Gazumping, what is it?

Jul 9, 2024

Protect Yourself from Gazumping: Essential Tips when looking for your net home!

Gazumping is where sellers accept higher offers after initially agreeing to sell to you, staggeringly this is affecting 37% of homebuyers—up from just over a third two years ago. This practice can lead to significant financial and emotional stress. Here’s how you can protect yourself in 5 simple steps:

  1. Get Protected: The average claim amount in 2023/24 was £975. Here is how we can help with this as we have partnered with Lifetime Legal to offer Mover Protection when you buy a property from us. For a one-time cost of £50 this Includes your AML checks and Mover protection worth up to £1,850 on your purchase. The average claim amount in 2023/24 was £975.
  2. Be Prepared: Have a mortgage agreement in principle and a solicitor ready. This can help you move quickly, reducing the risk of other offers.
  3. Move Quickly: Aim to exchange contracts as soon as possible. Once contracts are exchanged, the transaction becomes legally binding, preventing gazumping.
  4. Request Property Removal: Ask the seller to take the property off the market once your offer is accepted. This reduces the chance of higher offers coming in.
  5. Consider a Lock-Out Agreement: This gives you exclusive rights to buy the property within a specified period, adding security.
  6. With these 5 steps you can get prepared and better navigate the home buying process by protecting yourself from gazumping when your looking for your next home!

Comments from Chanelle Wakefield, Business Support Manager at FreeAgent247:

” We have experienced this issue first-hand. In our role, it is particularly challenging because we are legally required to pass on all offers received, regardless of the buyer’s position or ability to proceed. When we ask for “best and final offers,” we genuinely mean it. If a buyer tries to increase their offer after this stage, it can irritate both the agent and the vendors. Therefore, please ensure that you present your best and final offer when requested. The more prepared you are to get things moving, the more gravitas your offer has.”

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