New Build - Demand > Supply

Tuesday_Girl

Just wondering what happens when a developer releases x number of new houses and there are more interested parties than number of houses. Does it depend on who pays a booking deposit first, is there a lottery system or how is it decided?


Thanks!

JimmyMW

Tuesday_Girl wrote: »

Just wondering what happens when a developer releases x number of new houses and there are more interested parties than number of houses. Does it depend on who pays a booking deposit first, is there a lottery system or how is it decided?


Thanks!

Defo who pays first

mel123

Its first come first served. Ive seen people q'ing over night before to make sure they secure the house they want.

Tuesday_Girl

Thanks for the replies, I lived abroad for a long time and they used a lottery system so wasn't sure how it worked here.

Gumbo

First come first served.
Then they create a cancellation list.

But bear in mind it's not a first to come view that gets them, it's first to hand over the booking deposit and sign the booking form.

The_Conductor

Keep in mind gazumping is alive and well too- this is- someone approaching a developer and offering 10k over list (or whatever) to jump someone on the list already.......... I'm not commenting on the morality of these type actions- simply that they are happening........