Gazumping
When the property market starts to improve and the price of properties rise then so does the unfortunate events surrounding gazumping. The most common practice is evident when the vendor agrees to accept your offer on a property but continues to market the property and then accepts a higher offer, at this point you can consider yourself ‘gazumped’. Regrettably this practice is not illegal, current legislation does not protect the buyer when too many buyers are chasing too few properties and lenders effectively auction the mortgage on the property to the highest bidder.
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