Su Wall, of Newton Abbot, writes:
I recently viewed a property and decided to make an offer as it was exactly what I wanted.
My first offer was rejected, but I was told that if I offered another £3,000 it would be accepted. This I happily did and I soon received a letter confirming the acceptance of my offer. I was made aware that, as it was a repossessed property the company who currently owned it, the Halifax, wanted it to be marketed right up until exchange of contracts so someone else could come along and make a higher offer.
Unfortunately for me, this happened the very next day.
The Halifax then said they would go to best and final offers. Both parties were given a deadline in which to give their offer. But, lo and behold, we both made the same offer.
We were both then asked if we could raise our offers any further. I offered a further £2,000 (now £8,000 above my original accepted offer), but so did the other people. So then I had to wait for the Halifax to choose between us.
Happily they chose me and asked for an exchange of contracts in three weeks.
I got busy filling in my solicitor's forms, arranging my mortgage and giving notice on the house I was renting. This was on a Thursday afternoon.
Late on Friday I received a phone call from the estate agent – the other couple had offered a further £2,000 and they were legally bound to put it forward. I told them I couldn't offer any more and did not see why I should have to as I had now had two offers accepted and told it was 'best and final'.
I then had an agonising weekend waiting for Monday's verdict – would Halifax stick with me as they had said they would or just see the pound signs?
Sadly for me, they followed the money and I was gazumped.
If this has happened to me it must be happening to a lot of other people, as there are a high number of repossessed properties on the market at the moment.
The law must be changed to stop this from happening.
I had my whole future planned around the purchase of this maisonette and, because the Halifax wanted contracts exchanged quickly I had made plans that then had to be unmade. It was an extremely stressful and upsetting situation to have to go through and I wouldn't wish it on anyone.
I would just like to add that Fulford's estate agents in Newton Abbot were extremely helpful and understanding throughout and I thank them sincerely for that.