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What is Gazumping?

Gazumping is a British term for an action of accepting a higher offer from another party for a property even if an offer has been made by the original buyer. The seller continually receives offers from the Estate Agent if the property is still on the market so there can be a possibility that a buyer is gazumped.
To decrease the chances of this happening to you, you should make sure transactions are being processed quickly to lessen the time of you being gazumped. The earlier you can organize your mortgage and surveys can reduce the risk of losing the deal.