Gazumping is one of the biggest fears for buyers, especially those taking their first step onto the property ladder. Having an offer accepted only for it to be later rejected in favour of a higher offer is a frustrating and disappointing situation to be in. Unfortunately the agent is legally bound to report all offers received to vendors upon receipt and it’s not until contracts have been exchanged that the house sale itself becomes legally binding. However, just because a higher offer is made does not necessarily mean that it will be accepted.
The important thing to remember is that vendors will not always be looking purely at the financial aspect of your offer and there are a number of other cards which you could play to make you stand out as a buyer. For instance, as a first time buyer you are not constrained by any risky chains which could fall through, meaning that the sale will be able to move along more quickly. Make sure you highlight what else you bring to the table as a buyer, other than cash. This might be worth more to a vendor who is looking to complete as soon as possible.
Other action which you can take now would be to set a timescale for completion with your estate agent. Not only will this help the sale to complete as quickly and smoothly as possible, but will also show the vendor that you are serious about the property and establish confidence in your offer. Make sure that you have your mortgage in place and that there’s nothing holding the process up on your side.
Gazumping is always a hard lesson to learn, but there are precautions you can take in the future before making an offer. For example, making your verbal offer on the grounds that the property will be taken off the market and that no more viewings should take place.
Helen Griffin-Booth, Director, Bluerow Homes.
If you would like further advice or guidance please call Helen Griffin-Booth on 0151 709 9638 or e-mail firstname.lastname@example.org