What is Gazumping?

Gazumping occurs when you have put in an offer to buy a house and at the last moment someone comes on with a higher offer. Legally the owner of the house has the right to change his mind and sell to the highest bidder. However it can be a frustrating business because the process of buying a house can be very slow, meaning that rising house prices encourage people to increase their offer at the last moment.

With many £1000s at stake it is worth considering various things to prevent gazumping.

See more on Gazumping in the UK Housing Market

UK Housing Market

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1 Comments:

Anonymous Anonymous said...

Option 1 your maths is not strictly accurate!

How does your mortgage charge interest monthly or annually? it can be important. To make my example easy assume annually in advance
CASE 1 CASE 2
Sum outstanding 100,000 10,000

Interest 6.75-1.85% 4900 490

Repayments 9044 9044

Owing end Y1 95856 1446
Interest Year 2 6.75% 6470 98

Total interest 11370 588

Crude average % pa 6.64 2.99

Average discount from 6.75 isn't 0.925 in either case
didn't they teach you you can't average % arbitrarily

You have a mathematical lodger what does he say

March 24, 2007 at 1:08 AM  

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