Gazumping is back in the ACT property market.
It is a pernicious and frustrating practice.
It happens like this. I tell a real estate agent I want to buy an advertised house for, say, $250,000. He contacts the sellers who verbally agree. I then go off and get building and surveying reports and line up my finance. This takes a lot of time and money. Meanwhile another buyer sees the advertisement and offers $260,000. The agent is required to tell the seller. He could be sued if he did not. The sellers then accepts this offer.
The agent might come back to me and we have a de-facto auction, or the new buyer might have cash and not care about survey and building reports. So I get gazumped.
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