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Gazumping To Be Stamped Out

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Gazumping To Be Stamped Out

98FM
98FM

07:36 10 Sep 2014


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Auctioneers are calling for a legally binding contract to stamp out gazumping.

That's where someone promises to sell a property at a set price, before backing out of the deal once they've got a better offer.

It's legal even when deposits have been put down.

The Institute of Professional Auctioneers and Valuers says it wants to eliminate gazumping at the sale agreed stage, because of the hositlity its causing towards their members.


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