Hi,
I am currently trying to buy a property, and the vendors accpeted an offer, but i contacted the estate agent and ask him to submit my offer anyway. He was very unwilling to do this (submit my offer) and had a bunch of excuses about the vendor “just wanting it sold” I told him thats not my problem and to just let the vendors know.Has anyone else had problem agenets like this?
It was like i was gazumping HIM, maybe it was his mates offer?
I feel ripped off if they don’t take the highest offer! (yes i know so will the other guy…)
[grrr]Steve,
I know when I have an offer accepted, I ask the RE agent if they will accept no further offers. I look at it this way… if the vendor wants to continue negotiating, they will not accept any offer- as in, they’ll allow vendors to engage in some kind of “bidding war”, but when a vendor sees a serious offer, they are entitled to accept that offer.
If the offer from another buyer has been accepted by the owner, why are you so upset?
kay henry
Hi Steve,
Not too many buyers have an understanding for gazumping, and how frustrating it can be, especially if it has never happened to them. It is really a form of “dirty pool” and unfortunately there is no law to prevent it, most of it is greed driven, and for the poor unsuspecting buyer, it can be very heart-breaking especially if they really had their heart set on the property!!
I know from personal experience what this is like, and how annoying it can be!!! Take heart though….Don’t let it bother you; there are other properties, and 9 times out of 10 you will find an alternative property that will make you glad you missed out on the last (gazumped) one!!!
Cheers,
Jo
I think Steve is trying to gazump, on this occasion.
kay henry
Originally posted by kay henry:I think Steve is trying to gazump, on this occasion.
You’re being funny right??????[lmao]??????
Anywone who has ever been “gazumped” will not see it as humourous!!![thumbsdownanim!!!We have had the opposite problem so my sympathies are with the agent and the vendor! It seems to me to be unethical, or immoral, or bad manners or something to accept an offer and then break it for a different offer. Where is the personal integrity? We have agents that we will no longer deal with because we can not trust their integrity, a contract is a contract!
I agree, Wilf and Noreen. Once a buyer’s offer has been accepted, that buyer often will proceed to have pest/building/bodycorp inspections organised, before the contract is signed, to speed things up.
To be gazumped causes hassle and upsets.[confused2]Celivia
Hi Wilf and Norene,
I agree, I feel for all parties concerned. It is, as I said “dirty pool” and although underhanded behaviour, it does happen from time to time, and if you’re unfortunate enough to be exposed to it; it becomes very frustrating!!
There is a great deal of trust that goes into both buying and selling property, for all involved to supposedly “do the right thing”; ah yes well maybe in an ideal world, but alas not always so in the “real” one!! [glum2]
Cheers,
Jo
i think steve is being harsh….
if you snooze you lose….
your offer was too late my man…
Hi Steve,
After re-reading your post, I got the impression your offer (that the agent refused to submit) was not a counter offer, but rather your first offer; is that correct?
If so, then hate to say, but you were not “gazumped” you were (as Aussie said) just too late!!
Cheers,
Jo
Yes i was snoozing[sleepyanim] Yes I am the one doing the gazumping (sorry for all those who have every been gazumped) I only saw the place the other day, thats why our offer was late, but we really wanted it. I know the ethical dilemma with it (gazumping) but we’ve been done before, and its very dissapointing i know, but it seems quite common[glum2] is it not?
I’m not upset about missing out on the property if that comes to pass, i was upset about the agents reluctantness to put the offer through, I would have thought a extra 5 grand was and extra 5 grand? or is it? (I guess the onwers have their own goals and ofcourse morals [hmm])
Thanks for your input guys.
CheersSo you are blaming an agent for being ethical… very interesting.
David J
Licenced Agent/Sales ManagerThose ethical agents – give all the other Real Estate agents a bad name!
I alway enjoy seeing people rail about unethical agents, then discuss ways of wriggling out of legitimite agreements or coming up with unethical methods to bypass agents.
If we, as property buyers, expect ethical agents we have to behave ethically ourselves.
Cheers,
Aceyducey
so can you get medicasion for this condition [wacko] or wot? [tongue]
nah really dude you should keep your eyes & ears open when you interest in some place otherwose this is wot happen!
better luck nest time man!
move on! [biggrin]I have to agree with Monopoly and Wilf and Norene and then some on this one. Not so much the posted question, but this pathetic cop out word called ‘GAZUMPING’. It’s been used to describe everything from ‘being told’ your offer ‘was too low’, to knocking back legally bound contracts to onsell to a higher bidder from vendors who can see a huge capital gain at stake to be made. I agree with you Jo that when this occurs you must see it for what it is (or isn’t!) and learn from this excuse to become more astute as a property investor. From there something positive from something negative can develop.
Cheers,
Gatsby.
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