This is the term used when the seller decides they want more for their property after a sale has been agreed but before contracts have been exchanged.
The term Sale Agreed does not bind either party to any contract until exchange so it is possible for both the buyer to reduce their offer and the seller to increase the price they want for their property.
Such a move by the seller is often called ghost gazumping because they claim to have another buyer who is willing to pay more even when said buyer doesn't actually exist.
Ghost gazumping is often seen in markets where prices are increasing rapidly and the buyer (and their solicitor) is taking a long time to organise the paperwork and/or mortgage.
It is another example of how spending too long between getting a sale agreed and exchanging contracts can cost the buyer.
Soo the chapter Time Costs Deals for more.
I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!
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