What is 'Gazumping', is it legal and how can I avoid it? 😤
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Okay, so we are seeing prices continue to fall... However, that certainly doesn't mean there won't be plenty of competition when you're out searching for your dream home, and until you exchange signed contracts you are susceptible to being 'gazumped'.
Here's some advice on how to avoid being gazumped...
➡ Gazumping is when, after your offer is accepted, another buyer comes along and makes a higher offer 😡
➡ It can happen at any point before contracts are signed and exchanged ✍
➡ You may even have spent time and money on getting your mortgage approved, instructing solicitors, and doing surveys, and still get gazumped 🤕
➡ You have to raise your offer or start a new property search 🤷♀️
➡ Is it legal?! In England and Wales... Yes 👩⚖️
➡ In Scotland, it's legal too - except, contracts are signed right after an offer has been accepted making gazumping almost impossible! 👍
💡 To give your best chance of not being gazumped:
1️⃣ Ask for the listing to be marked as SOLD immediately! 🤝
2️⃣ Move fast - have all your documents ready, the less time between offer and exchange the better ⏳
3️⃣ Let the seller know it's your DREAM PURCHASE and that you're SUPER ON-IT by replying to emails/phone calls immediately! The seller will be less swayed by others if they see you're doing everything you can to complete the sale 🏁
📩 Download our Buying and Selling PDF Guide right here 📩
For further advice, contact Sam Barker, Operations Director (sam.barker@cavendishproperty.co.uk) for the best advice - Sam is an ABSOLUTE EXPERT when it comes to progressing your offer through to the signing and exchanging of your contract 🤝
☎📧🗨
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