Until contracts are exchanged in England and Wales, most property sales are not legally binding. That creates two well-known risks with memorable names.
Gazumping
A seller accepts your offer, but later accepts a higher offer from someone else before exchange. It is deeply frustrating for buyers, and it is a reason many people try to move quickly and keep communication tight.
Gazundering
A buyer lowers their offer late in the process, sometimes shortly before exchange. Sellers may feel pressured to accept if they have a related purchase or time pressure.
What can help
Nothing removes market risk entirely, but mortgage readiness, responsive solicitors, and realistic timelines can all reduce the window where deals wobble. Scotland’s process differs; this article focuses on England and Wales.