If you’re about to begin the home buying process, you may have been warned about ‘gazumping’. Gazumping can throw a spanner in the works once an offer has been accepted, putting the purchase of your dream house at risk. Fortunately, estate agents in Chelmsford advise that there are steps you can do to avoid being gazumped. Read on to find out more.
What is gazumping?
Gazumping occurs when a seller accepts an offer on a property, only to go back on this agreement and accept a higher bid from another buyer. This pushes you out of the purchase, putting you back to square one and again searching for the perfect home. Gazumping normally happens because the seller is trying to get as much as possible for the property. However, it can also occur if the buyer is taking too long with certain parts of the purchase. The seller may prefer to sell to a buyer who can complete the sale in a shorter amount of time.
How to avoid being gazumped
Sadly, there’s not usually anything you can do to stop a seller from accepting a better offer on a property. However, there are some ways to avoid being gazumped on your perfect home.
Get insured
If another buyer makes a higher offer than you, there’s not a lot you can do to stop the seller accepting it. However, investing in home buyer protection insurance can cover you to some degree. If the sale falls through due to the seller accepting another offer on the property or otherwise changing their mind, you can claim back some of the money you’ve spent on conveyancing services, survey fees, and some other costs.
Be prepared
Being prepared can mean the sale goes through quicker, leaving less opportunity for another buyer to come in and gazump you. Agree a mortgage in principle as soon as you can – this will put the seller’s mind at rest that you’re a serious buyer. You should also try to line up a solicitor who is prepared to get your property purchase moving sooner rather than later. If you sense that your solicitor is neglecting your case, keep the pressure on them by contacting them regularly for updates. You should also aim to respond quickly if they request information from you.
Request that the property is taken off the market
You’ll stand less chance of being gazumped if the property has been taken off the market. Whilst sellers aren’t obliged to do this, even after they’ve accepted an offer, most will be happy to do. They are likely to be more accommodating to your request if you can show your commitment, for example by having a survey carried out soon after they’ve accepted your offer.
If you’re searching for your dream home, it’s important to contact reputable estate agents. A good estate agent can ensure that your property purchase is smooth and stress-free, helping you to get the keys to your new home as quickly as possible.
