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Beginners guide to gazumping
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I have to say a lot of the time, Gazumpers ended up pulling out.Pawpurrs x
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What you should do is say yes to the wannabe gazumper. Then change your mind after the survey has been done and let the original buyer have it at the originally agreed price.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Gorgeous_George wrote: »Then change your mind after the survey has been done GG
A full structural survey of course;)A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
'Under offer' isn't SSTC so I don't see anything wrong in making your offer.
After all, the person who offered first isn't under any obligation to proceed and indeed it doesn't necessarily make them reliable IMHO. There are plenty of toerags who offer on several properties in prep for a gazunder later and the first bidder may be one of 'em.
What if the first offer was below the asking price?
A choice of potential buyers in the current market? Rare luxury.0 -
Fair point. It is the vendor who allows the gazumping. I wouldn't want to do business with such a person.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Does SSTC mean the threat of 'G' is no more - or am I far too green to be cabbage looking?0
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Nope, Gazumping can be done at any point before exchange of contract, same applies for Gazundering, I dont condone either.
However, a vendor could agree a sale say on saturday am, and on saturday pm someone could come in with a significantly better offer, at this stage it would be tempting to gazump the buyer, they wouldnt have spent any money, and I should imagine, it would be a difficult decision, normally in this case, the vendor gives the original purchaser an opportunity to match the price the other party has offered. Its not allways black and white.Pawpurrs x0 -
Gazumping is almost dead thanks to the falling market.
Gazundering is alive and kicking but equally repugnant.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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