Avoid Gazumping: Secure Your Dream Home Now

Buying a home is an exciting journey, but nothing dampens the excitement more than being gazumped. This occurs when a seller accepts your offer, only to later accept a higher bid from another buyer before contracts are exchanged. In England and Wales, this practice is legal until contracts are signed, leaving many buyers frustrated and out of pocket.

So, why does gazumping happen? In a competitive market, sellers may be swayed by higher offers or buyers in stronger positions, such as those who are chain-free or cash buyers. To protect yourself, consider these strategies:

1. Move Quickly: Once your offer is accepted, act fast. Instruct your solicitor and mortgage lender immediately to minimise delays and reduce the risk of another offer swooping in.

2. Get a Mortgage in Principle: Demonstrating financial readiness with a mortgage in principle makes your offer more attractive to sellers.

3. Maintain Good Communication: Regularly touch base with the seller and their representative to show commitment and keep the process on track.

4. Consider a Lock-Out Agreement: Negotiate an exclusivity or lock-out agreement for a set period, ensuring the seller won't entertain other offers.

5. Be Prepared Emotionally and Financially: Sometimes, despite best efforts, gazumping is unavoidable. Having a backup plan can ease stress and help you move on swiftly.

By understanding gazumping and taking proactive steps, you can navigate the homebuying process with greater ease. And remember, if you're looking for expert guidance, we're here at Burnett's to help you every step of the way.