Alexandra Goss learns how to deal with sealed bids, avoid getting gazumped and compete with 13 buyers chasing every home for sale.
Sarah and James Carter are trying to move from London to the countryside near Exeter, where Mrs. Carter grew up. Four houses they wanted to buy went to sealed bids – and they lost out on them all. “It has been so stressful”, said Mrs. Carter, who spoke using a pseudonym. “Properties are going under offer before the agent has even taken photographs. On one house, we were one of eight bidders and it went for £100,000 over the asking price. How do you compete with that?”
There are, on average, 13 buyers chasing every property on the market, according to NEAE Propertymark, a trade body, while research by Hamptons revealed that a quarter of all property sales in Britain in April went to sealed bids, with three or more buyers making a best and final offer on the same day…………..
In popular spots, gazumping is rife, said Carol Peett of West Wales Property Finders http://www.westwalespropertyfinders.co.uk. “It is happening at all price ranges. One client was buying a waterside property for around £1.25m and was gazumped on the day of exchange; it happened to another who was buying a £450,000 property”.
https://www.pressreader.com/uk/the-daily-telegraph-your-money/20210515/281621013223948 The Daily Telegraph – Saturday, 15th May 2021
If you are looking for a property in Pembrokeshire, Carmarthenshire or Ceredigion, give West Wales Property Finders a call on 01834 862816. Around 90% of the properties we find our clients never hit the open market; incredibly important, particularly in this crazy market; gazumping is unlikely when others are unaware the property is changing hands. We are also on the ground and able to view any properties that come to market quickly for our clients; something which is not always possible for people who are buying from out of the area who may otherwise have to risk buying totally sight unseen.