Gazumped!

[Lou G]

Just had a chat with my younger sister, they have rented their house out last week, on a years contract so until they exchange on their new house this week they are staying with family. The house they are buying was SSTC but the purchaser pulled out and my sister stepped in to the rescue. Due to exchange today and the original purchaser has come back and offered 5k more. Purchasing for £300k.

The owners know my sister has a young family and is committed to this sale, stepped in and rushed solicitors for quick sale. The owners are now "thinking" about the other offer as £5k is alot of money and my sister will find out tomorrow whats happening. My sister cannot afford the extra £5k so looks like they will loose the house.

Obviously knowing how bearish we are on property (we have STR), it is being highlighted to me just how much the market is crashing here when this is happening.!! I am also being told by other friends that Roger Bootle is saying that interest rates will be 3.5 next summer so there is no way house prices will fall...

I know we are in a bubble and sometimes I get so frustrated that others just don't see the picture, anybody else get fed up at times.!!

[RichM]

Well I guess in an odd way it could turn out to be a good thing they LOSE the house.

Edited October 6, 2005 by RichM

[Casual Observer]

Well I guess in an odd way it could turn out to be a good thing they LOSE the house.

Could they loosen the millstone round their neck?

[Lou G]

I know my spelling is bad sometimes, oh well, been a long day. Just found out a good supplier I use is closing down with the loss of 13 jobs.! Says alot about whats happening on the ground hey..

While I feel sorry for my sister, I don't appreciate them taking the p*ss out of us renting and having bearish views.!!

[Card]

Just had a chat with my younger sister, they have rented their house out last week, on a years contract so until they exchange on their new house this week they are staying with family. The house they are buying was SSTC but the purchaser pulled out and my sister stepped in to the rescue. Due to exchange today and the original purchaser has come back and offered 5k more. Purchasing for £300k.

The owners know my sister has a young family and is committed to this sale, stepped in and rushed solicitors for quick sale. The owners are now "thinking" about the other offer as £5k is alot of money and my sister will find out tomorrow whats happening. My sister cannot afford the extra £5k so looks like they will loose the house.

Obviously knowing how bearish we are on property (we have STR), it is being highlighted to me just how much the market is crashing here when this is happening.!! I am also being told by other friends that Roger Bootle is saying that interest rates will be 3.5 next summer so there is no way house prices will fall...

I know we are in a bubble and sometimes I get so frustrated that others just don't see the picture, anybody else get fed up at times.!!

AWOOGA.

[RichM]

AWOOGA.

He's not an awooga. Things are still selling, we all know that really. Just not that much.

Don't worry Lou G, just because you're spelling isnt as good as mine I wont think anywurse of you.

[IMupNorth]

The trouble is that most people are completely accepting of the fact that house prices are high and don't really see it as a problem.

And thats another reason why prices won't crash, the sentiment just isn't there for one. Until people are forced to change their ideas by a real shortage of cash in their pockets, then high house prices are here to stay.

In fact people are almost proud to say how their house is worth and some are even prouder to say just how much they paid - its a mark of how a big a person they really are.

Crash ? - its not happening, is it !

[Lou G]

He's not an awooga. Things are still selling, we all know that really. Just not that much.

Don't worry Lou G, just because you're spelling isnt as good as mine I wont think anywurse of you.

Why, thank you Rich M. Funny how everybody always presumes posters are male.!

I'm a Yorkshire Lass.!!

[uro_who]

Just remember that once the recession started in the 1990's interest rates were halved again from the 14.5%. It didn't make a blind bit of notice. It was seen as a sign of the poor state of the economy and everyone became far to nervous to go about spending over the odds on houses.

I listened to radio five this am and their telephone poll had 78% of people feeling worse off than a year ago. That's 78% of people less likely to find yet more money to compete for a house. And they weren't the usual miserable HPC gits that we are.

Just because the original purchaser came back doesn't mean it's an over heating property market. I'd have been more impressed if it was a third party. It's basically a folle a deux, or whatever it's called!

Here in Derbyshire 25k is coming off the properties I'm looking at every quarter and most are still not selling.

Look at the graphs placed elsewhere on the forum, when prices go up or down the further north you are the more delayed it is. Just like films used to be!

Don't panic, keep a steady nerve.

Edited October 6, 2005 by uro_who

[Card]

He's not an awooga. Things are still selling, we all know that really. Just not that much.

Don't worry Lou G, just because you're spelling isnt as good as mine I wont think anywurse of you.

This person definately is an AWOOGA. The argument just doesn't ring true at all.

Look at the dramatisation :- gazump right on the very day of exchange. Cr@p!

