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โžก Gazumping is when, after your offer is accepted, another buyer comes along and makes a higher offer ๐Ÿ˜ก
โžก It can happen at any point before contracts are signed and exchanged โœ
โžก You may even have spent time and money on getting your mortgage approved, instructing solicitors, and doing surveys, and still get gazumped ๐Ÿค•
โžก You have to raise your offer or start a new property search ๐Ÿคท‍โ™€๏ธ
โžก Is it legal?! In England and Wales... Yes ๐Ÿ‘ฉ‍โš–๏ธ
โžก In Scotland, it's legal too - except, contracts are signed right after an offer has been accepted making gazumping almost impossible! ๐Ÿ‘

๐Ÿ’ก To give your best chance of not being gazumped:

1๏ธโƒฃ Ask for the listing to be marked as SOLD immediately! ๐Ÿค
2๏ธโƒฃ Move fast - have all your documents ready, the less time between offer and exchange the better โณ
3๏ธโƒฃ Let the seller know it's your DREAM PURCHASE and that you're SUPER ON-IT by replying to emails/phone calls immediately! The seller will be less swayed by others if they see you're doing everything you can to complete the sale ๐Ÿ

๐Ÿ“ฉ Buying and Selling PDF Guide: https://lnkd.in/eBMn68c ๐Ÿ“ฉ

For further advice, contact our team ๐Ÿฆน‍โ™€๏ธ๐Ÿฆธ‍โ™‚๏ธ


Posted 06 May 2021
by Ali Baylav Managing Director Cavendish Residential

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