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11-01-2019, 14:40   #1
Beanie5
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Gazumpted

Hi All,

We were caught in a bidding war over the past few weeks, found out last week that our offer had been accepted and we were delighted. So we've spent the last week getting our letter of offer issued, getting our solicitor in contact with the auctioneer, putting down the deposit etc. Auctioneer emailed us a receipt and told us the house was now off the market and we were sale agreed.

Got a phone call last night to say the underbidder had a change of heart, went and drove to the sellers house and made them an offer of 10k more. So the seller has decided to go with them- even though they're not even mortgage approved yet. We're not in a position to offer anymore at the moment unfortunately, plus the house really isn't worth another 20k.

Is there anything at all we can do in this position? Or is it just take the deposit back and get over it?
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11-01-2019, 14:44   #2
drunkmonkey
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Yea tell them your offer is good until 4pm Monday or your withdrawing it. Your mortgage approved the other buyer made an offer with magic beans.
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11-01-2019, 14:50   #3
Beanie5
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Thanks drunkmonkey. Might be worth a shot.

It did cross my mind the auctioneer was playing us, but she's since emailed to ask for bank details to refund the deposit so it's not looking too good.

She also told me that this other bidder is waiting on the sale of their house to go through, but they've said it's going to go through today. At 34 weeks pregnant I really didn't need this stress!!
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11-01-2019, 14:50   #4
rgodard80a
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Yea tell them your offer is good until 4pm Monday or your withdrawing it.
Not a question of withdrawing, it was rejected.
So definitely take your deposit back, it's your money.

IF... the gazumping underbidders sale falls through and they try to come crawling back to take your offer, then you say your offer is reduced by say €2k for the inconvenience/costs.

But basically, the seller is in control.
Take your money and let it go.
You will only be in a position of control if they come back later, if the other bid/sale falls through.

Ps. just because the seller accepts 10k+ over your offer, doesn't mean you need to offer 20k+.
In theory, they'd probably accept matching their offer if you had mortgage approval and the others didn't.
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11-01-2019, 15:02   #5
Beanie5
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Thanks All, hopefully it will all work out.

Rgodard80a, sorry that's a typo....meant another 10k. Even when bidding we were going up in smaller increments - €500/€1000 but from the start this "underbidder" was driving up the price. Jumping at least 5k every time. They're now nearly 20% up on the initial asking price thanks to their wild bids though.
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11-01-2019, 15:27   #6
whiskeyman
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That's crap OP.
But nothing in place to stop in happening it seems.
I know it's hard to hear, but maybe it wasn't meant to be. Or maybe they will come back grovelling to you if their offer falls through.
Either way, best of luck!
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11-01-2019, 17:25   #7
the_syco
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Originally Posted by Beanie5 View Post
She also told me that this other bidder is waiting on the sale of their house to go through, but they've said it's going to go through today. At 34 weeks pregnant I really didn't need this stress!!
Wish them luck with being part of the chain, as unless the keys were given, the other sale could fall through yet!

Let them know that your offer stands until Monday CoB.
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11-01-2019, 18:36   #8
Edgware
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As the others recommend tell them the offer stands until a certain date. Then walk away.
It is a very stressful procedure and nothing is definite until contracts are signed.
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11-01-2019, 19:41   #9
the_syco
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It is a very stressful procedure and nothing is definite until contracts are signed.
Nothing is definite until you get the keys, tbh.
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11-01-2019, 20:41   #10
CollyFlower
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Just say that your offer still stands and you won't be upping it, I wouldn't even give them a date.
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11-01-2019, 20:55   #11
Beanie5
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That what we've done CollyFlower. The whole thing seems a bit odd to be honest. Auctioneer called me again this evening apologising, in fairness she sounded confused with the whole situation too. The underbidder was suppose to send on proof of funds early this morning, and she said she hasn't heard a word. She thinks it could all fall through over the weekend yet. Who knows!
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11-01-2019, 20:58   #12
dubrov
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Quote:
Originally Posted by Beanie5
That what we've done CollyFlower. The whole thing seems a bit odd to be honest. Auctioneer called me again this evening apologising, in fairness she sounded confused with the whole situation too. The underbidder was suppose to send on proof of funds early this morning, and she said she hasn't heard a word. She thinks it could all fall through over the weekend yet. Who knows!
Sounds like you've been bidding against another bidder who didn't have the funds.

I'd be seriously reconsidering your offer downward especially given the seller has already shown that they have no qualms dropping you after going sale agreed.

Just consider how painful it would be if they dropped you 4 months from now after paying for a solicitor.
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11-01-2019, 21:00   #13
rn
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Hopefully will work out for you. Don't go tinkering with your offer, despite the inconvenience or annoyance. It's a sellers market unfortunately.
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11-01-2019, 21:51   #14
CollyFlower
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Quote:
Originally Posted by Beanie5 View Post
That what we've done CollyFlower. The whole thing seems a bit odd to be honest. Auctioneer called me again this evening apologising, in fairness she sounded confused with the whole situation too. The underbidder was suppose to send on proof of funds early this morning, and she said she hasn't heard a word. She thinks it could all fall through over the weekend yet. Who knows!


The auctioneer could be bullshiing.. if she "sounded confused" sounds like she doesn't know what she's doing,
could be she's chancing her arm and hoping you'll upp your bid. Stick to your guns and don't upp your offer.
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11-01-2019, 21:53   #15
Johnnyhpipe
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Originally Posted by Beanie5 View Post
That what we've done CollyFlower. The whole thing seems a bit odd to be honest. Auctioneer called me again this evening apologising, in fairness she sounded confused with the whole situation too. The underbidder was suppose to send on proof of funds early this morning, and she said she hasn't heard a word. She thinks it could all fall through over the weekend yet. Who knows!
Chancing her arm to boost her % commission more like. Hold fast!
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