Gazumping was something that happened a lot during the 1980s and 1990s, and estate agents in Marylebone will no doubt have a number of horror stories about it. Gazumping is the term used when someone puts an offer in on a property that is already under offer.
The new offer is usually a high offer, and if it is accepted then the people who put in the original offer and thought that they are buying the said property will have to start the process all over again. Estate agents London based have noticed a rise in gazumping of late, even though the practice had all but died out. Some sources suggest that as much as seven percent of all failed house purchases is down to gazumping. And the reason behind the sudden increase is that the housing market is on the rise again. If house prices are rising, it tends to mean that there are fewer houses on the market, and therefore gazumping happens more often. It could happen to anyone, and it can mean big problems for the rest of your chain. Since a second offer can – legally – be accepted by the house buyer right up until the moment that your estate agent in Marylebone and solicitor oversee the exchange of contracts, you could potentially have spent a lot of money and have everything in place to move. You will have wasted your time, but you also may have spent your entire moving budget – and therefore you won’t be able to move again for some time.
Although it is a scary thought, there are some things that you and your estate agents in Marylebone can do to minimise the risk of you being gazumped. The first thing you can do is to aim to complete the house buying process as quickly as possible, so that contracts are exchanged and there is no turning back. Once your contracts are exchanged, you are legally bound to buy the property, and the seller is legally bound to sell it to you. To move things along as swiftly as possible, you should show your estate agent London based that you have a mortgage in principle already arranged with your lender, and that you have a solicitor in place to begin the paperwork. Once your offer has been accepted, ask your estate agent to ensure that no one else sees the property – it should be removed from the market. This will give you at least some peace of mind that other prospective buyers will be shown around. Most sellers will be happy to do this for you. But if they are not, then be aware that they might be on the lookout for a better offer. You may want to reconsider purchasing their property, or at least have a backup plan in place.
Finally, you must always have a list of people to call – this will be your solicitor and your estate agents in Marylebone as they could have useful information for you as well. Calling your estate agent and your solicitor regularly will ensure that you are at the top of their priority list.