Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Gazumping
Gazumping occurs when a seller accepts an offer on a property but accepts higher bid from another buyer before a deposit is made. This leaves the first buyer with only two options: offer a higher price for the home, or look for another home within his budget. In the latter option, you don't get back the money you spent on the offer, such as confirmation fees, surveys, and solicitor's fees. Since a sale agreement is not legally binding, gazumping is not necessarily illegal, but is considered unethical in most countries.
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