Gazzumping worries!!!

Skint-Clint

Hi All, First post so please be gentle with me!!
Had my offer accepted today on a property, EA has confirmed offer accepted by new housing developer as they were selling home off cheap/er as it was part ex'd.
I have appointed a solicitor, I am in no chain but I am a bit nervous incase someone offers a better price over the weekend. EA has told me house will be taken off the market, I have even offered to pay £1000 deposit to secure property they have told me there is no need as this is not normal practice.
Can I do anything further to ensure I don't lose out ?? Or do I get ready to play the game ??
Any help or assistance is greatly appreciated.

theGrinch

dont worry you will be fine. Gazzumping usually happens in buoyant rising markets.

meanmachine_2

I haven't heard the phrase gazumping for a while.

I guess it still goes on in some of the most desirable areas in the country, on the most desirable, high quality properties.

But in your case it's probably the last thing you need to worry about.

It's a buyer's market. Also, we're moving towards a quiet period in the market - before and after Xmas - so I'd be surprised if you don't have the pick of property.

But as I say, it depends on the area.

Conrad

Your'e not getting the property cheaply.
I own my own mortgage brokers. This is the worst market since the last crash. I know many developers are really struggling and likely to go bust.

You are in the driving seat, this is 1989 all over again.
My brother bought in the last crash and like you thought he was buying it cheaply. The property then fell from the 'cheap' price he padi of £59995 down to £19000.

If I were you, and I really wanted to buy now, I would wait until December, you WILL find a much better bargain even though you probably think you wont.

meanmachine_2

Conrad wrote:

Your'e not getting the property cheaply.
I own my own mortgage brokers. This is the worst market since the last crash. I know many developers are really struggling and likely to go bust.

.

That's interesting. According to recent reports, mortgage lending has picked up recently. Is that not so? Or is that uptick more to do with remortgaging?

lush_walrus

Skint-Clint,

Dont worry never say never but I doubt anything like that will happen. As others have said, generally gazumping accurs when property prices are low rather than as they are at the moment which is high.

Also, the market is quitening down at the moment in the run up to Christmas, as typically it takes 8 - 10 weeks for a sale to go through, people dont want the hassle of moving close to Christmas. This weekend will also be dead as door nails, as it is the end of half term and all the parents will be running around sorting things ready for the children to go back to school.

Coupled with all of that you are in a good position, so as long as you get your mortgage arranged, get them the details of your solicitor and keep in touch with them along the course, Im sure you will find yourself happily in your new home in no time.

lush_walrus

Conrad wrote:

Your'e not getting the property cheaply.
I own my own mortgage brokers. This is the worst market since the last crash. I know many developers are really struggling and likely to go bust.

You are in the driving seat, this is 1989 all over again.
My brother bought in the last crash and like you thought he was buying it cheaply. The property then fell from the 'cheap' price he padi of £59995 down to £19000.

If I were you, and I really wanted to buy now, I would wait until December, you WILL find a much better bargain even though you probably think you wont.

Im not sure I agree with your advise to look around in December, December is generally there are not only the lowest number of buyers around, but equally low amount of properties on the market!. Also a hell of a lot of EAs as you know close for at least 2 weeks in December as its their version of summer holiday! (3 weeks in our case).

Everyone is aware that the slow down till January is coming, including vendors (or developers in this case), so those who have left their house on the market at the moment are more likely to take offers now, which seems to be the case, thus the OPs worry.

Swipe

You'll probably find that the vendors are more worried about you gazundering them than you are about being gazumped.

meanmachine_2

lush_walrus wrote:

Im not sure I agree with your advise to look around in December, December is generally there are not only the lowest number of buyers around, but equally low amount of properties on the market!. Also a hell of a lot of EAs as you know close for at least 2 weeks in December as its their version of summer holiday! (3 weeks in our case).

Everyone is aware that the slow down till January is coming, including vendors (or developers in this case), so those who have left their house on the market at the moment are more likely to take offers now, which seems to be the case, thus the OPs worry.

For my perspective, it's not that there aren't the properties around - there stll seems to be a lot out there - it's that you think that there'll be some better quality ones coming on to the market in the new year/spring, so you wait.

I don't know if I'm correct in thinking that. I suspect a lot of vendors, particuarly "investors" will be waiting till March, ahead of SIPPs day. It might turn out to be a big non-event, but who knows?

Also, it's chilly out there / Xmas expenditure to worry about / a mate of mine has just been made redundant, which makes me feel insecure...etc