How to Respond if You’ve Been Gazumped on Your Dream Home
ShareGazumping, which refers to the situation where a seller accepts a higher offer from a buyer after already agreeing to sell to someone else, can be a nightmare scenario for home buyers. Not only can it cause them to feel frustrated, disheartened, and uncertain about their next steps, but it can also leave them out of pocket if they’ve already invested time and money into the property-buying process. If you find yourself in this situation, it's important to know how to respond correctly. Read on to find out what to do if you've been gazumped on your dream home.
Understand your rights
Understanding your rights when buying a house can help you to navigate the situation confidently. One of the key points to remember is that until you exchange contracts, either party can legally withdraw from the sale. Whilst being gazumped can be an upsetting experience, it’s not illegal. Being aware of your rights can empower you to make informed decisions and act appropriately to protect your interests at this time.
Assess your options calmly
Try not to panic if you find you’ve been gazumped. Instead, take a step back and assess your options calmly. Whilst it's natural to feel disappointed, you need to approach the situation with a clear mind and consider all the options available to you. For example, you could increase your offer to match or exceed the new bid or renegotiate with the seller. Alternatively, you could look at other properties on the market.
Maintain open communication with the seller
Keep communicating with the seller and their estate agent, even after you’ve been gazumped. If you’re still interested in the property, let them know and inquire if they might reconsider their decision. Continued communication can often lead to positive outcomes, even in challenging situations like gazumping.
Take prompt action
If you’ve been gazumped, don’t sit around for too long. Act swiftly to assess your options and determine the best course of action in your search for your perfect home. Whether you decide to increase your offer or explore other properties, move quickly to avoid missing out on potential opportunities. Speak to your estate agent, mortgage lender, and solicitor regularly to ensure that all necessary steps are taken promptly and efficiently.
Get expert advice
Knowing how to proceed after you’ve been gazumped can be difficult. You may be feeling uncertain and overwhelmed about what steps to take. With this in mind, it makes sense to seek expert advice from a professional such as an estate agent. Our estate agents in Brentwood are on hand to provide you with the guidance you need, using our vast expertise to help you navigate the situation with ease.
Try to remain positive in the face of gazumping. Whilst it can be disheartening, it’s important to stay focused on finding the right home for you. Get in touch with our experienced estate agents today for assistance with your property search. Balgores have unique alternative to the standard private treaty method of sale to alleviate gazumping for buyers and to stop both sellers, and buyers, withdrawing from a transaction with a secure method of sale which financially penalises the buyer, or seller, should they withdraw from the transaction.