The buyer of the original Mr Blobby costume has pulled out of the £62,000+ purchase in less than an hour after placing the winning bid. The outfit was listed on eBay, an online auctioning website for just £39, but the starting price rocketed soon after and the bids multiplied.
The seller, an ex-BBC employee, said they were not surprised when the eventual buyer backed out. The seller admitted they were “shocked” the striking but worn costume had attracted so much attention.
Gazumping occurs when a buyer has offered to make a purchase and this has been accepted by the seller, but before the sale is completed or transacted, one of the parties pulls out.
This can be extremely frustrating for the other party and cause immense inconvenience as well as time wasted.
When buying a property it can be a crushing disappointment to lose out on a property you had your heart set on, likewise when you’re selling and you lose your buyer. In worst cases, gazumping can also leave the unsuccessful out of pocket to the tune of thousands of pounds.
This can all be avoided when selling via traditional auction. When the gavel falls, contracts are exchanged. From this moment the sale is legally binding and neither party can pull out. Completion dates must be adhered to, generally, 28 days from the moment the property was sold.
Learn more about buying and selling property at auction.