In a competitive market many buyers find themselves either trying to gazump or being gazumped. And with many people, the moral code is that gazumping is fine if you are the one doing the gazumping but unethical if you are the losing party!
If a property you are keen on has already had an offer accepted but contracts have not yet exchanged, then you are free to submit an offer. But it has to be a serious offer designed to entice the vendors to reneg on their previous agreement – don’t just add a couple of thousand dollars to the price.
One of three things are then likely to happen:
1. The vendor decides to honour the original agreement (even at a lower price)
2. The vendor gives the other buyer first right of refusal at the higher price you have offered
3. They accept your offer
If they accept your offer you’d better exchange contracts quickly to avoid being gazumped…
For more information on buying property in Sydney go to www.gooddeeds.com.au
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'with many people, the moral code is that gazumping is fine if you are the one doing the gazumping but unethical if you are the losing party!'
ReplyDeleteYou've summed up the common attitude perfectly. However 'do unto others as you would have done to yourself' and all that (apologies if a slight mis-quote!
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I wholly agree with your comments!
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