Gazumping is when a seller accepts an offer from one interested party, only to accept a higher offer later on from someone else. Incredibly annoying when it happens to you, it can throw your finances, your timing and your mood, leaving you right back where you started all those months ago.
Gazumping is when a vendor of residential property accepts an offer from one interested party, only to accept a higher offer later on from someone else. By way of example, a property is for sale at an asking price of £199, 950. You make an offer of £195, 000 which the vendor accepts.
A few hours, days or even weeks later, a second buyer makes an offer of £196, 000 for the same property. The vendor contacts you and either says that they are accepting the second offer or they ask you to increase your offer to beat the second offer. In either case as buyer you have been gazumped .