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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Some, for example, have called for gazumping to be made illegal.
Mr Reilly said that while gazumping might be seen as a sign of a buoyant property market, eager buyers will lose out, sometimes moments before a sale is officially closed.
But the estate agent warned that the problemwith gazumping, which is seen as a sign of a healthy housing market, is that keen buyers can miss out moments before a sale is officially finalised.
Gazundering is the opposite of the well-documented and much-reviled practice of gazumping, where an agreed price is raised by the seller - usually because a higher offer has been made by another potential buyer - just before contracts are signed.
It believes that a much faster exchange of contracts will ease problems of gazumping or the costly collapse of deals agreed for other reasons.
THE threat of gazumping has returned to the Coventry and Warwickshire housing market, as prices continue to soar.
In my view, HIPs won't put an end to gazumping or stop people doing private deals.
One in three people have had a property purchase fall through, with more than three million househunters being victims of gazumping, research has revealed.
Estate agents say the Bill will do nothing to deter the practice of gazumping - sellers under pressure to cover their increased costs would be increasingly tempted to accept a last minute and improved offer.
Ministers believe that forcing the seller to provide a survey will speed up the conveyancing process and cut the risk of gazumping.
RECENT house price rises have seen the unwelcome return of gazumping.
New home information packs for house buyers could spell the end of gazumping, according to chartered surveyors in the West Midlands.