According to TV property guru Phil Spencer, gazumping has returned to the UK housing market, with up to a third of buyers in some towns and cities losing out to a higher bidder after their offer has been accepted.
Phil believes a lack of homes for sale in the most desirable parts of the country is creating a highly competitive environment with sellers being tempted to go back on an agreed sale when faced with a better offer.
Whilst we are not experiencing this practice in Yorkshire, it is interesting that the market confidence has obviously returned, despite the current political uncertainty regarding the Tory leadership and the ever-present cloud of Brexit!
Be prepared
The key is to always be prepared prior to making your offer. If a buyer has their mortgage in principle in place and a solicitor lined up ready, they are in a stronger position when putting in their offer. Having the paperwork in place means the Memorandum of Sale can be prepared quickly and things can proceed without any unnecessary delay, reassuring the seller and moving everyone closer to the date when contracts can be exchanged.
Ask for the property to be taken off the market
When making your offer you can ask for this to be conditional on the property being taken off the market. If it is no longer being advertised on platforms like Rightmove and the agent’s own website, it is less likely that anyone else will come along and make an offer.
Keep things moving
Some agents take their foot off the gas once a sale has been agreed but here at FSS we work hard right up until completion to make sure everything proceeds as quickly as possible. Selling your home is only a very small part of the story and lots of agents let their clients down at this crucial stage. The chasing and sales progression is an essential part of our service and it’s one of the reasons so many people recommend us and use our services time and time again. The other key factor is ensuring that all parties involved in the transaction are being kept informed, so that both buyer and seller can see the progress being made. If the seller sees that things are being done and that solicitors and estate agents are moving everything along, they are less likely to be tempted by a new offer.
Consider auction
Gazumping is impossible with a sale by auction as you bid on the day and the fall of the gavel forms a legally binding contract between buyer and seller. Contracts are therefore exchanged the moment the hammer falls and the transaction will proceed to completion. If you are interested in selling a property by auction or private treaty, contact our team on 01423 501211.
At FSS we pride ourselves on acting with integrity in every transaction and stand by our ethos of Quality, Trust and Value. Read our top 10 reasons to sell your home with FSS.