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