What is the Difference Between Gazumping and Gazundering?

Property buyers and sellers can often experience Gazumping or Gazundering – and it can be frustrating at times.

Gazumping refers to a seller who accepts an offer from a buyer, but does not exchange contracts. At the moment, a seller is free to leave any agreement without liability at any time before the contracts are exchanged.

In property sales, written contracts are not usually available until the building survey is completed and the relevant legal checks are conducted, which can take up to three months after verbal acceptance. Until this stage is reached, buyers are vulnerable to being gazumped.

You can eliminate the risk of gazumping as a buyer by having the seller remove the property from the market once you’ve accepted their offer, building a good relationship with them, and, of course, getting to the exchange of contracts as quickly as possible. Additionally, check whether your seller’s agent has a policy against gazumping

Gazundering is when the buyer waits until a sale is almost complete before making a lower offer and withdrew their offer. Since this can collapse an entire chain of sales, the buyer relies on the seller to accept their lower offer before the sale can close.

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