Gazumped!

PUBLISHED: 14:31 16 November 2006 | UPDATED: 21:26 29 May 2010

DEFINITION: (of seller) raise the price of a property after having accepted an offer by (an intending buyer). For some considerable time I have been looking for an affordable house in Dunmow for my family. This week I hoped to be able to tell my childr

DEFINITION: (of seller) raise the price of a property after having accepted an offer by (an intending buyer).

For some considerable time I have been looking for an 'affordable' house in Dunmow for my family.

This week I hoped to be able to tell my children that at last we had a home we could call our own.

The owners of the property in question had accepted our offer, so we arranged the necessary mortgage. The arrangement fee costing us £665.

One day later the owners informed us that they had received a subsequent offer of £10,000 above our agreed price - would we like to raise our offer?

NO - our offer had already been accepted.

We had been gazumped. We have now sadly lost the arrangement fee and the property.

Another, more direct definition of Gazump is SWINDLE which to me more accurately describes the lack of honesty, integrity and moral character of people prepared to backtrack on their word.

I hope that other prospective buyers in our town are not similarly deceived.

Lewis Calvert

High Fields

Great Dunmow


If you value what this story gives you, please consider supporting the Dunmow Broadcast. Click the link in the orange box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Dunmow Broadcast