Dear Denise
I had my offer accepted but someone else purchased the property – isn’t that gazumping?
GF Medowie
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GAZUMPING occurs when a potential buyer makes an offer, the owner accepts the offer, but then also accepts an offer from another potential purchaser.
The other customer becomes the successful purchaser.
By law Real Estate Agents are obliged to put all offers forward to an owner regardless of whether or not there is already an offer accepted.
Therefore the owner may then accept someone else’s offer. This offer may not be higher than yours, but they may have a better financial situation, ie cash buyers as opposed to having to obtain finance.
A purchase of a property is not secured until exchange of contracts is processed. That is that both the buyer and seller have each signed the contract of sale and the buyer has paid their deposit, usually 10%.
No compensation for costs incurred, such as pest and building or legal representatives, is required to be paid to the unsuccessful buyer.
I hope this helps.
Denise