gazumping
Snatching accepted deal
Gazumping is a British term for when a home seller accepts a higher offer from a new buyer after already having agreed to sell to someone else, leaving the original buyer without the property they thought they'd secured.
This can happen because in England and Wales, agreements aren't legally binding until contracts are exchanged, which may occur weeks after an offer is accepted.
The practice is widely considered unethical, though it remains legal.
We lost the house to gazumping after the seller got a better offer.
Offer more than another
- overbidOffer excessive price
- counterofferAlternative terms proposed back
- escalationProgressive increase in intensity
- biddingOffering prices or obeying
preemption · tactics · leverage · timing · maneuvering · competition · incentives · sealed-bid
Something owned or inherent
- houseResidential building
- estateProperty and grounds
- marketVenue for trade
- buyerOne who acquires things
seller · valuation · survey · chain · purchaser · vendor · homebuyer · sale
Legal property transfer process
- solicitorDocument-drafting legal professional
- exchangeMutual giving and receiving
- completionAct of finishing
- contractEnforceable written agreement
binding · chain · deposit · house-hunting · transaction · acceptance · vendor · purchaser
Violating moral standards
- dishonestyDisposition toward falsehood
- deceptionIntentional misleading of others
- exploitationSelfish use of others
- greedExcessive desire for wealth
fairness · morality · integrity · trust · betrayal · breach · underhand · unconscionable
Distressed loss of courage
- devastationSevere widespread destruction
- frustrationDispleasure from blocked efforts
- disbeliefRejection of truth claims
- heartbreakCrushing emotional pain
disappointment · upset · distress · blindsided · outrage · betrayed · gutted · crushed
outbid
Offer more than another
- overbidOffer excessive price
- counterofferAlternative terms proposed back
- escalationProgressive increase in intensity
bidding · preemption · tactics · leverage · timing · maneuvering · competition · incentives · sealed-bid · negotiation
property
Something owned or inherent
buyer · seller · valuation · survey · chain · purchaser · vendor · homebuyer · sale · purchase
conveyancing
Legal property transfer process
- solicitorDocument-drafting legal professional
- exchangeMutual giving and receiving
- completionAct of finishing
contract · binding · chain · deposit · house-hunting · transaction · acceptance · vendor · purchaser · offer
unethical
Violating moral standards
- dishonestyDisposition toward falsehood
- deceptionIntentional misleading of others
- exploitationSelfish use of others
greed · fairness · morality · integrity · trust · betrayal · breach · underhand · unconscionable · questionable
dismay
Distressed loss of courage
- devastationSevere widespread destruction
- frustrationDispleasure from blocked efforts
- disbeliefRejection of truth claims
heartbreak · disappointment · upset · distress · blindsided · outrage · betrayed · gutted · crushed · letdown
- UK Propertyfreehold, leasehold, estate agent, council house, terraced house
- auctionsauction, bidding, bid, auctioneer, auction house
- real estatehouse, home, apartment, property, sale
- transferstransfer, money transfer, bank transfer, wire transfer, fund transfer
- UK Housingcouncil houses, Victorian terrace, council flats, council estates, terraced houses
- property lawfreehold, leasehold, deed, deeds, title