Top tips to prevent gazumping when moving home

There are ways and means of preventing the threat of any major complications down the chain‘Gazumping’ is the word used to describe a situation in which the seller refuses to formalise the sale of their property because they have decided to accept a higher offer.

When a home owner reneges on an agreement to sell their property to you it is one of the most frustrating aspects of the home removals process. It is impossible to avoid Gazumping when moving home but there are ways and means of preventing the threat of any major complications down the chain.

Read on for some top tips to guard against being ‘Gazumped’ when moving home.

Sell your property before looking to buy
If there are a number of potential buyers interested in a particular house, the homeowners are likely to take into consideration the number of buyers who have not yet sold their homes and therefore may not be able to move as swiftly. It can be adviseable to sell your home first and rent or stay with friends or family while putting offers in on a new house. Buyers without a chain are particularly attractive as you are then regarded by the vendor as well as their estate agent, as a cash buyer.

Request your potential property is taken off the market
One stipulation buyers can make when submitting an offer on a property is that it is taken off the market once the bid is accepted. This is ideal as it ensures that other potential buyers do not know about the property’s availability and will not make a counter offer as a result.  This also gives you, the buyer, an indication of the seller’s commitment to your offer.

Speed up the exchange process
As soon as your bid has been accepted and you are ready to leave your current house it is important to tie up all loose ends and ensure the exchange of contracts is as swift as possible. It may seem awkward but it is vital that you maintain an open line of communication with your solicitor and estate agent until the process is completed.

Enjoy a good rapport with the seller
If the seller has a number of potential buyers interested it is important to engineer a good rapport with them, keeping you firmly in their mind when weighing up rival offers and making it harder for them to reject your own bid in the process.

Even if your offer is gazumped, keep your head high and bite your tongue.  The higher offer may eventually disappear, and you should leave the door open to the vendor returning to you and your original offer.

Gazumping is something you may not consider when looking for the new home of your dreams, but with these handy tips you will be suitably prepared to avoid the worst case scenario.