Gazumping is a term used in real estate to describe the practice of a seller accepting a higher offer for a property after they have already accepted an offer from another buyer. This can be a frustrating and disheartening experience for the original buyer, who may have already invested time and money into the property. There are a few things that buyers can do to avoid gazumping, including:
– Get a solicitor involved early on. A solicitor can help you to draft a legally binding contract that will protect your interests.
– Make sure your offer is competitive. If you are offering below the asking price, you may be more likely to be gazumped.
– Be prepared to move quickly. If you are serious about buying a property, be prepared to move quickly and decisively. The longer you wait, the more likely it is that someone else will come along with a higher offer.
– Consider offering a gazumping clause. A gazumping clause is a provision in a contract that allows the buyer to walk away from the deal if the seller receives a higher offer. This can give you peace of mind and protect you from losing your deposit.