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Best tactics to avoid being gazumped?
ada007
Posts: 12 Forumite
Is it still common practice?
The only thing we're aware of is to request property being taken off the market.
What else?
Thanks in advance.
The only thing we're aware of is to request property being taken off the market.
What else?
Thanks in advance.
0
Comments
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Offer 120% of the asking price:)0
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Don't mess the vendors about get your surveyor and conveyancer to act promptly .
We are getting seriously narked by our idiot buyers.Spelling courtesy of the whims of auto correct...
Pet Peeves.... queues, vain people and hypocrites ..not necessarily in that order.0 -
In my view gazumping has never been quite as common as some like to make out.
EAs by law have to pass on any and every offer to the seller, regardless of when they receive it, even if this is after another offer has been accepted. It is then up to the seller how to respond.
Best way to avoid being gazumped is to get on with legal work and mortgage application (if necessary) without delay. The further you are through the process the less likely a seller is to take the risk and start from scratch with another buyer.0 -
Show you're committed - instruct your solicitor and mortgage application as soon as the chain is complete.
Maintain a good relationship with the seller's parties (including the EA) and keep communicating.
Hire a good solicitor who will turn queries around quickly and chase up the seller's solicitors as necessary. Prioritise any negotiations i.e. don't get hung up or quibble over minor issues, to show you're serious.
Basically do what you can to progress things as quickly as possible!
Personally I was cautious of sellers who were investors (landlords, property flippers) - I know every seller wants as much as possible but I thought there would be a higher risk of gazumping from a seller who saw it purely as a business transaction and wasn't selling in order to buy their next home.0 -
I don't think that where a buyer is in the process is as important as where the seller is in his.
If the seller has time and receives a much better, solid, offer, what does he care (leaving morals aside)?
However, of course you faster you get everything sorted the less opportunity of anything to happen.0 -
...or if you are really concerned about this, you can ask the seller to enter into a lock-out agreement, to stop them selling to anyone else for a specified period.0
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...or if you are really concerned about this, you can ask the seller to enter into a lock-out agreement, to stop them selling to anyone else for a specified period.
Hi,
Could you please elaborate on that lock out agreement?
I'll research this but have not hear about it before.
Thanks.0 -
Any experience re Home Buyers insurance? Is that worth it?0
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Personally I've always found lock-out agreements a bit pointless. By the time the lawyers have finished agreeing the terms of a lock-out agreement they could have carried out all the conveyancing work and been ready to exchange.0
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