Have we gone mad? Gazumping and gazundering? They sound like terms straight out of the nonsensical world of Alice in Wonderland. Rest assured: these are real terms, and they could have a real impact on the successful sale of your house. Curiouser and curiouser! Let’s take a look down the rabbit hole, shall we?
Sounds delightful, yes? Gazumping is when a buyer makes an offer on your house, which you accept. Then, before you complete the sale, you accept an offer from another buyer. This typically happens when Buyer #2 offers a higher price, but it could be for other reasons.
Now, gazumping is perfectly legal. Until contracts have been signed and exchanged, the sale is not binding. Until then, you can go ahead and gazump, if you choose. However, remember that this can be very disappointing to the original buyer.
But business is business, right, and you need to maximise your profits? Keep that in mind when we discuss gazundering.
This term puts the buyer in the “driver’s seat” as it were. A buyer has made an offer and you’re ready to sign the contracts. At this point, the buyer lowers their offer. They may do this because… well, paying less is advantageous for them, isn’t it? But they could also be reacting to the results of a survey or the Energy Performance Certificate findings.
This, too, is completely legal. The buyer may be attempting to put you in a vulnerable position; just before the exchange of contracts, you likely feel that you’re just about over the finish line. The thought of going back to the start can be enough to push you to take the lower price.
The best way to get the results you need is to work with a Doorsteps estate agent. You’ll you navigate the twists and turns you’ll encounter through the selling process.