You'll Be Feeling The Hump If Get Gazumpted

I speak from experience. Once upon a time, a fewThere are a few things you can do to protect
years ago, my partner and I had an offer acceptedyourself once you have an offer accepted/.
on lovely top floor apartment over looking a park inGet a mortgage agreement in principle before
Liverpool. But just as we were sorting things out withhouse-hunting.
solicitors etc, we were told by the Estate Agent thatIf the market is booming (like it is) offer the asking
the vendor had accepted a higher cash offer -price.
something, that as first time buyers, we couldn'tMake your mortgage application quickly after making
compete with. So our dreams were crushed! Howan offer.
cruel! (Made even worse as shortly afterwardsAsk that the property be taken off the market after
Liverpool was awarded with the Capital of Culture foryou've made an offer (if the seller is using multiple
2008, which sent house prices soaring, we could haveagents ask them to inform all the agents not to
made an easy £30,000 or so).arrange more viewings).
Gazump comes from the Yiddish word 'gezumph',Having found a property and had an offer accepted
meaning to cheat or overcharge, but is applied almostinstruct solicitors straight away to begin the
exclusively to the property market.preparatory legal work.
Recent research has found that 73% of first timeGet a survey done as quickly as possible.
buyers are now calling for an end to gazumping, andKeep in touch with the selling agent to let them
that when an offer is accepted on a property itknow what stage the process is at.
should be legally binding. Last month just 12.3% ofEstablish a rapport with the seller - it helps to
properties sold in the UK were to first-time buyers,convince them you're serious and will make it harder
with many properties being bought by buy-to-letfor them to ditch you.
investors and wealthier buyers.