Gazumping

Why it can happen

In England and Wales an accepted offer is not binding until exchange. A vendor may take a later, higher offer. It is lawful, and it is also a common reason buyers lose trust in an agency. Your agency agreement and any professional rules you follow may expect you to pass on offers the vendor has not told you to refuse.

How to handle it in writing

Tell the existing buyer promptly if the vendor wants to consider another offer, and record what the vendor decided. Do not hide a higher offer, and do not pressure either side with a deadline you invented. Scotland’s missives make this much rarer; do not describe Scottish practice with this English word.

Questions