How to try stop being gazumped
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.
Today we’re going to talk about what you can do try limit being Gazumped.
What is gazumping?
I look at gazumping as when you have an offer accepted on a property and are ready to exchange and all of a sudden out of nowhere someone has a better offer and has exchanged from beneath you.
Hence the term, gazumped.
Often times this offer is just higher than your offer.
Gazumping isn’t as common as it used to be in my opinion.
I feel many agents out there have some degree of ethics or morality.
Yet unfortunately a small minority, will let this happen.
I understand they are trying to do what’s best for their sellers.
However, shouldn’t there be some decency or honouring of thy word?
Here are some ways to limit being gazumped.
It comes back to speed, like a cheetah in the wild with prey in it’s midst.
Be quick to provide details for the sales advice.
These are usually your name, residential address, solicitor details.
Be quick to exchange on the contract i.e. signing and often paying the 0.25% deposit or sometimes it’s the deposit to go unconditional and a 66W.
Once the contract exchanges and enters a cooling off period or goes unconditional, you can’t be gazumped.
Try your best to get to that point as fast as you can, particularly if there is competition.”