what is gazumping

Gazumping, what is it & can it happen to me?

GAZUMPING AND CAN IT HAPPEN TO ME…?

Sheffieldmoneyman.com –
Providing Open & Honest Mortgage Advice in Sheffield

Gazumping, if you are looking to buy a new home, especially if you are first time buyer you’ll be interested in finding out more about this.

Gazumping is not illegal and unfortunately, does happen from time to time.

About Gazumping

Gazumping occurs when a higher bidder bids on the property that you have had an offer accepted on.  This can be a very emotional time and can result in money being lost if you have started mortgage and legal proceedings.

In England and Wales, when a sale is agreed, either party can pull out at any time up to the exchange of contracts with no penalty, however, this is rarely something that happens.

Estate Agents do not encourage gazumping as they have to let the original buyer down, but they are legally bound to put all offers forward to the seller.  The decision to accept the offer is down to the seller.

Whilst you can’t stop being gazumped there are several things you can do to reduce the risk of this happening to you:

1.  Make your offer on the basis that if it is accepted then the seller will stop marketing the property and put up a “Sold” board.

2.  If your purchase is dependent upon the sale of your home then ensure the chain below you is progressing well and your buyer has their finances in place.

3.  Contact us beforehand for a Mortgage Agreement in Principle and present this certificate to the seller at the time of offer, this will show that you are a serious buyer.

For a Free Mortgage Consultation then please Contact Us
We’ll be happy to help you get in the best position to secure your property!

Sheffieldmoneyman.com –
Providing Open & Honest Mortgage Advice in Sheffield 

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