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 ?
Founder and CEO of eMoov.co.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.
Estate agents claim that gazumping - where buyers lose out at the last minute to a higher bid - is back in some areas of the second-hand market.
DAVE says: Outbidding a rival buyer at the last minute, known as gazumping, is an awful situation that estate agents are powerless to stop.
You can view the Society's guidelines and find more info on gazundering and gazumping by logging on to lawscot.org.uk
Let's start with an admittedly exaggerated definition of gazumping to highlight a hidden aspect of many property transactions.
TAKE out gazumping insurance to cover the costs should the worst happen.
And widespread gazumping and gazundering would thankfully become a thing of the past.
Christopher, 25, and Ilya, 21, are victims of gazumping - which has again reared its ugly head in the property market as a lack of affordable homes leaves new buyers literally battling it out to get that first foot on the ladder.
Gazumping is back as the housing market continues its rebound - but a good solicitor should be able to mitigate its effects.