The Ethics and Legalities of Gazumping

[joycenmat]

Do not reject offer two because you are intimidated or believe what no 1 says.

I would take offer two. Its cash and genuine. And if there is so much interest, maybe you can raise the price

I think sometimes we feel inclined to obey number one's actions because he has insulted us therefore we feel obliged to prove him wroong and sell to him. However the only person that should have a guilty conscience and feel immoral is him for not being more sensitive to your needs.

Any good buyer or salesmen know that service is key, every customer is a guest and you have to always treat people right. Its for integrity and credibility. This guy sounds like bullying has worked in the past. Make a stand. Say no. Call the bluff and tell him to tell the world. You dont care your doing what you feel is right. Most little girls like him back down when you stanf there height and hold your ground.

And he has no second thoughts to any inconvenience's he has put you through so therefore you could tell him your even as you consider what he done as immoral and unethical. And he went against his word so outright, he is a liar.

Good luck. Stop thinking about him and do what you feels right. Sounds like you already knw what you want to do and need us to validate that. Go ahead take number two's offer and never deal with bumber one again. Tell him you'll also tell everyone about him...as there are always two sides to a story.

 

[Amadio]

In the UK I was gazundered .. something not possible I think in Oz, where the buyer lowers their price at the last minute since they never have to commit or pay any deposit at any stage. And since conveyancing takes many months (7 months for me after finding a buyer in 2 days...) you tend to accept the gazunder since you're so fed up with the whole crappy process. it sucks.
http://en.wiktionary.org/wiki/gazunder

Gazundered! What a great word.

But my goodness, buyers don't have to put down a deposit in the UK? How amazing.

pennyB - I agree with the others. There is a very inethical bully in your scenario and it's not you. Good luck.

 

[Bargain Hunter]

Penny,

You have done the right thing and have acted all above board.

There is no committment from either you or the purchaser until you both sign the contract, up until that point even if an offer is verbally accepted you can accept other offers or even remove the property from the market all together, the buyer can continue to merrily make offers on other properties or decide not to buy at all. In this case they wanted to reduce their offer, well good for them.

By making a reduced offer the purchaser has re-opened negotitations. You did not accept their revised offer, nor have you accepted their previous offer when resubmitted. They wanted to play the game and they lost.

Accept the other persons offer, sell the property and let the tosser sulk in the corner.

Regards

Andrew

 

[pennyB]

Re Is this gazumping?

Thankyou all so much. I'm reassured by all your responses. Everyone I know here is saying the same thing.I still feel very bad about letting the first buyer down and very guilty but I also know I am very easily intimidated . The whole thing has made me so ill I can't handle it any more but luckily I have a much tougher friend who is going to act for me from now on. I think buyer no. 1 - whom I've known for years and is someone who has bullied me before - is going to be very upset. And I do feel very bad about that.

 

[Piston Broke]

someone who has bullied me before - is going to be very upset. And I do feel very bad about that.

First, happy to have helped if i did.
Second i really dont know why you would feel bad about someone who tried to rip you off being upset.
Most of us would've probly gone out our way to make him much more upset for the honour.
I guess I would've sold it to someone else and left him hanging, just like he did to you.
And if it was someone I knew, it'd be fun reminding them at every chance.