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A frenzy in real estate that occurs when a seller, usually a bank, deliberately under-prices a property to quickly generate multiple offers. The winning buyer usually offers way above the asking price to thwart other buyers but ironically ends up paying market value or above. All of the other buyers unwittingly waste their time.
I wanted to make an offer on that townhouse, but it turned out to be a schmoz; they already had ten offers!
by kyfriedchicken November 21, 2010