Being gazumped is probably the most infuriating thing that can happen to a house-hunter. It was a tell-tale feature of the booms in the Nineties and Noughties, but since the financial crisis of 2008 it has been much less common ....until now! Vendors have struggled to find any bidders for their property, let alone more than one. Yet parts of the market, particularly in central London, are now steaming ahead. Competitive bidding on properties big and small has become a common occurence once more. Returning with it has been its ugly sister, the gazump.
Lets hope it doesnt spread south, although if it does try some taking some of these tips:-
Have all your finance ready before you offer. Cash trumps all, but mortgage agreements in place can help speed things along.
Chain-free deals can move much faster than properties in a chain.
Exchange as fast as possible. Make sure your solicitors know that you are keen to close.
Be direct with the agent. Clear communication adds credibility to your offer.
Say that your offer is conditional on an exclusive basis, depending on the property being withdrawn from the market as soon as your offer has been accepted.
Consider a formal lockout agreement. This is legally binding and designed to protect both parties, but can take a while to draw up.
Offer a non-refundable deposit to the vendor, guaranteeing the sale unless the buyer pulls out for different reasons.