We’ve had plenty of #Gazumping so why not #Gazundering now?
For many years there have been house price increases and with it comes the theme of gazumping and especially for within the world of those highly demanded property and locations… For the buyer it is a nervous waiting period scared that not only a chain collapse could hinder their chances of getting a dream property, but also the fact that someone could offer more on the property and you are gazumped. Happy days for property owners!
So, market is in a downturn and demand for property is falling so the opposite should also show it’s colours then no? The buyer wants to buy a property and an offer is accepted, but more and more houses are coming on to the market and more and more reductions are also hitting the scene so choice in plenty and bargains are calling… Gazundering becomes the friend of the house buyer and the nervous times sits on the lap of the vendor.
Gazumping / gazundering are legal despite the government only last year stating they would clamp down on it and your friendly estate agent is of course obliged to put forward offers on a property.
“‘Gazundering’ Seen as Growing Problem for U.K. Housing Market” a recent report on the Bloomberg website.
How to avoid being Gazumped
Ask for property to be removed from the market
If you have signed off on the price, try asking the seller to remove from the marketplace. This will reduce gazumping, but the agent is still legally required to pass on any bids to the seller until final completion
Act Quickly
Acting quickly will reduce the time the property is on the market, and this is the time that you can get gazumped. Move quickly and put pressure on anyone in the chain that are dragging their feet
Get Insurance
Moving quickly and requesting the owner to remove property from the marketplace will reduce the risk of losing out on your dream property, but risk still exists. Homebuyers protection insurance is also available. House buyer insurance will make sure you do not lose out on legal costs, search fees and other associated house buying fees.
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