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Mistake #8: Being Unprepared for Gazumping |
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Sometimes after you make an offer and it is verbally "accepted", another buyer will offer more. No matter what you are told, you have never legally purchased a home until both you and the owner sign a legally binding contract.
Until this happens, remember five words: Don’t Get Your Hopes Up. One
way to reduce the risk of being gazumped is to meet the owners. At the
very least, ask the agent to confirm that should another buyer make an
offer higher than yours, you will be given the chance to increase your
offer before the home is sold to the other buyer.
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