We’ve had plenty of #Gazumping so why not #Gazundering now?

March 27, 2019

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.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Finance

Your First-Time Buyer Mortgage Journey

Introduction Buying your first home is one of the biggest financial decisions you’ll ever make, and the mortgage process can feel like a maze of unfamiliar terms, forms and waiting. The good news is that mortgages for first-time buyers follow broadly the same path, and once you understand the stages involved, the process becomes far…
Read More →
Breaking News

London property values set to fall

The latest market analysis from House Buyer Bureau has found that London is now the only region of Britain where house prices continue to trend downwards, with the average home in the capital forecast to lose almost another £5,000 in value before the end of the year should current market conditions persist. House Buyer Bureau…
Read More →
Breaking News

London property values set to fall

The latest market analysis from House Buyer Bureau has found that London is now the only region of Britain where house prices continue to trend downwards, with the average home in the capital forecast to lose almost another £5,000 in value before the end of the year should current market conditions persist. House Buyer Bureau analysed…
Read More →
Breaking News

Second-steppers turn to higher LTV mortgages as deposits fall

Barclays mortgage data shows the average value of home movers’ (non-first-time buyers) deposits fell -24.8 per cent year-on-year However, the average purchase price for home movers increased 1.0 per cent year-on-year in June, as borrowers make use of higher loan-to-value mortgage products to climb the ladder 34 per cent of prospective second-steppers say they feel…
Read More →
Breaking News

Breaking Property News 23/7/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Guide to AI in Commercial Real Estate: Executive Summary by Ascendix AI in commercial real estate – a beginners manual Wes Snow, co-founder & CEO of Ascendix Technologies, ”Approximately 75% of US real estate companies have already started using AI in their operations in…
Read More →
Estate Agent Talk

Conservatories fall out of fashion

Conservatories fall out of fashion as fewer than one in 10 homes boast the former must-have feature   The latest market analysis from eXp UK has revealed that conservatories appear to have fallen out of favour with England’s homeowners, with fewer than one in 10 properties currently listed for sale offering the once-popular home improvement.…
Read More →