What does 'Gazump' mean when buying a property?

Find out what Gazump means when you are buying a property. 'What does Gazump mean?' plus over 150 other property related terms and jargon in plain English

Gazump

Where a property is under offer but Exchange of Contracts has not yet taken place both buyer and seller can walk away from the deal.

This means if the vendor receives a higher offer during this time he or she might decide to take it and wave you goodbye. If they do you will have been "gazumped".

If you have already paid for a survey and perhaps other services such as a solicitor you simply lose this cash which is why some companies offer "gazumping insurance". Should you be gazumped they will cover these costs.

Gazumping is not uncommon in a booming property market where prices are rising fast and the number of buyers far outstrips supply. The key to avoid being gazumped is to move fast and my ebook How to Really Buy a Property will show you how to do just that.

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How to Really Buy a Property


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Chapter 12: Choosing a Conveyancer or Solicitor
"... two or three solicitors working in an office may seem all very cosy. This is the traditional model but in a rising market with much activity they can very quickly become overloaded with work. Holidays, illness or someone leaving only compounds this problem. They may have been recommended to you by a friend or a colleague but this will be little consolation if they are slow and you get gazumped or the vendor pulls out, frustrated at a lack of process and assuming you are not serious about the..."
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Chapter 15: How to Really Make an Offer on a Property
"... to their absolute maximum budget and to the large part they are actually wrong. The agent simply wants to get the deal agreed in a way that he can be sure no one else in his office will gazump his applicant, you. To put it another way if the Estate Agent is being paid 2% of the sale fee and..."
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"...To put it another way if the Estate Agent is being paid 2% of the sale fee and the negotiator is getting 10% of that then on a £240,000 flat the negotiator is going to be paid £480. If you have offered £235,000 and the negotiator is trying to get you to the asking price he is not trying to get £10 (the commission he would earn on the extra £5,000), he is trying to make sure you do not get gazumped! ..."
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"... trying to make sure you do not get gazumped! Although he doesn't really care if you get gazumped because he likes you, he cares because if it is one of his colleagues he won't get paid anything. If you really like the property listen to advice. - How Much to Offer and When - This is the..."
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