What is gazumping? And how can I reduce the chances of it happening to me?
Gazumping is a term used when a seller accepts an offer from a buyer, only to then accept a higher offer from someone else. This can be very disappointing and costly (if the buyer has conducted a survey for example or paid any legal fees) for the buyer who had their offer accepted first. Either the first buyer would need to increase their offer to match the higher offer or accept that they have lost the property. Estate agents are legally obliged to inform sellers of all offers made on their property at any time before exchange of contracts. To reduce the chances of this happening ensure the property is taken off the market once your offer has been accepted and no more viewings occur, complete the steps of the sale in a timely manner eg. surveys etc and keep the buyer/ agent informed of the steps you are taking to complete the sale.
3rd July 2015
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