With the property market being so hot at present many people have been putting offers in to vendors getting them accepted, and then finding that another buyer has offered more.
This is what we called getting gazumped, and it is perfectly legal for a vendor to change his or her mind at anytime until a contract is physically exchanged on their property.
Morally it is wrong to say one thing and do another, but in the world of real estate anything can happen until that contract is exchanged. I know of vendors that have accepted $100,000 less on their property because they have kept there word and ignored higher offers from other buyers.
Getting gazumped is a terrible feeling, especially if you have wasted time & money on building and pest inspections, and solicitors.
And please take note buyers, even if you put down a holding deposit on a property, it means nothing until you have physically exchanged a contract on that property.
The next question all my readers are probably asking is how do I not get gazumped.
There is no real answer to that question, other than when you get offer and acceptance on your dream home move as fast as you can to exchange that property.