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Offer accepted on house and deposit paid but now new cash offer

  • 19-10-2014 10:50am
    #1
    begod
    Registered Users, Registered Users 2 Posts: 61 ✭✭


    We have an offer accepted on a house, have engaged a solicitor, an engineer and are carrying out a valuation . We have also paid a 5000 euro booking deposit to the auctioneer.

    However the seller has been approached privately by a cash buyer after accepting our offer and now looks like he/she will take this new offer instead.

    I take it there is nothing we can do and cest le vie or is there?frown.png


Comments

  • #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭godtabh


    Unless contracts signed nothing


  • #3
    spin777
    Registered Users, Registered Users 2 Posts: 56 ✭✭spin777


    Really sorry to hear that. As said above there is nothing you can do without a signed contract. Do you know how much you were gazumped by?


  • #4
    TheDriver
    Registered Users, Registered Users 2 Posts: 12,683 ✭✭✭✭TheDriver


    It could be a ploy to get you to raise the price too.....nothing you can do but walk....quickly


  • #5
    spin777
    Registered Users, Registered Users 2 Posts: 56 ✭✭spin777


    TheDriver wrote: »
    It could be a ploy to get you to raise the price too.....nothing you can do but walk....quickly

    Not true. Possibly if its a private sale, but not if it's a reputable auctioneer.

    It looks to me like you have two options:
    1. Try match the gazumpers bid and they might take preference over you because you have deposit paid already and solicitor engaged. If they accepted I'd immediately get them to sign a 'heads of agreement' so it wouldn't happen again, this will at least give you some legal recourse.
    2. Walk away


  • #6
    begod
    Registered Users, Registered Users 2 Posts: 61 ✭✭begod


    Thanks for the replies, yeah thought there was nothing we could do but match the gazumpers bid but we can't so that's that I'd say.

    We are hoping they are bluffing.

    We are looking for over a year, will definitely look into heads of agreement if we have an offer accepted on another house.


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  • #7
    spin777
    Registered Users, Registered Users 2 Posts: 56 ✭✭spin777


    begod wrote: »
    Thanks for the replies, yeah thought there was nothing we could do but match the gazumpers bid but we can't so that's that I'd say.

    We are hoping they are bluffing.

    We are looking for over a year, will definitely look into heads of agreement if we have an offer accepted on another house.

    Heads of agreement would come before the contract, simple to write up and not a perfect solution but great to help fight off a gazumper.

    Its very unusual they didn't go back to you first to see if you would match the offer, doesn't smell right to me.


  • #8
    Eldarion
    Registered Users, Registered Users 2 Posts: 484 ✭✭Eldarion


    Sorry you got gazumped OP. It's never a nice feeling and by all accounts should be illegal.
    spin777 wrote: »
    Its very unusual they didn't go back to you first to see if you would match the offer, doesn't smell right to me.

    What makes you think they didn't get back to the OP? He knows he's been gazumped and he knows by how much because he has said himself they can't match the gazumper's bid. Not saying it's above board but definitely seems like a legitimate gazump, as oxymoronic as that sounds.


  • #9
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    spin777 wrote: »
    not if it's a reputable auctioneer.
    speaking of oxymorons.....


  • #10
    spin777
    Registered Users, Registered Users 2 Posts: 56 ✭✭spin777


    Eldarion wrote: »
    What makes you think they didn't get back to the OP? He knows he's been gazumped and he knows by how much because he has said himself they can't match the gazumper's bid. Not saying it's above board but definitely seems like a legitimate gazump, as oxymoronic as that sounds.

    He said they "can't" match the offer, I thought he meant they werent given the opportunity rather than 'they couldnt match it financially'.

    But if it is as you say then it seems like a straight forward gazump...


  • #11
    meathstevie
    Registered Users, Registered Users 2 Posts: 4,777 ✭✭✭meathstevie


    Tell that auctioneer to refund your money ASAP and kindly tell them that you will not hesitate to tell everyone who wants to know that their word is worth nothing since they have already accepted an amount of cash for the deal and are now reneging on their word.

    If you behaved like that in for example a cattle mart it you'd drive into the yard again at your own risk.

    Essentially call their bluff with as much of a brass neck as they're having trying to squeeze a few more thousands out of you.


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  • #12
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    meathstevie wrote: »
    Tell that auctioneer to refund your money ASAP and kindly tell them that you will not hesitate to tell everyone who wants to know that their word is worth nothing since they have already accepted an amount of cash for the deal and are now reneging on their word.

    If you behaved like that in for example a cattle mart it you'd drive into the yard again at your own risk.

    Essentially call their bluff with as much of a brass neck as they're having trying to squeeze a few more thousands out of you.
    How about reading the OP before tendering advice? We have been told
    ... the seller has been approached privately by a cash buyer ...
    Nothing to do with the auctioneer, and seeking to damage his/her reputation because of the behaviour of the vendor is quite wrong.


  • #13
    f3232
    Registered Users, Registered Users 2 Posts: 155 ✭✭f3232


    the seller has been approached privately by a cash buyer

    P. Breathnach wrote: »
    How about reading the OP before tendering advice? We have been told

    Nothing to do with the auctioneer, and seeking to damage his/her reputation because of the behaviour of the vendor is quite wrong.

    And i wonder who has informed the OP that "... the seller has been approached privately by a cash buyer"?

    Someone covering their ass maybe?


  • #14
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    f3232 wrote: »
    ...
    And i wonder who has informed the OP that "... the seller has been approached privately by a cash buyer"?

    Someone covering their ass maybe?
    It seem obvious that the auctioneer told OP, and I can't see what else the auctioneer might have done. OP needed to know that the deal was screwed.

    You might say it was ass-covering, but if you were an EA trying to do the right thing, you would want to cover your ass if your client misbehaved. You can't reasonably read more into it than that.


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