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Gazumped After Months of Waiting.

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Comments

  • #32
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    nectarina wrote: »
    It is a shame even if common practice; in other countries you sign a pre contract soon after closing the deal, where a time frame and conditions are set out. If any of the parties breach those terms, there are penalisations in place.

    )

    The Law Reform Commission considered the situation in Ireland and recommended no change. A buyer would have to have all surveys and title checking done before negotiating and signing a pre-contract and the result could be that the owner would refuse to deal after the intending purchaser had gone to all that expense. The same thing can happen under any regime.


  • #33
    aloooof
    Registered Users, Registered Users 2 Posts: 12,269 ✭✭✭✭aloooof


    Sounds like a horrible experience OP, appreciate you posting this hear to give others fair warning of the possibility.
    Samuel T. Cogley wrote: »
    Never ever stop looking until you're in the door of the new place. If you find something better or you're being messed about - walk.

    Would accepted advice then be to keep biding on other suitable properties, even if you're Sale Agreed on one?

    What if you're Sale Agreed on a property but the same Estate Agent has listed another house that you're interested?

    Any advice much appreciated!


  • #34
    ams
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭ams


    something similar happened to my partner and I.

    We were informed 6 months down the line that the house had been sold for social housing (for more than we had initially agreed).

    We are since living in our dream home and thanking our lucky stars that the other house fell through.

    Fingers crossed you'll be in a similar situation soon.


  • #35
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,679 ✭✭✭✭Samuel T. Cogley


    aloooof wrote: »
    Sounds like a horrible experience OP, appreciate you posting this hear to give others fair warning of the possibility.



    Would accepted advice then be to keep biding on other suitable properties, even if you're Sale Agreed on one?

    What if you're Sale Agreed on a property but the same Estate Agent has listed another house that you're interested?

    Any advice much appreciated!

    Then pull out of the sale of the first property; realising that you're going to burn your bridges with the vendor and the EA. You may very well end up coming out of a sale that's 80% complete into a quagmire. However if it's 6 months in and the first property hasn't moved it's probably time to move on. In addition the buyer pulling out can sometimes force the vendor to, if they are able, to **** or get off the pot as it were.

    You don't have to bid if you keep looking but you're be in a much better position if something goes wrong with plan A.


  • #36
    nectarina
    Registered Users, Registered Users 2 Posts: 11 ✭nectarina


    Do you know what the funny thing is?? That this house was actually our plan B!! We gave up on house Plan A after 2 months, because the owner who still lived there didn't find any other place to buy, and she promised to leave any way in a discussed time frame but not only she didn't but also she wasn't collaborative with the paperwork at all. So eventually we found this house...no wonder we don't have the energy to look for Plan C ;-)


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  • #37
    GarIT
    Registered Users, Registered Users 2 Posts: 8,641 ✭✭✭GarIT


    A bank did something similar to my mam. After 8 months sale agreed with the bank saying they'll get the paperwork sorted soon they turned around and said they wanted more money while she had been priced out of the market by waiting for almost a year total.


  • #38
    lconmara
    Registered Users, Registered Users 2 Posts: 37 ✭lconmara


    Just got Gazumped myself today for a higher offer of 10,000 despite being at conveyancing. They gave me the option to pay the extra which I said no to. Pretty disappointed as had hired surveyors and architects after going sale agreed. Looks like this practice is back.


  • #39
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,679 ✭✭✭✭Samuel T. Cogley


    lconmara wrote: »
    Just got Gazumped myself today for a higher offer of 10,000 despite being at conveyancing. They gave me the option to pay the extra which I said no to. Pretty disappointed as had hired surveyors and architects after going sale agreed. Looks like this practice is back.

    Sorry to hear, fair play for standing your ground. I hope the place the vendors by turns out to have pyrite!


  • #40
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,368 ✭✭✭✭jimmycrackcorm


    Samuel T. Cogley wrote:
    Sorry to hear, fair play for standing your ground. I hope the place the vendors by turns out to have pyrite!


    Why? Every buyer who is gazumped will still look to make the maximum when they sell. Its naive to think otherwise.


  • #41
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,679 ✭✭✭✭Samuel T. Cogley


    jimmycrackcorm wrote: »
    Why? Every buyer who is gazumped will still look to make the maximum when they sell. Its naive to think otherwise.

    There's a world of difference between trying to get the best price and gazumping someone.


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  • #42
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Samuel T. Cogley wrote: »
    There's a world of difference between trying to get the best price and gazumping someone.
    The difference is between the new price offered and the previous bid which is gazumped. It is usually only a few thousand. Not a "world of a difference".


  • #43
    Markcheese
    Registered Users, Registered Users 2 Posts: 9,013 ✭✭✭Markcheese


    I think in the case of getting gazumped, I'd rage and storm to the estate agent.... Delay for as long as possible. And keep coming back with counter bids of a few grand more than the gazumper...
    But I'd be buying a different house completely...

    Slava ukraini 🇺🇦



  • #44
    Askthe EA
    Registered Users, Registered Users 2 Posts: 723 ✭✭✭Askthe EA


    Markcheese wrote: »
    I think in the case of getting gazumped, I'd rage and storm to the estate agent.... Delay for as long as possible. And keep coming back with counter bids of a few grand more than the gazumper...
    But I'd be buying a different house completely...

    Nothing to do with the EA to be fair.


  • #45
    Markcheese
    Registered Users, Registered Users 2 Posts: 9,013 ✭✭✭Markcheese


    Askthe EA wrote: »
    Nothing to do with the EA to be fair.

    I know that, but usually the buyer has no direct contact with vendor...

    Slava ukraini 🇺🇦



  • #46
    cruizer101
    Registered Users, Registered Users 2 Posts: 3,175 ✭✭✭cruizer101


    Its thread like these that shows there needs to be an overhaul of how houses are bought and sold in Ireland, I can't see ti happening anytime soon mind.

    Auctions are actually a far fairer process as its all out in the open.


  • #47
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,679 ✭✭✭✭Samuel T. Cogley


    cruizer101 wrote: »
    Its thread like these that shows there needs to be an overhaul of how houses are bought and sold in Ireland, I can't see ti happening anytime soon mind.

    Auctions are actually a far fairer process as its all out in the open.

    No need to go as far as auctions. Just adopt the Scottish model of firm offers and proper valuations.


  • #48
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,268 Mod ✭✭✭✭godtabh


    lconmara wrote: »
    Just got Gazumped myself today for a higher offer of 10,000 despite being at conveyancing. They gave me the option to pay the extra which I said no to. Pretty disappointed as had hired surveyors and architects after going sale agreed. Looks like this practice is back.

    To be fair everything you did was at risk until contracts where signed. Not excusing what happened but I wouldnt have been appointing any one but the surveyor until it was signed, sealed and delivered.


  • #49
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Samuel T. Cogley wrote: »
    No need to go as far as auctions. Just adopt the Scottish model of firm offers and proper valuations.

    The Scottish model just transfers the risk to the pre-offer stage.


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