Hello

What's that in percentage terms?

Steve.

can he do that?

22% of our offer value.

No law states that you can't

Hello

Wow .. that's lots.

I was surprised to find that this is still legal. I thought that it was outlawed during the 80's boom.

Steve.

JayRaj, Would you be tempted too try this on if you were him?

Made the guy who accepted my recent offer promise to pay me back the survey fee if he wouldnt let me buy it in the end for whatever reason. He also had to take it off the market and not allow any further viewing before I would commit to the survey. Could have been £450 down the drain. (Bloody survey came back a bit rough actually and am now in two minds...)

Wish I could have told you earlier mate!

Mate he's dealing with the wrong guy. I have to get some guys to rearrange his face and house!!

Would I be tempted to do what he did , no because realistically there is not a hope in hell that he'll be able to sell his house for that price.

Tosser!!!

Call his bluff ... drop your offer price by 5 grand.

If he's trying it on he may well come back and negotiate.

If he has a real buyer then just walk away. It's 5hite, but there isn't any law (apart from morally) against what he has done.

Steve

( waiting for contract exchange - hopefully next week )

We're just buying in Devon and are getting vibes that this may happen to us. Problem is that if it becomes prevalent, when the market falls, will the few buyers around look to "reverse-gazump". ie - agree a price then get near to exchange, say markets have fallen, and negotiate further reductions.

Glad I live in Scotland. Due to difference in law this can't happen. Once an offer has been made and accepted its a legal contract.
Bad luck m8
Alasdair

JayRaj, fancy my house instead?

I promise not to gazump. :D

Same happened to me two months ago, it came to the day i was supposed to sign contracts and the guy said that he'd had the flat revalued and he wanted at least another £20k. Thats after we'd aggreed on £98K a few weeks before. W@nker.

Luckily i've now found a bigger, nicer flat for £100k but at the time i was more upset than i can remember!

"Reverse Gazumping" that could be fun!!! " well you would have done it if the market was going up"....

It would be so much better if we implemented the Scottish law on buying and selling houses. I believe that once you make a verbal offer and accept it, then it becomes binding.

Technically speaking a verbal contract is binding under English law, but you would have to go to the trouble and expense of legal action to sue the guy and prove that he had agreed to your offer - not the worth the hassle - life's a bitch :(

Chris

Sorry to hear about that mate - I know house buying can be stressful enough without that sort of thing.

So, the thing to do is get an old wreck of a car and dump it outside the house. Smash a few of the windows in it, and surely that has to put off anyone else buying it for a few weeks!

I bought a flat in Scotland 10 years ago and was stunned when the seller (or the sellers Daddy to be fair) demanded another 5% off me one week after verbally accepting my first offer! This is very rare in Scotland and my solictor was furious but we agreed to it in the end rather than bother to fight for what was a relatively small sum at the time.

PS. Reverse-Gazumping is nothing new. They even have a word for it! GAZUNDERING

Parking a scrap car outside the house is a GREAT idea!! :D

I wouldnt re-arrange his face, he can buy a LOT of muscle for that £40k - he may well re-arrange YOU!! :eek:

Its a bitch - but legal :(

Pete

I guess the only thing you can do is make every effort to exchange contracts as quickly as possible. It's normally around a month but I've known cases where the searches and various forms have been sorted in a fortnight.

Strength can be gained by being a cash buyer. I'm in a position where I might well be looking to donwsize. Current house is worth around £170k and I'd be looking for a smaller place around £120k. Contemplating renting a place for a bit while I sell, then go for the new place with mortgage offer and large deposit in hand, surely it would help?!? :confused:

Mr. Lewis,

The bloke (and no offence to anyone on here) is a ginger 4 eyed ****.

The only people I think he would know go to his wine and cheese tasting club!!

Cheers,

J

Mook - be careful not to jump off the ladder and miss out - or jump now if you think its peaked...

Put and offer for a house in April. All was going fine, solicitors sorteds, search done etc.

No the ****er wants £40k extra.

BARSTEWARD!!!

[Edited by JayRaj - 7/11/2002 5:38:36 PM]

Tell him he can stuff it, and that if the sale to the new bidders falls through, he can still stuff it.

[Edited by DavidBrown - 7/11/2002 6:14:20 PM]