From British slang gazump, of uncertain origin, used for cheating or overcharging before it became strongly associated with property sales.
From British slang gazump, of uncertain origin, used for cheating or overcharging before it became strongly associated with property sales.
What does gazumping mean?
Gazumping is accepting or making a higher offer for a property after another buyer's offer has already been accepted, but before the sale is legally final.
Is gazumping illegal?
Gazumping is usually possible in England and Wales before contracts are exchanged, because the accepted offer is not yet legally binding.
Where is gazumping most commonly used?
Gazumping is mainly a British and Irish term, especially in property sales.
What is the difference between gazumping and gazundering?
Gazumping involves a higher offer displacing a buyer, while gazundering involves a buyer lowering the price late in the process.
Is gazumping the same as normal negotiation?
No. Gazumping happens after an offer has already been accepted, not during ordinary bargaining before agreement.
What is the base verb of gazumping?
The base verb is gazump, with gazumped as the past form.
Why does gazumping happen before exchange of contracts?
Before exchange, a property sale in England and Wales is usually not binding, so a seller may still accept another offer.
How can buyers reduce the risk of gazumping?
Buyers often try to move quickly, keep close contact with the agent, ask for the property to be taken off the market, and reach exchange of contracts as soon as possible.