Every property buyer’s nightmare is called Gazumping. Gazumping is the situation whereby a seller accepts an offer on their property but at the last minute a higher bid from another buyer causes them to change their mind. The initial buyer is put in a difficult and stressful situation, and left at a crossroads of whether they should increase their offer to surpass the current highest bidder or admit defeat and withdraw altogether. Gazumping occurs mostly in a market that has more buyers than properties available for sale, and therefore due to the product of supply and demand this can cause bidding wars. The challenge with gazumping is that without the exchange of contracts, the sale is not made legal and therefore the seller or buyer has the power to withdraw whenever he so desired…