Gazumping: the bête noire of property buyers

Musings of a London Property Finder

Gazumping is back with a vengeance and for property vendors who feel battered and bruised following nigh on two years of negative press and having to accept an offer significantly below what would have been acceptable 18 months ago, it can come as rather a nice surprise.  Particularly if the usurper comes with a big cash deposit and the supposed buyers have beaten the weary seller down on the price and are dragging their feet with surveys and legal work.

For the unwary buyers – it comes as a nasty shock, particularly if surveys have been completed and paid for and legal work initiated.  However for well-priced or unique properties gazumping is becoming more and more common this summer and in our mind, appears to have rather taken over from gazundering.  But perhaps that is because we only show our Clients well-priced or dream properties in the first place and give them a realistic valuation in the process!

Buyers wishing to avoid the heartache of gazumping should follow these simple steps to stress-free purchasing.

• Get an unbiased view on the value of the property involved and offer accordingly
• If you put in a low offer or the property is a dream home or unique in the area, be aware that gazumping could become an issue
• Ensure that the property is taken off the market once your offer is accepted.  Check the internet regularly and get friends to phone the agent to check it is not still being marketed in any way.  You should be able to get the vendor to sign an exclusivity deal, giving you time to get your survey and legal work done without further marketing.
• Exchange as quickly as possible, that means getting a survey quickly – we often have surveys carried out the following day.
• Ensure your mortgage broker and legal team understand that you want to move quickly and act appropriately.  2009 is not the time for snail mail.  what is £20 for a courier when it could help secure your fabulous new home.

If all this seems a little too much to cope with – you could employ London Property Finders, us for example!

Technorati Tags: Gazumping, London property, London property finders

Tags: Gazumping, London property, London property finders