I was really unpleasantly surprised to see on page VIII of this weeks Gazette property section, that Underhill seem to be encouraging gazumping. I can't say that I've ever seen an advert like this other than on a repossession, which this doesn't appear to be:
"An offer of £172,000 has been made on this property, anyone wishing to increase on this offer may do so before exchange of contracts."
I'd be fuming if it was my offer that has obviously been accepted, but the seller is blatantly willing to rug from underneath my feet right up to the day of contract exchange. Is this allowed? Maybe legally, but not morally.
I thought gazumping was made illegal a few years ago??
I suspect it probably is a bank sale, they're just not saying so. I know of another property in that boat but it's not being marketed as such.
User4549, sadly gazumping isn't illegal in this country. It should be though.
Dorian, normally on a repo job, I'm sure the advert says so. But this one doesn't. It should do though.
Knowing it's a repossession probably encourages low balling and time wasters, so why advertise the fact up front. The one I enquired about isn't flagged up but the agent advised me it meant any offer the bank was prepared to accept would be published prior to exchange. That put me off it.
Just checked and it seems gazumping is illegal in Scotland.
@JC - Why don't u phone the estate agents and find out what is actually going on instead of jumping to possibly unfounded libalious accusations!
If a property is repossed and an offer is made the estate agent does have to put it in the paper to allow anybody else who wants to to make an offer. If you telephone the estate agent they will give you the exact details and reasons behind it. I think the bank are obliged to get the best price possible.
Old Fart. Thanks for that really constructive suggestion. I don't know why I didn't think of it before!
Nothing libelous here because nothing illegal has been done or suggested has been done. Though you might want to take a screenshot just in case...
@JC - No need to thank me, although accepted.