Gazumping- what do you think?

[tinajones]

i was lucky buying my house as i was the one renting it at the time and couldn't be bothered to move, glad i was so lazy, looking at the prices two years on!

i was shocked that 'the mortgage code' isnt government legislation, just some pappy logo and bobbins.

[t020]

I think that an offer should be accepted in writing and once it is, no more offers can be taken. The written acceptance could be used as legal evidence should the person still be gazumped.

[max]

What about using the same method as at an auction? You have to stump up a 5% (I think) deposit at the time your bid is accepted. This makes it legally binding subject to the usual surveys, etc. The vendor cannot back out then.

[DaBouncer]

Found the house you've been looking for mate

[chill]

I think the whole system is ridiculous and needs a complete overhaul. I am currently buying and you just spend weeks upon weeks waiting around for other people to do very little. All that needs doing for me to be able to exchange is the vendors solictor to reply to my solicitor about a single minor question. This question was asked over a week ago! This is the 21st century and still solicitors do everything by snail mail.

Apparantly in Canada you buy law have to complete no more than 5 days after accepting the offer. All the searchers and stuff are done by the vendor before the house goes on the market. That's what we need here, plus the internet sites to mature to the extent that we no longer require estate agents.

[/rant]