The appeal :- 5k is a lot of money... 5k is nothing to someone who can afford 300k on an overpriced house.

Go home!

[boom_and_bust]

The trouble is that most people are completely accepting of the fact that house prices are high and don't really see it as a problem.

And thats another reason why prices won't crash, the sentiment just isn't there for one. Until people are forced to change their ideas by a real shortage of cash in their pockets, then high house prices are here to stay.

In fact people are almost proud to say how their house is worth and some are even prouder to say just how much they paid - its a mark of how a big a person they really are.

Crash ? - its not happening, is it !

Hi,

I like your posts. But come on, you are an EA, right, at the very least, someone who works in sales. You always have those little throw off lines like 'its a mark of how a big a person they really are', that kind of thing that is straight out of weekend training campus at a corporate sales college or suchlike. Am I right or am I right? Eh?

[Lou G]

This person definately is an AWOOGA. The argument just doesn't ring true at all.

Look at the dramatisation :- gazump right on the very day of exchange. Cr@p!

The appeal :- 5k is a lot of money... 5k is nothing to someone who can afford 300k on an overpriced house.

Go home!

Excuse me, I have been a poster on this site since January 04, back in the old days.!! Why on earth do you believe this can't be happening.! The fact is that my sister has got some much "debt" she cannot afford another £5k. !!. They have re-mortgaged their house and rented it out in order to move to a new village and purchase another house. I believe its calling let to buy.

The original purchaser has come back and offered more, the vendors are playing games and would like my sister to up her offer to match.! This does happen.

I take great offence at being called an Awooga.!

Lou.

[the end is a bit nigher]

Excuse me, I have been a poster on this site since January 04, back in the old days.!! Why on earth do you believe this can't be happening.! The fact is that my sister has got some much "debt" she cannot afford another £5k. !!. They have re-mortgaged their house and rented it out in order to move to a new village and purchase another house. I believe its calling let to buy.

The original purchaser has come back and offered more, the vendors are playing games and would like my sister to up her offer to match.! This does happen.

I take great offence at being called an Awooga.!

Lou.

I'll vouch for her. Read some of her posts on Yorkshire Prices. I live nearby and know what she is saying is true.

[RichM]

I'm a hpc VETERAN and I say Lou G is both i) not an awooga, and ii) a man. I can tell from the way he constructs his sentences.

Card, I think it's best for everyone if you just say sorry.

[theChuz]

I take great offence at being called an Awooga.!

Lou.

Awooga is just a noise of a troll alert. You dont really get called one its just a sound.

[rainbow]

One mans stagnation is another mans crash!

I went in to get details of this property a month ago, it was then £275K, it was in the local property paper today, reduced to £235K.

http://www.rightmove.co.uk/viewdetails-949...a_n=13&tr_t=buy

I have been watching this development, which was extremely sought after when it was built in 2002.

The original purchaser paid £225K on 20/9/02, then flipped it for £250k on 10/4/03, if you take into account fees, current vendor looking at a £25K loss over 2 and half years without taking into account mortgage payments.

Flat 65, BH5 1BT, check it out on nethouseprices if in doubt.

[BandWagon]

I know a FTB who is currently paying full asking price for a property in a skanky part of South London.

I know another who is buying in Peckham (a young banker) because he can't afford anything else, and he thinks he needs to get on the ladder.

I've given them a few articles to read, but most people think that it's a good time to buy.

So I just keep my mouth shut.

[Lou G]

I'll vouch for her. Read some of her posts on Yorkshire Prices. I live nearby and know what she is saying is true.

I'm a hpc VETERAN and I say Lou G is both i) not an awooga, and ii) a man. I can tell from the way he constructs his sentences.

Card, I think it's best for everyone if you just say sorry.

Thanks. I need the support of this forum,! without it I think I would go mad as all family and friends just do not see the picture when it comes to house prices. Its very hard to go against the crowd and to find like minded people here gives me great assurance.

[Elizabeth]

Just had a chat with my younger sister, they have rented their house out last week, on a years contract so until they exchange on their new house this week they are staying with family. The house they are buying was SSTC but the purchaser pulled out and my sister stepped in to the rescue. Due to exchange today and the original purchaser has come back and offered 5k more. Purchasing for £300k.

The owners know my sister has a young family and is committed to this sale, stepped in and rushed solicitors for quick sale. The owners are now "thinking" about the other offer as £5k is alot of money and my sister will find out tomorrow whats happening. My sister cannot afford the extra £5k so looks like they will loose the house.

Obviously knowing how bearish we are on property (we have STR), it is being highlighted to me just how much the market is crashing here when this is happening.!! I am also being told by other friends that Roger Bootle is saying that interest rates will be 3.5 next summer so there is no way house prices will fall...

