You have seen this four bedroom house and the location is perfect but you cannot afford it. You can only afford a smaller house. Both the word gazumping and the practice are among a number of things about buying a home in Britain that surprise Americans who have had some experience with house-buying back in the States, according to British mortgage brokers, bankers and others who help them through the process.
Also, if you are only pre-qualified, the loan amount is somewhat flexible, but if you are actually pre-approved for a certain dollar figure, do not house shop over that figure, because the lender will probably not increase the loan they are willing to make and you will have to make up the difference in cash paid as down payment.
When it comes to the Phoenix area, there indeed has been some dip in the value of houses, however, due to a strong local economy and an large influx of new residents, this dip has been far less dramatic than in other parts of the U.S. The median home price, while somewhat lower than a year ago, is still over $20,000 more than it was at the height of the boom in 2005.
The titles to the immediately neighbouring properties will also be looked at to ensure that the boundaries they claim towards the property to be purchased, and the rights set out in those properties’ deeds again correspond with the information set out in the draft Deed of Sale.
It charges a fee equivalent to 3% of the value of the property the clients have bought and 3% of the cost of the house that gets sold, as well as a small surcharge to cover costs that have been fronted to buying clients, such as initial insurance and escrow payments.