What does 'Ghost Gazumping' mean when buying a property?
Find out what Ghost Gazumping means when you are buying a property. 'What does Ghost Gazumping mean?' plus over 150 other property related terms and jargon in plain English
Gazumping is when a vendor, or the estate agent, claims another person has made a higher offer on the property you are buying after you have had the Sale Agreed and that the vendor is going to accept this offer unless you take a particular course of action.
"Ghost Gazumping" is when the person they say has made the higher offer doesn't actually exist - the vendor or the estate agent has made them up in order to put pressure on you.
This is not always about trying to get you to pay more, it may be about pushing you to move faster.
The practice is usually used by unprofessional estate agents because it is a blunt instrument and ultimately an empty threat. Estate agents who know what their doing will work with all parties to progress the sale to Exchange of Contracts swiftly because they know Time Costs Deals but managing the deal is much more effective than trying to beat you with a stick!
I've never had it happen to me because I manage the deal as well and so at any one point in time I know exactly where we are in terms of who needs to do what. I also chase the deal so I keep the time between Sale Agreed (which is no more than a verbal agreement) to Exchange of Contracts (which legally locks the seller in to the deal) to a minimum.
To learn how you can do the same pick up a copy of my ebook How to Really Buy a Property.