The Government had suggested that Home Information Packs would lead to a reduction in the number of abortive sales as their justification for introducing the scheme, reducing gazumping and gazundering.
12.
The result is, no Gazumping, but many multiple surveys being carried out on the same property, usually by the same surveyor, especially in smaller towns where a single qualified surveyor may practise.
13.
This situation is notorious for being liable to " break " if one of the transactions fails, for example due to financial difficulties, a change of heart, or the practice of gazumping or gazundering.
14.
"By offering to cut prices, Seeboard is basically ` gazumping'the regulator-- taking the initiative with self-regulation, " said David Campbell, utility analyst at Greig, Middleton & Co.
15.
"' Gazumping "'occurs when a seller ( especially of property ) accepts an oral offer ( a promise to purchase ) on the property from one potential buyer, but then accepts a higher offer from someone else.
16.
Part of the double-dealing, she explained, is a practice known as " gazumping, " in which a seller agrees to a price and then, while the contracts are being drawn up, agrees to sell to a second buyer for more money.
17.
Hence, we do not suffer the English Curse known as Gazumping, in which an Offer is verbally accepted, and then revoked in favour of a higher offer, without recompense to the original Offeror, notwithstanding his / her monetary outlays on Survey, Legal and Other Fees.
18.
So, in summary, in Scotland, we don't suffer the misery of Gazumping, but we often see many of our " blind bids " rejected in favour of higher ones, sometimes for such spurious reasons as the house being close to say a Doctor's surgery or a Bus Stop-nothing in fact to do with the house in a financially pragmatic sense-and we also see Lawyers'and Estate Agency Fees spiralling in direct proportion to the escalating price Offers that result.
