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Gazumping

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TheDoctor
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2007/06/17 15:25:12 (permalink)
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Gazumping

'Gazumping' is the term used to refer to when a seller accepts an offer from one potential buyer, but then accepts a higher offer from someone else later. The first buyer is left in the lurch.

Not a problem in Scotland but widespread in England and Wales

1) Buying a house: Have you been gazumped by another buyer

2) Buying a house: Would you gazump another buyer

3) Selling a house: Would you accept gazumping

Some points to consider when answering are shortage/demand of housing (from buyers perspective) and high cost of properties (from sellers perspective unless downgrading). Also personal morals might come into play of "giving your word" when accepting an offer.
#1

2 Replies Related Threads

    TRAMP
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    RE: Gazumping 2007/06/17 15:29:26 (permalink)
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    1) Buying a house: Have you been gazumped by another buyer...Yes

    2) Buying a house: Would you gazump another buyer...Yes

    3) Selling a house: Would you accept gazumping...Yes


    Having been on the receiving end it's a git, especially if you just cannot afford to go any higher as was our problem but all's fair.

    People want the most they can get for their property so yeah...why not, you are rarely dealing with 'friends'

    It's finally arrived....PM Neb for swaps!


    #2
    ginasmg
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    RE: Gazumping 2007/06/17 16:27:39 (permalink)
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    1) Buying a house: Have you been gazumped by another buyer =no

    2) Buying a house: Would you gazump another buyer =yes

    3) Selling a house: Would you accept gazumping=yes i would want the best price i could get. but if i had given my word i would stick to what i said.
    #3
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