]

I once turned down a gazumping offer on the house I was selling, having given my word on the original price as I saw it. Gave me a warm moral glow, but it was a bloody expensive glow!

 

Me too - I had three couples after my house, two offering a lot more than the original offer. All three sent by one estate agent! But I stuck with the original offer, my philosophy being 'I wouldn't want it done to me'.

[Channon's Sideburns]

I know it may be out of kilter with some personal preferences, but some solicitors that operate online (and I'm talking legit arms of known companies) have a guarantee of no completion, no fees (apart from disbursements).

[Millbrook Saint]

Fair play to you 2, I wish the people selling had the same principles as you 2 but there you go I now have 1 upset family and a loss of nearly £600 just before Christmas

[bridge too far]

I know it may be out of kilter with some personal preferences' date=' but some solicitors that operate online (and I'm talking legit arms of known companies) have a guarantee of no completion, no fees (apart from disbursements).[/quote']

 

Very true - and not always online solicitors. We had that deal for our last sale and purchase, arranged through the estate agent.

 

But he still would have had to pay out survey fees, even if he'd had such a deal with a solicitor.

[Doctoroncall]

If you are still going to move negotiate a price with solicitors, they may give you a good deal based on what has happen. Otherwise as others have said some do no completion no fee.

[CB Saint]

I happened to me where the old cow we were buying from pulled out at the last moment without any reason costing me about £3,000. When a offer is accepted, both parties should be required to lodge a couple of thousand quid with the solicitors which can then be handed over if the other party pulls out

[toofarnorth]

In Scotland (The only place i've bought a house), offers are made through a solicitor and once accepted are legally binding on both parties. Obviously negotiation can take place if something horrendous is found out about the property. Should be the same in England.

[Dimond Geezer]

There is insurance available against this, as I recall (it was 11 years ago when we last moved) it was pretty cheap. We bought ours through our solicitor (Eric Robinsons, but I wouls assume other solicitors would offer it). It saved us a fortune - twice. We lost the buyers for our house & we also pulled out of a purchase, it paid out both times.

[Petersfield Saint]

Petition signed! Only a tenant at the moment but the thought of getting gazumped scares the **** out of me!

[norwaysaint]

It's done a bit differently here.

 

A property has a viewing and everyone interested puts their name on a list. Then they all start bidding and everyone on the list is kept updated. There can be quite a bit of brinkmanship involved eg "I bid 500k but this offer only stays on the table until 5 o' clock" It can all be pretty exciting, but properties often end up going for far over the original listed price.

 

I had a house built in the end and am glad I avoided that stress, although it gave me a whole list of different things to stress about.