Sale Agreed-Can I override this?

arctic lemur

Hi,
I have fallen in love with my dream house in Cork, only thing is i didnt have the deposit sorted in time to bid. Now I have the finance sorted and the house has gone sale agreed with someone else!!! I really want this house, is there anything I can do please!!!!!!!!

thenakedchef

artic lemur wrote:

Hi,
I have fallen in love with my dream house in Cork, only thing is i didnt have the deposit sorted in time to bid. Now I have the finance sorted and the house has gone sale agreed with someone else!!! I really want this house, is there anything I can do please!!!!!!!!

hope that the person that is buying it doesnt get the finances

Victor

Offer more money.

antoinolachtnai

Sure, put in a bid with the estate agent by fax or by letter. The agent will pesent it to the vendor. The vendor isn't very honourable if he accepts it, but he might. Don't expect to make any friends in the auctioneering fraternity if you go this route. But if it's really what you think you should do, do it.

EKRIUQ

antoinolachtnai wrote:

Sure, put in a bid with the estate agent by fax or by letter. The agent will pesent it to the vendor. The vendor isn't very honourable if he accepts it, but he might. Don't expect to make any friends in the auctioneering fraternity if you go this route. But if it's really what you think you should do, do it.

Gazumping is what its called and not very fair, and I'd never condone it, first of all the auctioneer looks like a dick and is hated by the person who is already sale agreed, but if doing his job should report all offers to the vendor and leave them to descide. This is becoming a more of a thing to do people Gazumping some one else.

Que the next person, to start a thread "I've been GAZUMPED even though we had sale agreed."

1) But here's the trick,;) if the house was for sale by joint agents go to the other auctioneer who didn't sell the house with the offer and tell him you have cash in place and are to sign contracts as soon as possible. he's going to try it he's nothing to lose!

2) If not for sale by joint agents go to an auctioneer close by and tell him your offer and that you had a falling out with the vendors Estate agent and refused to do business with him ever again, and you'd prefer to do business through estate agent no. 2.

At the end of the day its the vendor who desides who to sell too just as a buyer can pull out of a deal at any time as well.

Both of the above things do happen some people just don't want to lose there dream house!!

mjffey

Absolutely very anti social if the auctioneer woulld pass it on to the vendor. We have at the moment a sale agreed and in our agreement we had put that we lose our 10% deposit if we pull out for another reason then that our sollicitor finds something strange, and if the vendor pulls out we are getting our deposit back AND.. the vendor has to pay US 10% of the asking price.
That's the way it happens in most of the of europian countries and it means that you respect eachother. If one of the parties doesn't agree with this they are not genuine about the deal.
If, as vendor/buyer, you agreed a sale you have to stick to that, otherwise you shouln't have agreed the sale in the first place.

EKRIUQ

mjffey wrote:

Absolutely very anti social if the auctioneer woulld pass it on to the vendor. We have at the moment a sale agreed and in our agreement we had put that we lose our 10% deposit if we pull out for another reason then that our sollicitor finds something strange, and if the vendor pulls out we are getting our deposit back AND.. the vendor has to pay US 10% of the asking price.
That's the way it happens in most of the of europian countries and it means that you respect eachother. If one of the parties doesn't agree with this they are not genuine about the deal.
If, as vendor/buyer, you agreed a sale you have to stick to that, otherwise you shouln't have agreed the sale in the first place.

That's the proper way it should be I wish they would make that rule compulsory it would cut out a lot of the messsing.

antoinolachtnai

You are mixing up two things. All private treaty sales of property are conducted in this way. The period where you are at risk of gazumping is between the offer being accepted with a 3 percent deposit and the first signing, when you hand over the rest of the deposit.

The reason for this is that contracts for land are not binding in Ireland unless they are in writing. Placing a deposit is simply not enough to make the contract binding.

The OP is entirely entitled to make an offer, and the vendor is entitled to take it. I don't exactly see what's unfair about it.

EKRIUQ

'Gazumping' is the term used to refer to when a seller accepts an offer from one potential buyer, but then accepts a higher offer from someone else. The first buyer is left in the lurch, and either has to offer a higher price or accept that they have lost that home and continue looking.

Once the seller has accepted the offer in principle anything after that is gazumping. Its a shame when someone has paid a solicitor, surveyor and other expenses and then the vendor turns around and want $10,000 more for the house.

