buildings, home buying, house search, property

The Nasty World Of Gazumping & Price Hiking

The rush to buy houses before the interest rates rise has been interesting this time around.   Bristol and its environs is still a top notch place to get property, whether buying or renting.  When there are more buyers than houses,  we get back to gazumping.  This is a nasty practice of vendors getting near to completion and suddenly accepting a higher offer for their house, thus throwing their original buyers into a frenzy of either trying to match the new offer, or having to abandon and start again.  With all the costs this involves as each mortgage application costs an arm and a leg.   I know of buyers who have found at the last minute that the vendor suddenly finds reason not to complete or when accepting a firm offer, vendors refuse to take the house off the market – in case a higher offer is out there. Similar nightmares happen with rental places too.  Nasty.