This is when the person selling the property accepts an offer and then accepts a new, higher offer from another buyer before exchange of contracts.
Gazumping occurs when a seller (especially of property) accepts an oral offer of the asking price from one potential buyer, but then accepts a higher offer from someone else. It can also refer to the seller raising the asking price at the last minute, after previously orally agreeing to a lower one. In either case, the original buyer is left in a ...Found on http://en.wikipedia.org/wiki/Gazumping
Frowned upon practice of a buyer agreeing and a seller accepting an offer over and above an offer from another buyer previously accepted and perhaps in excess of the purchase priceFound on http://www.encyclo.co.uk/local/21468
The acceptance by a seller of a higher offer despite having previously accepted a lower one from another buyer. In England and Wales, a seller is entitled to do this provided contracts have not been exchanged. The position is different in Scotland.
Found on http://www.encyclo.co.uk/local/20912
Where a seller accepts a buyers bid and subsequently accepts a higher bid from from an alternative buyer before exchange of contracts.Found on http://www.edwards-associates.co.uk/frames/glossary.htm
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