Jargon Buster - What is gazumping?
Gazumping happens when a seller has accepted an offer to buy their property but then accepts a higher offer from another party- the original offer has been 'gazumped'. Even if a sale has been agreed Estate Agents are obligated to pass on all offers they receive to the sellers, so until the point where contracts are exchanged a third party is still able to put in a higher offer. The quicker the transaction progresses to exchange the less time there is to be gazumped ...so acting quickly, organising your mortgage and surveys and chasing your solicitors will all help to speed up the process and reduce the risk of losing out on the sale!
20th July 2016
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