Your either blackmailed into paying more than the price, I know there's nothing illegal "statue of frauds" and all that and the vendor is happy to be getting more but its not fair on the purchaser and in these times houses prices are going up every month so it could cost a hell of a lot more in the long run

aniascor

You are legally entitled to make your offer. But from an ethical point of view, it's a real low. :mad: And you still won't be guaranteed to get the house. If the estate agent agrees to hear your offer and put it to the vendor, the original buyer will still be given a chance to make a counter offer. And if you can't beat it, you may be the cause of pushing what is most likely an already-inflated price up another 5-10,000 and you still won't have your dream home.

If you didn't already have finance in place, have you been looking long? Or is this just the first house you've seen that you really love? If that's the case, then I'd say keep looking.

PS - and if you do this, you can look forward to a stressful few weeks while you wait to get the papers signed as you sweat it out praying someone doesn't come along and gazump you as well...

aniascor

antoinolachtnai wrote:

The OP is entirely entitled to make an offer, and the vendor is entitled to take it. I don't exactly see what's unfair about it.

The unfairness is to the original purchaser, who got sale agreed in good faith and is now about to be put in a position where they have to get into a bidding war again. It's a major flaw with our property system. Due to various delays with solicitors and contracts, I have been waiting 9 weeks since we got sale agreed to get the contracts signed. It's a long time to be worrying about getting gazumped.

mjffey

BingoBongo,

Thanks that you agree with me. I'm from the continent and the way it goes here in Ireland (and I think also in the UK) is not buyer friendly. Vendors don't show any respect here for the buyer.
I'll tell you how it works where I come from:
First of all you have houses, building land and agriculture land. Agriculture land can never be sold as building land, so that cuts out greedy landowners and building in rural areas.
If you have a house or land for sale you ask an estate agent to value it. You go with his price, as he knows the market. Then there are viewers. Once somebody has put in an offer and negotiations have started, everything comes to a hold. Nobody is allowed anymore to view the property, no other offer will be accepted until the negotiations are finished and the outcome is a Sold or Unsold.
The moment the offer is accepted (sale agreed) a solicitor will check paperwork, strange things like future roads, right of way etc. In the agreement there's the clause that the buyer can withdraw his offer and get his deposit back if the solicitor finds something is wrong, or the buyer can't get a mortgage. In any other case the buyer will lose his deposit. This is to protect the vendor. On the other hand, if the vendor pulls out for any other reason then, say, death, he has to pay the buyer 5-10% of the agreed price. This is to protect the buyer for gazumping.

I think this is a very fair way of doing deals. It’s straightforward and everybody knows what he’s up to.

FillSpectre

It comes down to what type of person the OP is they are either plainly selfish and don't care about the person already sale a greed or if they are a person who likes to justify when they are selfish and don't care about the other person:D

It is simply a moral question the right thing is not to bid on the house and express interest if the offer falls through.

Bear in mind even if you do bid more you may just puch up th proice not get it.

godtabh

I've been in this position before and I think it’s a disgrace that people get away with it.

I hope the estate agent doesn’t accept your offer. It’s your own fault you didn’t have the finance ready and some one who did all the work now may face losing the house because it’s your "dream home".

I think you are just here to justify what you have all ready decided.

arctic lemur

kearnsr wrote:

I've been in this position before and I think it’s a disgrace that people get away with it.

I hope the estate agent doesn’t accept your offer. It’s your own fault you didn’t have the finance ready and some one who did all the work now may face losing the house because it’s your "dream home".

I think you are just here to justify what you have all ready decided.

EXCUSE ME!!!! I have not already decided on anything as I am just testing the waters. It is very hard to find a reasonable house near home. I was actually off work for the last three months due to a car accident so no wonder it was difficult to get finance sorted! I have been looking for the past two years and I'm not just someone who buys on spec! I do not want to GAZUMP anyone or to hurt anyones feelings in any way. I was actually hoping the sale would be thrown up so i'd have another chance at putting in an offer. I'd never willingly or otherwise GAZUMP anyone as it is not ethical. I feel quite hurt and insulted by your throwaway comment.

arctic lemur

I agree with fillspectre's stance as it was my main train of thought. Thanks!