The Sunday Telegraph - Ghost gazumping: Can home sellers demand a higher price after a deal is agreed?
Aaron Strutt of brokerage Trinity Financial said while this may not be a nice thing for sellers to do, they are allowed to increase their asking price at any point until the contracts have been exchanged. And in some cases it may also be understandable, particularly if a buyer is taking too long to organise their finances.
Mr Strutt said vendors are becoming increasingly impatient and are likely to expect a fast mortgage offer and valuation.
“If you need a mortgage, it is important that you do your research and apply to the right lender,†he said. “Some of the biggest high street banks currently have large processing delays and this could be a significant problem if you need to complete quickly.â€
“This can be a tricky process particularly if you are already stretching yourself financially to buy the property,†said Mr Strutt. “You may well be forced to apply to the Bank of Mum and Dad, if that’s an option.â€
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March 30, 2014
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