Reply to: Gazumped!

[SueEllen]

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......................

[2BIT]

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

[2BIT]

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

[Platypus]

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.

[jmo21]

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]

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.

[Scrag Meister]

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."

Or drop it another 15k

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.

[Lockhouse]

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.

[conned tractor]

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.

[mrv]

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

[Clippy]

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.

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).

[EternalOptimist]

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.

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

[dang65]

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.

[dang65]

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.

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.

[TykeMerc]

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