Gazumping is when the property vendor, after accepting your offer then accepts a higher offer from another buyer.
After hearing a story yesterday about an lady unfortunately experiencing this, now is the time to make you aware that gazumping is rearing its ugly head again! As the property marketed continues to move onwards and upwards you must be extra vigilant. It was rife in the nineties and early noughties when the property market was at its height but since the crash in 2008 it became a less common occurrence.
How do you avoid it happening to you?
- Insist the property is withdrawn from the market once your offer has been accepted.
- Offer a non-refundable deposit to show your commitment.
- Make sure you have your mortgage in principle and all your finances are in place.
- Instruct the property survey asap.
- Speed up the sale, the less time the property is on the open market the better.
From an agents point of view we are obliged to inform our vendors of any offers so it is unfair to hold an agent responsible but I do believe in the event of a higher offer situation it should be dealt with fairly and professionally.
Do you want an honest and trusted agent? Beth Alexandra Property Specialists is who you need to contact!