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Gazumping : How common is it ? What kind of person does it ?

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Those pesky Mormons?

 

Had to read the post with my specs on, I thought it read, "Those pesky MORONS?"

 

Angel1.

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They haven`t done anything wrong legally speaking, I think that says it all.

On the subject of who would care I suspect that people bidding on houses would care very much to know if the vendor(s) they`re dealing with have gazumped in the past. And if they don`t care they aren`t thinking about it very hard.....

 

How do you imagine that they would find out though? You tell a few people about a vendor that gazzumped you once. 20 years later is anyone going to remember, or be able to positively say that it's the same person?

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It only happened to me once....many years ago.

Sale was agreed and I visited the estate agents to hand over the deposit, and was told "sorry we have a better offer".

This was on a house in Page Hall.

How lucky was that!

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That you cannot make an offer on a property you haven't had an official viewing on, the rule doesn't Stop it completely as if you've already viewed then you can make an offer but it does stop anyone just coming along and making an offer after an offer has been accepted. The estate agent is only ever working on behalf of the vendor and it's their job to get the best price for the client. It's certainly worth remembering that whenever you're buying a house.

 

Anybody can make an offer at any time whether they have viewed or not, and the agent is legally required to report it to the seller. The seller then makes a choice whether to 'swap horses' or not. The agent should advise that it is unethical and would not normally recommend the seller switches but ultimately the seller instructs the agent.

The seller also instructs the agent whether to keep marketing the property between the points of accepting an offer and exchange of contracts

Edited by lil-minx92

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Anybody can make an offer at any time whether they have viewed or not, and the agent is legally required to report it to the seller. The seller then makes a choice whether to 'swap horses' or not. The agent should advise that it is unethical and would not normally recommend the seller switches but ultimately the seller instructs the agent.

The seller also instructs the agent whether to keep marketing the property between the points of accepting an offer and exchange of contracts

 

Thinking back you're correct I think it was the estate agents policy that I worked for that they wouldn't allow an offer on a property that hadn't been viewed.

 

Best advice for all potential buyers is to take out insurance that covers all the fees involved (survey, searches, broker fees etc).

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Thinking back you're correct I think it was the estate agents policy that I worked for that they wouldn't allow an offer on a property that hadn't been viewed.

 

Best advice for all potential buyers is to take out insurance that covers all the fees involved (survey, searches, broker fees etc).

 

I didn't know this insurance was available..good tip:)

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I didn't know this insurance was available..good tip:)

 

And neither does any one else . You can prob get insured for anything including an alien space ship landing on your house. Trouble is the cost of the insurance for recovery of costs outlaid will be several hundred pounds. So a stupid idea :hihi::hihi: Also you can put a bid in for a property that you have not viewed a load of rubbish as well. You could send your granma to have a look for you if you wanted

Edited by spider1

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And neither does any one else . You can prob get insured for anything including an alien space ship landing on your house. Trouble is the cost of the insurance for recovery of costs outlaid will be several hundred pounds. So a stupid idea :hihi::hihi: Also you can put a bid in for a property that you have not viewed a load of rubbish as well. You could send your granma to have a look for you if you wanted

 

The insurance is around £30 actually and covers up to £2k most people don't know about it and most people don't take it. Some mortgage brokers include it in their fees but they should explain that to you in the first instance.

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The insurance is around £30 actually and covers up to £2k most people don't know about it and most people don't take it. Some mortgage brokers include it in their fees but they should explain that to you in the first instance.

 

Name one broker who includes it in his fees or better still any insurance company willing to take the risk, Do you dream a lot/ :hihi::hihi::hihi::loopy:

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Legal and General take the risk it was called buyers protection when I worked in an Estate Agency. Apparently Paymentshield also offer the cover: http://www.financialreporter.co.uk/protection/paymentshield-launches-home-buyers-protection.html

 

I know for a fact that William H Brown (mortgage consultants) would cover your valuation fee and their broker fee if your purchase fell through if it was no fault of your own.

 

Anyways back to my dreams, goodnight.

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Legal and General take the risk it was called buyers protection when I worked in an Estate Agency. Apparently Paymentshield also offer the cover: http://www.financialreporter.co.uk/protection/paymentshield-launches-home-buyers-protection.html

 

I know for a fact that William H Brown (mortgage consultants) would cover your valuation fee and their broker fee if your purchase fell through if it was no fault of your own.

 

Anyways back to my dreams, goodnight.

 

And how is any insurance going to know whos fault it is . What are you on about valuation fee you live in a dream world. Back dreaming . :hihi::hihi: Estate agents paying you money . Like that .Tell me the name of the insurance company thats willing to take the cover

Edited by spider1

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Well if you get gazumped it's clearly not your fault where as if you just decide you don't want the house anymore then it is your fault. You're quite rude so think I'll just leave it there. The link is there for anyone who might be interested in the cover. Most Mortgage Advice Bureau advisors offer the buyers protection if anyone comes across one.

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