What is 'gazumping', is it legal and how can I avoid it? 😤
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
What is 'gazumping'?
➡ 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! 👍
Here's some advice on how to avoid being gazumped...
💡 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 Emma Travers, Head of Conveyancing at Cavendish Residential (emma.travers@cavendishproperty.co.uk) - Emma is an expert when it comes to progressing your offer through to the signing and exchanging of your contract 🤝
📸 Emma Travers, Head of Conveyancing at Cavendish Residential 📸
☎📧🗨
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#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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