Prevent gazumping by getting deals in writing quickly
Scott P. Rogers
We're starting to see multiple offers on some properties, likely because inventory levels are so low. In some other countries, that dynamic can lead to gazumping, a practice where a seller accepts an oral offer from one buyer, and then before firming it up in writing, accepts a second, higher offer.
Read all about gazumping on the Matrix Blog.
This is most common in England and Wales, where apparently it takes 10 to 12 weeks to get from an oral agreement to a written agreement. Blimey!
Thankfully, it doesn't (usually) take more than a few days to move from an oral agreement to a written agreement here in the U.S.A.
