How to avoid gazumping
You can take action that may reduce the risk of being gazumped. It’s not possible to avoid the risk altogether unfortunately. The seller is always free to accept another bid before you sign a contract.
Below are some steps you can take that may reduce the chance of getting gazumped.
Get an Agreement in Principle
Get an Agreement in Principle before you search for a new home. Agreeing a mortgage beforehand can make the buying process faster when you have an offer accepted on your dream home.
Arrange paperwork quickly
The faster you can complete the sale the better. Make sure you have all the paperwork and complete any checks as quickly as possible.
Keep in contact with your solicitor regularly to make sure everything is moving along as it should be. It can be a good idea to get confirmation that they have all the documents they need.
Arrange surveys quickly
The quicker you arrange a survey, the faster you should be able to complete the purchase. This means there is less time to get gazumped.
Line up legal help
You will need to hire a solicitor to complete the paperwork on your purchase. Choose your solicitor before you start the bidding process on a property.
Get the seller to take the property off the market
You could ask the seller to take the house off the market as part of your offer. If they accept, they will be unable to advertise the house to anyone else. This means that there is less chance for someone else to see the property and make a rival offer. This is up to the seller and they may refuse.
Get home buyers insurance
Protect yourself against any financial losses you might incur by getting home buyers insurance before you buy your new home. This will cover costs like legal fees that you might lose if you are gazumped.