We have just found out that the vendor has accepted another offer at £7000 more than ours and so we are in a contract race. Our solicitors are worse than useless and I am close to losing my marbles. Any ideas how I can keep them? I just need to take my mind off everything for a while. (Sympathy very welcome too!)
2007-03-12 09:38:52 · 4 answers · asked by Rats 4 in Business & Finance ➔ Renting & Real Estate
In the UK you make an offer, if it is accepted, you carry out searches/surveys and then exchange contracts. While I was getting searches done they got a higher offer. No contract no recompense. System sucks. We call it Gazumping when someone steals a property by outbidding. Not nice.
2007-03-12 09:53:49 · update #1
Valium and Gran Marnier
2007-03-12 10:43:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'm a Realtor in Texas, USA. This question puzzles me - am I reading it correctly? Does it say that a seller has "accepted" an offer, but you still have the option of increasing your offer to "bounce" the other buyer out of their position?
Here, once a seller has "accepted" an offer - actually signed the contract - it becomes binding, and as long as the buyer holds up their requirements, the seller does not have the option to sell to a higher bidder.
Here though, there is still the waiting periods during countering on houses. When you know that you're not the only interested party, offer what it's worth to you - if someone goes higher, then it wasn't supposed to be yours.
2007-03-12 16:46:23 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
Write a letter to the seller expressing your personal interest in the property!
2007-03-12 16:54:51 · answer #3 · answered by Inti 1 · 0⤊ 0⤋
Take a deep breath and think pleasant thoughts. It will all work out eventually. Good luck.
2007-03-12 16:42:46 · answer #4 · answered by Akbar B 6 · 0⤊ 0⤋