Avoiding gazumping

[Newtomarket]

Is there an agreement that I can sign with the vendor to stop gazumping?

Also for best and final offers is there an agreement that can be signed to make it binding?

I do not want an exclusivity contract. I simply wish there is more certainty in an agreement between two parties before the final exchange of contracts. In the housing market it is possible, like in the USA and Scotland I believe. For some reason it is not so in England and I get that. It’s just a shame it is as it is. It adds to the stress.

I hope that the final contract is an exclusive one?

The system in England is rubbish and every time I sell I think oh next time surely they will have changed it. But they don’t. I think the status quo is lobbied for by people who make a lot of money from it, solicitors and surveyors.

You could get insurance so you get back money you've spent on buying if it falls through.
hoa.org.uk/advice/guides-for-homeowners/i-am-buying/homebuyer-protection-insurance/ Not sure how it works exactly.

That looks a very god tip, Fedup, not just for gazumping but if a C-19 second wave means sellers start to take houses of the market prior to exchange?

I looked into that insurance, but I was too late. You have to purchase it within 7 days of instructing a conveyancing solicitor I believe.

That's right. And *off not of

The only way is to exchange contracts as quick as possible. EA are encouraging gazumping at the moment.

I am very nervously distracting myself while I wait to hear if my offer is accepted. I feel stressed out. I did not do the insurance, I’ll pray instead.

I had similar fears when I first put my offer in. I was the first to view and there were cars slowing down outside the house to have a look as it was priced competitively in a lovely area. I just had to be really quick, showing sincere and proper intent to purchase. Went along with EAs suggested surveyor and solicitor. Insisted (nicely) that EA mark house as sold on rightmove. It also helped that I am a cash buyer and the property is empty, having been rented out.

My nightmare might be actually real. I kid you not, before the property could be taken off the site, someone offered the asking price - they have funds and are leveraging commercial property. I’m now waiting to see what happens. This almost feels unreal.

If your offer hasn’t even been accepted yet that’s not gazumping, that’s you losing out to a better offer.

But my offer was accepted. It was just accepted. I don’t know if the vendor will now change their mind.

Ah I see. Sorry. Hopefully the seller will stick with you - if they don’t, at least you haven’t spent out on surveys and mortgage application fees... small comfort I know.

the agent trying to squeeze more money from you.
stick with your offer.
be ready to move on, you will find another one.

Well we had our offer accepted weeks months ago and now our buyers have pulled out so weve lost our house. Spent sp much money on legal fees and work. The English system sucks and even if your offer is accepted be prepared for any party to pull out at any point

India, I am sorry to hear that. I would be devastated. It takes up so much brain space. I do not want to do this ever again. I told my husband that there is no way we are divorcing - death do us part one way or the other but I’m not moving again after this.

So far our offer remains accepted.

The problem is it is there to protect the buyers as much as the vendor. How often do you read posts on here saying that buyers have changed their minds, or had a change of circumstances, or their dream property has come on the market after they've offered on something else.

What if you visited 6 weeks after offering and realised that nightmare neighbours lived next door -should you be forced to proceed even if you know your life will be miserable living there?

The process prior to exchange of contracts is doing all the research and making sure you want to/are able to buy the home. Once you're happy with the contract it becomes legally binding when you exchange it. I dont see how there is any other way to do it except the Scottish system where the seller pays for all the pre contract searches, survey etc, but can you really trust them not to try and minimise bad news?

It is a stressful thing to do, but both buyer and seller need to have the freedom to change their minds if they need to during the process.