I know we are in a bubble and sometimes I get so frustrated that others just don't see the picture, anybody else get fed up at times.!!

Tell your sis, never get too attached to one house. Its a house. Not a child, not your mum, not your lover, not your big sister... at the end of the day just a bunch of bricks and goo. The thing I learned accidentally about haggling is that if you really don't look like you care then it is often thrown at you (because I really didn't and it really was in a Hong Kong market - never managed to do that well again).

Anyway, I too have seen somewhere that I really really love, but I refuse to break my back for it. At the end of the day I won't die, if I let one dream die to allow an unknown other... I am getting far too contemplative now, but try to stay cool... and be careful of re-committing to these people. They sound slippery as a ducks a**se.

[dunroamin]

Thanks. I need the support of this forum,! without it I think I would go mad as all family and friends just do not see the picture when it comes to house prices. Its very hard to go against the crowd and to find like minded people here gives me great assurance.

don't worry - it won't be long now before they "come round".

my mum was on the phone this week quoting me dad saying "our dunroamin was right you know!" (we used to squabble about houses and the economy a lot a while back)

think it must have been the express headline that done it - but its out there.

[Catch22]

Thanks. I need the support of this forum,! without it I think I would go mad as all family and friends just do not see the picture when it comes to house prices. Its very hard to go against the crowd and to find like minded people here gives me great assurance.

For christs sake I know Lou G is a Wife and Mother from Harrogate, so cut the crap about her being a Troll or a bloke. Your just making yourselves sound stupid, if your pist or smoking wacky baccy your forgiven...........................just this once OK

Edited October 7, 2005 by Catch22

[Bluelady]

Just had a chat with my younger sister, they have rented their house out last week, on a years contract so until they exchange on their new house this week they are staying with family. The house they are buying was SSTC but the purchaser pulled out and my sister stepped in to the rescue. Due to exchange today and the original purchaser has come back and offered 5k more. Purchasing for £300k.

The owners know my sister has a young family and is committed to this sale, stepped in and rushed solicitors for quick sale. The owners are now "thinking" about the other offer as £5k is alot of money and my sister will find out tomorrow whats happening. My sister cannot afford the extra £5k so looks like they will loose the house.

Obviously knowing how bearish we are on property (we have STR), it is being highlighted to me just how much the market is crashing here when this is happening.!! I am also being told by other friends that Roger Bootle is saying that interest rates will be 3.5 next summer so there is no way house prices will fall...

I know we are in a bubble and sometimes I get so frustrated that others just don't see the picture, anybody else get fed up at times.!!

How is this evidence of a crashing market? Surely it's quite the reverse? Gazumping happens in a buoyant market, gazundering is what happens when prices are crashing.

[Rachel]

i had a linda gazumping problem last year. I has put in the asking price offer on a small 1 bed flat £98,000 which the vendor offered. He then proceeded to rush the conveyancing process thrrough saying he needed to finish on a certain date. So my solicitor complyed and then 1 week before completion the vendor comes back and says that he has had an independant EA tell him the flat was worth £110,000 and that he would let me have it for £104,000! How kind!

I didn't have the money and the flat wasn't worth that, plus his own EA was extremely pissed off because they knew the flat wasn't worth that plus it was a ridiculous time to start doing something like that!

so i told the vendor where to go....hell that is! and he lost the sale and the flat was on the market 5 months later! Though i lost approx £1000 in the process, i wasn't goinng to be held hostage.

Rachel

[Warwickshire Lad]

Though i lost approx £1000 in the process, i wasn't goinng to be held hostage.

Good for you Rachel - it also takes guts to walk away, and tell them where to stick it. The emotional involvement in buying property often makes people bid up the price unnecessarily, and the EAs know this.

I think that the best approach to buying a house should be not to show any emotion at all. Even when your viewing - even though you may be excited as hell - look miserable.

That way your not laying yourself open to be taken as an emotional hostage.

[Nomadd]

The trouble is that most people are completely accepting of the fact that house prices are high and don't really see it as a problem.

And thats another reason why prices won't crash, the sentiment just isn't there for one.

Absolutely. I think small 1 bed flats in Wales will be £20 million after next years mandatory Spring Bounce. Most people will just 'accept' it and everything will be just fine. Simple, isn't it? No chance of a crash - no matter how high house prices go - as 'sentiment' just won't allow it.

The only tiny thing that confuses me is how these accepting people are supposed to pay for these houses. Or are the banks going to by just as accepting when mortgage payments aren't met?

Nomadd