What is Gazumping?

When buying a home, a lot of buyers are confused by the term gazumping. Gazumping happens when a seller accepts an offer from a prospective buyer, but then immediately accepts a much higher price from another person. Gazumping can also be referred to as “price shopping” by sellers who suddenly change their mind and accept a higher offer.

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Gazumping is something that happens to all types of property. It is not limited to residential properties. It also occurs in retail and industrial properties. This type of selling happens all the time and it can be very damaging to both parties involved. In order to prevent gazumping from happening, there are a few things you can do. Gazumpers are tempted to do this due to several reasons and you need to know them so you can avoid it happening to you or someone you know. A conveyancer can advise also. Find out more about Conveyancing Fees at a site like https://www.samconveyancing.co.uk/conveyancing-quote

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The first thing you should do is talk to your estate agent if they have any information about gazumping. Many times, an estate agent will have information on how to deal with this type of selling problem. It is important to remember though that not all agents are created equal. Some will do all they can to steer their clients away from getting in over their heads and will go out of their way to help out. Other estate agents will do nothing, which will make them seem like they do not care or that they are not interested in the buyer’s needs. Always speak with your agent before signing anything, even if you don’t have any problems with your current property.

 

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