I recently read an article of a common and lawful practice in England that allows the seller to cancel a contract at the last minute right before closing.  Should the seller receive a higher price from another buyer he can cancel the deal in a practice known as gazumping.   Likewise, if a buyer decides he offered too much or finds another less expensive property he can demand a lesser price or also back out and they refer to this as gazundering!

 I enjoy a good game of poker and the use of a bluff, but really this takes the cake!  I would not substantiate this practice by calling it strategy but rather exploitation. Even though we have the right of inspection and due diligence period to contend with,  I'm certainly happy we don't have that type of manipulation to deal with in the States.