SIGN UP

Gazumping

Avatar Image
jennyjoan | 01:49 Thu 20th Jan 2022 | Law
7 Answers
I have a young relative interested in a wee house, but it started of £110,000 and today it is £115,000. Perhaps I'm not up too date but I thought some time back gazumping was no longer existed and rightly so.

I think if a seller is looking for that price then that's the price you should get. Do any of you know of any of this

Answers

1 to 7 of 7rss feed

Best Answer

No best answer has yet been selected by jennyjoan. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
This explains it in general terms, I feel for your relative if they have had their offer accepted then this has happened.

https://www.postoffice.co.uk/mortgages/gazumping#:~:text=Gazumping%20is%20when%20a%20seller,and%20back%20into%20the%20market.
It's not clear as to whether or not Jennyjoan's relative actually had a firm offer (theoretically) accepted. As I read the post, it seems likely to me that the property was simply advertised on an 'o.i.r.o' (offers in the region of) basis and that the amount now required to better a current offer is £115k. That's perfectly normal. Indeed, in the current market (which is firmly biased towards sellers), it's a remarkably small increase.

My Scottish friend is hoping to move from her current home in Italy to one here in Suffolk. As I've often served as her chauffeur wen she's been house-hunting in this area, I've been into plenty of estate agents with her. Many are currently reporting that some houses are selling within a fortnight (or less) of coming onto the market, with lots of competing offers being received during that short period. For example, an estate agent in Beccles said that she'd had a property on her books that was advertised at 'o.i.r.o. £280k'. She sold it just 10 days later for £340k, having sometimes had several competing offers pushing the price up in a single day.
That's why I posted the link as it explains when it becomes gazumping (after an offer is accepted).
My friend in Italy has been looking at new-build homes, as they're the only ones that are normally sold on a fixed-price basis.
Question Author
thanks - relative is going for viewing tonight at 6.30pm - he is going with other siblings and has remarked he would have liked the viewing to be have been earlier in the day of light - I haven't spoken to him but he can still arrange to do that - I'm sure. Really hope he gets it
He hasn't been gazumped, then. Fingers crossed for him
Question Author
hopefully Barry as things are in a bad way. It is on the other side of town and at 8.30pm last night me and my chum (Maxie) drove over to where it is - it's in front of a swing park which would suit his little boy who visits. Near a community centre - do think it will be ok during the day - plenty going on etc. Time will tell tho.

1 to 7 of 7rss feed

Do you know the answer?

Gazumping

Answer Question >>