gazumping


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Related to gazumping: Gazundering

Gazumping

1. Informal; the act of withdrawing a promise in business, especially a promise to sell. For example, if a company agrees in principle to sell a factory to a second company, but receives a better offer from a third company, which it accepts instead, it is said to "gazump" the second company.

2. See: Gazump.

gazumping

a situation in which a seller of an asset such as a house, having already agreed informally to sell the asset to one buyer at an agreed price, subsequently sells the asset to another buyer at a higher price.
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References in periodicals archive ?
uk, Russell Quirk, said: "Unfortunately, it would seem the practice of gazumping is once again becoming more prominent as market values continue to climb higher.
Some, for example, have called for gazumping to be made illegal.
With gazumping, the prospective buyer is usually out of pocket for a survey or legal or other fees and may suffer other loss or inconvenience.
Gazumping is where a seller accepts a verbal offer from a prospective buyer and then accepts a higher offer from another buyer.
Nevertheless, morally speaking, it is a clear abuse of that system - a much worse one, in my view, than gazumping.
IT WAS once a pitfall for property buyers but now frenzied competition among young professionals unable to get a foothold on the property ladder is causing gazumping in the rental market, experts claimed last night.
IT WAS disappointing to learn that the disgraceful practice of gazumping is returning to the property market (Return of the Gazumpers' August 26).
BUYING a brand new home could prove a shrewd move as recovery in the property market heralds the return of gazumping and sealed bids.
Hips) Heralded by the Government as the saviour of the cumbersome house purchase process, Hips would do away with delay and prevent gazumping.
The research found that some people would consider gazumping if they found their ideal property, often describing the practice as a "necessary evil".
It's going to slow things down; it's going to make things more expensive; it's not going to deal with the issue of gazumping or gazundering; it's not going to help first-time buyers.