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02-16-2009, 07:54 AM #1
Renter
- Join Date
- Feb 2009
- Location
- london
- Posts
- 12
Signs of Gazumping in the UK
Apologies if I am using British terminology. Gazumping is a term used when a seller has already agreed a price to sell a property and just prior to an exchange of contracts they agree to sell at a higher price to another buyer.
This is something given the state of the market recently which has been unheard of.
Whilst it is only happening in selected areas of the UK (and I do not by any means condone it) it could herald a very early shift in the market.
Has anyone else experienced this?
Jules
tailoredhome.co.uk
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Gazumping
Any offer to purchase that I do in Toronto Canada is submitted in writing; seller can accept, ignore out of hand (I could ask for an acknowlegement that they indeed saw the offer) or counter offer.
Nothing done verbally is binding upon anyone.
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