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Gazumping and gazundering on London property

If you are looking for a quick property sale there are a number of factors that must fall into place. Choosing estate agents, avoiding property chains and finding the right buyer are all key concerns. You may or may not have also heard of terms known as “gazumping” and “gazundering”. Gazumping is the action of suddenly offering to buy a home at a higher price; thus outbidding an existing purchaser. Gazundering is lowering the offer at the last minute. Although some would view these as a shrewd negotiation tactics, the fact of the matter is that they can both be extremely frustrating tactics for the seller. Although there could have been external factors impacting this action (such as survey results or even housing market news), the fact of the matter is that the sales process can quickly become frustrating.

Ways to Avoid Gazumping and Gazundering

Let’s first take a look at the act of gazumping. In the event that a buyer suddenly comes forth and present a massively higher offer than other stakeholders, it is obvious that the other amounts will be discarded. Of course, this can only take place before a contract is signed. If we assume that you have just put in your final bid, experts insist that you act quickly. Retain the services of a conveyancing solicitor as soon as possible. Make sure that you arrange a survey at the earliest possible convenience. Obtain a mortgage in principle from an approved lender. These steps will help to make certain that you get your “foot in the door” before another buyer places a higher bid.

If you are the seller of a property, your main concern will be gazundering. You could especially fall victim to this process if there is a long property chain or other processes have slowed down the sale. In this case, the main point is to secure both confidence and commitment from the buyer. Push to have a contract put into place as soon as possible. Even if this involves nothing more than setting a date, the deal will appear to be much more concrete. Also encourage the buyer to have a survey performed sooner rather than later. Another important concern is to be completely transparent during the presentation and sales processes. If the potential buyer is suddenly shocked at what they find during a survey, they could have a very valid reason to lower their offer. Finally, be sure not to overprice your home. Many experts also recommend that you determine a realistic value and take a look at the state of the current housing market. This will likewise help you to avoid any difficult negotiations with buyers.

All About Streamlining the Process

When referring to gazundering or gazumping, the main concept is to complete the sale (or purchase) as soon as possible. Be clear with your intentions. Make sure that the other party is just as clear with theirs. If you want to understand the other options that you have, please contact Molae Properties at your convenience.

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