Gazumping - Cheap Mortgage Deals

This is a practice which, although is currently not unlawful, is highly damaging to the property market.

Gazumping is whereby a new buyer appears on the scene after an original buyer has made an offer on a property and that offer has been accepted by the vendor. The gazumper's offer is higher than the original offer made and the vendor has agreed to dismiss the original lower offer and sell the property to the higher bidder.

The origal buyer has therefore, been gazumped.