Where a seller accepts a buyers bid and subsequently accepts a higher bid from from an alternative buyer before exchange of contracts.
a) when a seller agrees to sell to one buyer but then either sells to another buyer or b) when a seller raises the price when two or more buyers are interested in the property.
Slang term for the practice of reneging on an oral commitment to buy or sell property because a better opportunity presented itself prior to a legal contract being consummated.
Acceptance of higher offer on property purchase prior to exchange of contracts, unethical professionally but not illegal
Accepting an offer which is later rejected in favour of a higher offer when selling a house. Particularly prevalent in the late 1980's when house prices increased almost on a daily basis.
When an offer on a property has been accepted but a deposit is not yet paid and another higher offer is accepted by a separate party and secures the sale.
The person selling the property accepts an offer from a potential buyer, and then accepts a new higher offer from another buyer before exchange of contracts.
A buyer undercutting another buyer.
When a seller accepts your offer to buy a property but exchanges contracts with someone else who makes a higher offer.
The morally questionable, but legal, practice of accepting a higher bid for a property after already accepting an offer on it. Tends to be far more common in strong housing markets.
In British conveyancing, it is the act of pulling out on a sale for a better offer before contracts are exchanged. Gazumping exploits a loophole in English Law which has buyers makes offers without contractual assurance.
A seller accepts a higher offer on their property from a third party when they have already agreed to sell to someone else.
Where the vendor accepts a higher price even though a sum has been agreed with another purchaser. The price is not final until contracts are exchanged.
coming in at a higher price and securing a sale where another offer has already been accepted.
when an offer on a property is accepted by a vendor, but a higher offer is subsequently received by another party and accepted by the vendor.
Many buyers have been extremely frustrated with a practice known as gazumping. This is when the seller verbally agrees on a price for a property but then later advises you that someone else wants to buy the home and has offered more money. In some occasions you are given the chance to match or better the increased offer. In most cases, the home is sold for the increased price without you even knowing about it.
This is when someone selling a property accepts an offer and then accepts a second, higher offer before the contracts are exchanged.
This describes the action of a seller who, having accepted a buyer's offer subject to contract decides before contracts have been exchanged to accept a higher offer from someone else.
This is a practice by sellers when they accept a higher bid for their property than was previously agreed with another party.
Raising the price of a property or accepting a higher offer after having accepted an offer from a potential purchaser.
Where a seller agrees to sell to one buyer but then either sells to another buyer or raises the price when two or more buyers show interest.
This happens when a seller agrees to sell you a property and then they go and accept a higher bid on the same property.
Gazumping means the seller of an asset , such as a house, accepts a higher purchase offer, when they have already accepted another lower offer from another potential buyer.
Where the seller agrees to the sale of the property but before the Contract of Sale is signed the property is sold to another buyer.
When the seller gives a verbal agreement to accept a buyer's offer, but then takes a higher offer before the exchange of contracts. In England and Wales gazumping is not illegal.
Before the exchange of contracts, the seller turns down an offer previously accepted in favour of a higher bid.
Gazumping occurs when someone selling a property accepts an offer and later accepts a higher offer from someone else before they have exchanged contracts. The original offer is said to have been gazumped.
Every homebuyer's nightmare. You're close to completing the purchase of your dream home and then a latecomer arrives on the scene and offers a higher price, which the seller accepts. That's gazumping.
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.
When the seller, having already accepted an offer but before contracts are exchanged, accepts another, higher offer from someone else.
when the seller, having already accepted an offer from one person, accepts a higher offer from another
A common practice whereby the seller, having already accepted an offer from Party A, accepts a higher offer from Party B.
This is when the vendor accepts an offer on a property and then accepts a higher offer from another purchaser.
This is when a prospective purchaser has an offer for a property accepted, before another potential buyer puts in a higher offer for the same property.
It means the seller of a house accepts a higher bid for the property after agreeing terms (accepting an offer) from another would-be buyer.
The sellor's agent takes a higher bid after accepting yours.
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.
When an offer made by the purchaser to the vendor is accepted, it is not held to be legally binding until contracts are exchanged. The vendor is, therefore, able to accept any higher offers that are presented prior to the exchange of contracts.
This is where the person selling a property accepts an offer on it from a prospective purchaser, but then accepts a better offer from someone else.
whereby the vendor accepts a higher offer than the original purchaser, thereby pushing the first buyer out of the picture. Happens in a bouyant house market where property is selling quickly.
Your sell takes a higher bid after accepting yours.
When the house seller accepts a higher price offer from another house buyer after the initial offer has been accepted.
This is where the seller sells to another buyer for a higher price, having agreed (subject to contract) to sell to someone else. This can only happen before exchange of contracts.
A term used to denote a situation where the vendor has accepted an offer but subsequently accepts a higher offer from another purchaser.
Gazumping may take two forms: The intending buyer believes that the property has been secured by payment of a holding deposit, and proceeds to arrange finance, legal and other matters. When ready to exchange contracts, the intending buyer finds that another buyer (of which he was unaware) has exchanged contracts on the same property. The vendor or real estate agent accepts two or more deposits and then before contracts are exchanged, tells the intending purchasers that the price has gone up. The intending buyers are then left to outbid each other as if it were an auction.
When the seller having already accepted an offer from Party A accepts a higher bid from Party B.
If you are in the process of purchasing a property and your offer has been accepted but the seller gets a better offer, before you complete, and takes it then, you've just been 'Gazumped'.
Where a vendor accepts an offer for a property for sale from one purchaser, and another purchaser betters the offer in an attempt to win over the vendors favour.An agent must submit all offers.The ability of a purchaser exchanging conditionally upon a readily available contract for sale shortens the lead time in which gazumping would other wise occur.
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 price.
Withdrawal by a vendor from in agreement with a purchaser to sell land at a specified price, before the making of a legally binding contract, in order to accept a higher offer.
when a seller agrees to sell a property to a buyer then sells to someone who offers a higher price
The verb "gazump" means to refuse to formalise a sale agreement at the last minute in order to accept a higher offer. The word is thought to have come from the Yiddish word gazumph meaning to swindle or overcharge, which became gangster slang in the 1920s.