What is gazumping?

Gazumping: To accept a higher offer after already accepting another buyer's offer. The gazumper is the seller and the buyer is the victim. The gazumper wants the best price for his property, and usually the other buyer doesn't know you and is prepared to pay more for the property in an attempt to win the offer. If he succeeds, you have been gazumped.

How to prevent from being gazumped

• If you get in first by having your finances in place before you make the offer you are in a better buying position.
• If you are buying a property when the market is booming offer the full asking price.
• You can make your offer conditional to an anti-gazumping contract (consult the Royal Institution of Chartered Surveyors) both parties can agree to abide by the deal for a specified time.
• Don't sit back and wait for it all to happen, be pro-active get the survey done quickly and check with your financial institution, perhaps they are waiting for some wage slips or your payment before they can instruct a surveyor. Your solicitor will be conducting a local search, are they waiting for your reply or are they waiting needlessly. Check and check again that everything is going smooth, one word of warning: Be charming with everyone, human nature dictates that we all prefer to deal with people who are likeable and efficient. If you upset someone they might be less willing to help you when you need them most.
• Try to fit in with the sellers demand about the moving date, etc.

There is sadly no real answer to gazumping, we as an Estate Agent will do all we can to prevent it, by taking a property of the market as soon as an offer has been accepted.