Gazumping Is Not Common Among Harrisonburg Home Sellers


Gazumping Is Not Common Among Harrisonburg Home Sellers
By Scott Rogers • December 12, 2019
Gazumping!?!? What in the world is that? I had to Google it after a homeowner referenced it when I was meeting with them this week. It seems it is more common in England and Wales than it is here -- thankfully! Per Dictionary.com... gazump - to cheat (a house buyer) by raising the price, at the time a contract is to be signed, over the amount originally agreed upon. Some sellers in this market might price their home extraordinarily competitively to aim towards having multiple (above asking price?) offers to consider -- but they don't typically gazump. Scenario 1 -- Homeowner concludes that her home is worth $300K. She lists it for $295K and is delighted to receive offers for $295K, $300K, $302K and $304K. She sells the house for $304K. Not gazumping. Scenario 2 -- Homeowner concludes that his home is worth $300K. He lists it for $280K, receives an offer of $290K, tells the buyer he is going to accept it, and then changes the price to $305K after the buyer has signed the contract, and demands that the buyer initial and approve the change. Definitely gazumping. So. Don't gazump. :-) PS. Gazumping has nothing to do with camels. Gazump rhymes with hump and camels have humps. Sorry for any confusion. ;-) Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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