An agent has publicly revealed how he has been gazumped on his own home purchase.
Writing in the London Evening Standard’s ‘diary of an estate agent’ column, Jonathan Hudson, of Hudson Property, said he was devastated by the turn of events.
He told Eye that the gazumping has only just happened. He said: “I am on the look again for something else – feeling bruised but determined. I feel like I have been dumped by a girlfriend.”
His diary reads:
Wednesday
I’m trying to sort out my own purchase of a flat outside London, which requires me to arrange a deed of variation on the lease to protect all the owners.
I need to get this signed by the upstairs owner quickly, before my mortgage offer expires.
I expect a quick response but I receive an email from him saying he won’t be rushing to help me, even though it helps him. His tone doesn’t feel right to me…”
Thursday
I receive a call at 11am from the agent dealing with my property purchase. He informs me the deal on the flat I was in the process of buying has fallen through.
I’m devastated by this news – it turns out the upstairs flat owner has decided he wants the apartment below and has gazumped me.
At Hudsons, when we have a similar situation, out of common courtesy we always advise the seller to get back to the existing buyer to give them a chance to either match the bid, or to offer more money. I ask my agent to call the seller, but the seller doesn’t return my agent’s calls.
Friday
After the bad news I received yesterday, I wake up at 5.20am with my mind whizzing round with ways to resolve my purchase. I compose an email to the seller offering more money with an offer of immediate exchange.
At 5pm I receive more bad news on my flat – the seller won’t accept my much-improved offer. It happens to us agents, too.
Comments (8)
Otherwise you are just another member of the general public that wants to blame the agent when everything goes wrong…
I dont see any likes on my comment not agreeing with Mr May. The point isnt that WE need empathy, the point is we need 'them' to have the empathy and understanding of the situations their greed and manipulation puts the other party in, and therefore us in trying to deal with it…… Isnt it?
Strange comment Mr May, what agent doesnt have a full understanding of the greed and single mindedness of buyers and sellers, we deal with it every day!
It shouldn't be a strange comment, many negotiators or agents have never bought and many have never sold a place of their own, even fewer have been sat packed up ready to move waiting for an exchange and completion having invested both money and emotion into the process.
I became a better negotiator once I got churned by a purchaser.
I too was gazumped many years ago and this article brought it all back. I had, until today not thought about it for many years. It isn't a nice feeling but surely as agents, even applying heaps of empathy and sympathy doesn't make the gazumped purchaser think any more or less of us….they just want to buy the property. As for putting a razor sharp edge on a sales negotiator, I think that's a bit much….it is another valid experience , and I think a whole range of experiences makes for a good neg.
Wilko, I am not suggesting sympathy and as I haven't explained how the experience of sitting beside the telephone admid cardboard boxes waiting to exchange and complete helped me in every single deal I did after that point I can't really blame you for not grasping how I benefitted from both the financial and emotional cost of losing our dream home. I was taught the benefit of building rock solid sales that did not fall through.
Peebee You'll have to explain the benefits of likes, where do I redeem them? I actally don't mind the discussion, my knowledge and understanding of the industry is sound enough to enjoy the debate. When I sat here posting this morning I knew full well there would be people who would not understand what I was typing because they have not been in the situation.
Beano isn't wrong in what he/she has typed but when is comes to the razor edge I would have advantage over him/her simply because what they refer to as greed has every chance of being something else like necessity.
Says wilko – "As for putting a razor sharp edge on a sales negotiator, I think that's a bit much…."
Robert – if you stated that tomorrow was Saturday you'd get someone arguing the t0$$ with you – and of course they would get all the 'Likes' to their post… ;o)
Something like this never feels great but from personal experience it really is one of the best things that can happen to an agent. Having an understanding of the situation and the empathy of the emotions that both vendor and buyer go through really does put a razor sharp edge on a good sales person and improve their ability to negotiate and close solid sales.