Gazumping - How To Discuss
Gazumping
Describes the process by which a seller who has already accepted a buyer's offer accepts a higher bid and removes the first buyer from the list.
This can be done at any time before the contract is signed as neither party has a legal obligation to buy or sell until the documents are signed.
Exclusivity agreements can help prevent "panting" and may mean that the seller signs an agreement not to do business with anyone else for a certain of time.
Meanings of Gazumping
Blackmail scam.
Increasing the sale price of an object (especially real estate) after prior agreement on a lower price.
Buy a home at a price that is higher than the price of an existing and accepted offer.
Moving forward or foreseeing to secretly reap the benefits of a situation that someone else has tried to create.
Carburetor action.
