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.
Content Credit: The 13 Worst Mistakes made by Home-Buyers – written by Neil Jenman