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Gazumping occurs when a seller accepts a verbal offer on the property from one potential buyer, but then accepts a higher offer from someone else. It can also refer to the seller raising the asking price or asking for more money at the last minute, after previously verbally agreeing to a lower one. Although legal in some states, gazumping is frowned upon. Some agents even go as far as reinforcing that gazumping is legal in their state within property listings, in hope of driving urgency to close the deal.
