As the property market gets a bit more bearish you can expect a new word to enter news columns and it is ‘Gazundering’ or ‘Reverse-Gazumping’.
First of all we’ll explain Gazumping which happened when we were in our property bull market (the one that clearly ended in 07′). To gazump a person you would basically make an offer on a house that his higher that what the seller went ‘sale agreed’ at, so if you saw a house you wanted and it was already gone you would call up the estate agent and offer more than the current buyer did, doing this is unethical but not unthinkable, and the estate agent is in a bind because if the client found out they got a better offer and were not told about it they might not be too happy about it!
However, most sellers would be happy to honour their word and go through with the first buyer, but then there are those that just want more cash. When you buy a property you generally sign a contract but the contract …