With the hot property market in Zimbabwe, gazumping is everywhere especilly in Harare where more and more of it. Gazump is a situation in which the price for property or land is raised to a higher price than what was previously verbally agreed upon. This is likely to happen where demand exceeds supply, underbidders can be tempted.

There are things a purchaser can do to minimise the risk but there are no guarantees they will work. The most obvious answer is to walk away and find another home, but I have seen more and more people get emotionally attached esp where there have been outbid. I think the fact someone else wants the house make you want to have it even more.
What if you still want to hang in there
1.Be a good negotiator and seal the deal.
2.Sign an ‘exclusivity agreement’ which gives the buyer a certain amount of time to exchange contracts at a given price. While this period runs, the seller should not show others round the property or negotiate with them. However, there is little you can do if the vendor breaches the agreement as nothing is legally binding. In a fast moving market where the dollar devalues everyday, most sellers will not want to tie themselves for long
3.Buy with cash, the best way to beat the opposition is by a rapid exchange of contracts.

Have you gazump or have you been gazumbed. Send in your comments.

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