Gazumping

Hey

Was just wondering...often heard of the term gazumping but wondered if it was prevalent in the Irish property market.

Recently made an offer for a house that i got at a very good price...i'm lining up the survey for next week, just wondering what's to stop some guy ringing in a couple of days and saying he's willing to pay more than i will.

Does the vendor's acceptance of my offer constitute a contract?

I have an email from the estate agent to say the vendor has accepted m my offer.

I'd say gazumping is the least of your worries.
If you haven't sign a contract than you are only sale agreed, so yes someone else could offer more, but there is very very very few people buying so i wouldn't worry.
You can make sure that the sale agreed sign goes up and its change to sale agreed on any advertising. That means that no one else can come to view the property. If you have mortgage approval in place and your not waiting to sell anyother property, then i'm sure the EA will have no problem with going sale agreed.

Just to say that I know two estate agents on a personal basis and I know that they are no longer putting sale agreed on houses. The reason being is that some many buyers are pulling out of deals that it is only a waste of time for them. So if you do not see any on yours dont worry!

mrfrags said:

Just to say that I know two estate agents on a personal basis and I know that they are no longer putting sale agreed on houses. The reason being is that some many buyers are pulling out of deals that it is only a waste of time for them.

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They are not putting sale agreed up if you are trying to sell your own house at the same time, i can understand this. But not if your a FTB or a cash buyer.

mrfrags said:

So if you do not see any on yours dont worry!

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If you really want the house and are aware that it will drop in value and its not a good time to buy, then i would demand the house is marked sale agreed, if the EA wont agree, they them your pulling out of the deal. EA's are only trying to hedge their bets, i say feck them, if they dont want the deal, plenty of other will.