gazumping??

[qwerty08]

Hey

Was just wondering...often heard of the term gazumping but wondered if it was prevalent in the Irish property market.

Recently made an offer for a house that i got at a very good price...i'm lining up the survey for next week, just wondering what's to stop some guy ringing in a couple of days and saying he's willing to pay more than i will.

Does the vendor's acceptance of my offer constitute a contract?

I have an email from the estate agent to say the vendor has accepted m my offer.

 

[DerKaiser]

don't think there's anything to stop it
The bigger problem these days is the buyer going back on their offer and offering a lower amount, gazundering

 

[Lobby]

There is nothing in Irish law to prevent gazumping. In fact, if the EA receives a higher offer and does not pass this on to the vendor than he can be held negligent afterwards if it comes to light.

But as the poster says above, it's not very likely in the current climate.