Gazumping - Play up and play the game

We all need to play by the rules or we're all going to hell in a handbag. And I don't mean the professionals here I mean those clients that think that it is acceptable practice to accept an offer on the Friday and then sell the property to a cash buyer on the Monday. You know who you are............

Picture the scene. Seller needs to sell quickly as a previous buyer had pulled the pin and gone awol. Seller appears to have concluded missives on new property. Needs a deal done quickly. Step in my client as knight in shinning armour. Large deposit, good job, no issues re credit history - shooty in on the mortgage front. He's not an investor and intends to move into the property. Mortgage offer a fomality and likely to have been in place in the space of 10 days so July date of entry easily achievable. Offer made on Friday and verbally accepted before 5pm. Client in to see me on Monday and about to run the Decision in Principle when we get the call from the estate agents that the seller has spat the dummy and accepted another offer. No second chance, no re-negotiation, no how is your mortgage application coming along - just two fingers to you sir! How do you like those lemons!

Moral of the story

• It's never over until the missives are signed.

• Guzumping does happen

• It's the clients that lead guzumping not the estate agents