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Posts Tagged: Gazumping

Proposals to Ban Gazumping and Gazundering

Posted by on October 30th 2017 in Blog Posts, Property

Proposals to Ban Gazumping and Gazundering

More Certainty for Home Buyers and Sellers: Proposals to Ban Gazumping and Gazundering

Gazumping: where sellers accept a higher offer, having already accepted another buyer’s offer.

Gazundering: where homebuyers threaten not to complete a sale unless money is knocked off the price at the last minute.

Currently, buyers and sellers alike can do nothing to stop either Gazumping or Gazundering hindering a property sale, which causes uncertainty and leads to wasted costs on both sides of the transaction.  

Paula Higgins, chief executive of the Homeowners Alliance said:

“Gazundering, gazumping, collapsing chains, and one in three sales falling through. It takes too...

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