Levene Chartered Surveyors Property Tips and Advice

Gazumping

Gazumping is the practice of outbidding rivals at the last minute and is something that we as estate agents are powerless to stop inless you live in Scotland where there are laws to protect the buyer. Under the Estate Agency Act, we as estate agents are obliged to pass on all offers we receive, although a determined buyer will occasionally try to negotiate direct with the vendor.

To reduce the chance of it happening, or at least reduce the impact if it does, consider:

  • Offer the full asking price and request the property be removed from the market.
  • Be flexible with the vendor and don't quibble over minor points.
  • Make it clear you're willing to complete on their timescale, not yours.
  • Be as nice to the vendor as you can. If you've established some kind of relationship with them, it should be harder for them to let you down.

We hate to see people being gazumped but it seems all the more common these days where price wars are a common.

Please give our friendly staff a call on 0208 977 6886 or use our contact page to get in touch.


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