The Daily Telegraph has warned home buyers to beware of the trend for ghost gazumping.
In an Ask The Experts piece by Nicola Blackmore, the newspaper discusses the buyer's position if, after agreeing a price with a seller, the seller later raises the price before contracts are exchanged.
Rising house prices have seen the return of old-fashioned gazumping but ghost gazumping doesn't involve another buyer making an offer - simply the vendor realising they could get more money for their home and attempting to cash in.
The Telegraph article advises buyers to get organised and says the quicker they can get to the point of exchanging contracts, the less chance there is they will be ghost gazumped.
Mortgage broker Aaron Strutt of Trinity Financial said vendors are becoming increasingly impatient and are likely to expect a fast mortgage offer and valuation.
If you need a mortgage, it is important that you do your research and apply to the right lender, he told the Telegraph. Some of the biggest high street banks currently have large processing delays and this could be a significant problem if you need to complete quickly.
.png)
.png)
Comments