Frequent Flyer Credit Card Guide

Travelling and Fun

How To Avoid Getting “gazumped” In Your Real Estate Transaction

August 1st, 2017

property conveyancing brisbaneGazumping is what happens when the buyer has been already given an offer by the seller and the transaction is under way, but before it gets completed, the seller decides to accept a better offer from another buyer. It will really be a lot of emotional draining when you realize that this real estate investment on which you had your heart put in, will not really happen. If you have spent a lot of time in the process, you will also lose out on so much cash that have gone into non-refundable deposits with the surveying, lawyer fees and even the arrangement of mortgage. So here’s what you can do to avoid getting gazumped.

Get it done quickly

It is not possible that you will have access to everything that you need to complete the property conveyancing Brisbane when you are first made the offer. There are certain mandatory tests that you need to and have to do before any of that. The trick is to get everything arranged within a short time period as much as possible so that the seller does not really get time to consider other offers.

“Mortgage in principle”

This is one thing that you must have ready to hand before you set out to look for real estate that you would like to buy. This is basically an agreement that you have to make with a mortgage lender saying that they are “in principle” willing to give you a specified amount of money given that some conditions have been met successfully. Having this to hand will help both you and the conveyancer that you are working with as well because it will be relatively fast compared to looking for a lender after the offer on the real estate has been made.

Getting the right lawyer

If you already have a lawyer to work with in advance it will once more lessen the amount of time you have to make the seller wait after the offer has been made. Start looking out and getting price and fee quotes from solicitors. Your lawyers will also need to have the money needed for the transaction in advance so that they can be in charge of making payments to the other party without any delay.

Find a surveyor

Keeping a surveyor in your mind means that you can get the survey checks done as soon as possible after the offer has been put in place. Instead of starting to look for one in the last moment, you can simply call them up and let them know when and how soon you want the checks done with. So plan ahead, plan smart and stop getting gazumped!