Don't want to be gazumped

W

Windmill

Guest
Hi,
The house we want is on the market with a few agents, owner keen to sell quickly. They accepted our offer about 2 weeks ago. We paid 15k booking deposit. Our valuer from the bank has been out.

I just took a walk past the house, and saw 3 people standing out on the lawn, viewing the house. An agent from another company with clip-board (whom I recognised), and a couple.

In fairness, that agent mightn't know that the owner has accepted an offer via another agent. And, I know no contract has been signed yet.

But, I think it's bad form on the owners' behalf. My question is, should we drop the agent we had been dealing with an e-mail, saying that we saw this happening?

Advice welcome. Thanks.
 
Your bank should have a panel of valuers rather than a single valuer, there should be no issue for a bank to get a valuation the next day.

So many sales fall through that it is pragmatic of the vendor to continue to look for a purchaser. When you confirm the mortgage and can agree a closing date you could request that the sign is changed to 'Sale Agreed'.. It still has no legal impact but will give you a slightly better indication of the seller's commitment to the deal.
 
Until you sign a contract, you are not legally bound to buy and could walk at a moments notice.

mf
 
Windmill said:
Hi,

But, I think it's bad form on the owners' behalf. My question is, should we drop the agent we had been dealing with an e-mail, saying that we saw this happening?

Advice welcome. Thanks.
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There is little chance of you being gazumped in the current climate, but I suppose anything can happen.

The best way to avoid this is to get the contract signed ASAP. Talk to your solictor about when this will happen, and ensure that the seller is kept informed of when this will happen and of any delays so they don't get spooked and think that you might pull out.

I dont see how you have the option of dropping the agent. The agent has been appointed by the seller to sell the house. If you suddenly decide to refuse to deal with the agent, the seller might decide that you are not serious buyers and really start looking for another buyer.
 
mf1 said:
Until you sign a contract, you are not legally bound to buy and could walk at a moments notice.

mf
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nor is vendor legally bound to sell and could walk at a moments notice.
 
Windmill I think the likelyhood of anybody being gazumped currently is highly unlikely. Nobody is falling overthemselves to buy property. Quite the opposite.
 
Bronte said:
Windmill I think the likelyhood of anybody being gazumped currently is highly unlikely. Nobody is falling overthemselves to buy property. Quite the opposite.
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It's difficult to say that without knowing the price agreed and asked for. If the vendor decided to just slash his price then the the house may have moved quickly and others may only be recognising that a good deal is about to pass them by. Either way the OP can only go through with their own arrangements until such a time that they do sign contracts or until the deal falls through. It's never an open and shut case.
 
The op though the house was worth the price.

In any market it's possible someone else might think it's worth €5k more.
 
Reversing Gazump

they are just continuing on the basis that a lot of people are getting mortgage refused or attaining a mortgage of lesser value which have may already have happened to them and may happen to any of these people you have seen at the property

Have you thought about getting mortgage agreed quickly and then saying it has came back from bank at less 5k for example thereby turning the gazump on its head ...Certainly would be nice way use the recession

I have listened to rubbish from an auctioneer recently and waiting a number of weeks usually exposes the lie
 

Even so there will always be another house, particularly now.
 
Bronte said:
Even so there will always be another house, particularly now.
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There will always be another house in any market, there isn't always a better time to start ownership of a house etc, the timing might be right for the op. Many similar type houses could have vendors that can't afford to sell for the same price so rather than drop price will have to sit tight for a number of years.
 
@windmill - er where are you? Some folk have been giving some good advice and there is radio silence .. the ole jocks like feedback you know ..
 
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