gazumping how much more?

nrsql

With the way the market is at the moment there's nothing to stop either buyer finding a similar or better property at a cheaper price and jumping ship.
I had an agreed sale a few months ago and the estate agent said after a few weeks that they had had a chain enquiry including the same buyer who now wasn't returning phone calls. Never did get the cutesy of a call from the buyer.

What you are lookiing for is a sale that will complete, the odd few thousand extra is nice but not the main consideration.

You could ask the gazumper to up the price a bit more and if they would be willing to give a non-refundable deposit. If they are happy go back to your accepted buyer, exlain the situation and ask if they are wlling to put down a deposit - if no (if they are serious it shouldn't be a problem) then go back to the gazumper, get the deposit in escrow and then dump your buyer.
You run a danger of losing both buyers but you run that risk anyway.

dougk_2

As far as I know there is no such thing as a non-refundable deposit (in legal terms), hence why estate agents no longer accept such.

The key is speed to exchange - the quicker it takes place the less time there is for someone to change their mind.