gazunder

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Related to Gazundering: Gazumping

Gazunder

A situation in which a potential buyer of real estate revises his/her bid for less money before the transaction is finalized. For example, if one originally offers $200,000 and the seller accepts this, a gazunder occurs when one reduces the bid to $175,000. A gazunder is risky because the seller is under no obligation to accept the gazunder. Generally speaking, a gazunder occurs when the buyer is confident that the seller will accept the new price, especially when there are no other potential buyers and real estate prices are crashing.

gazunder

An action by a buyer to lower the offer for goods or property after the seller has already mentally spent the purchase money and is emotionally invested in a sale at that time,but immediately before the paperwork is signed. Contrast with gazump.

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Gazundering, on the other hand, implies a strong element of premeditation.
Adrian Britton of the Royal Institution of Chartered Surveyors says that gazumping and gazundering happen because of the long delay between buyers making an offer and contracts being exchanged - which currently takes roughly from six to eight weeks.
Carol says: "Our prices start from just pounds 134,995 for a three-bedroom home but we also have our Part Exchange Fall-Back scheme, which is a great way to guarantee the sale of your current home, avoid gazundering, and possibly make a little extra.
It can also protect against gazundering, when a buyer reduces their offer, often substantially just before legal completion is due.
WITH more and more property chains falling through - thanks to the uncertainty in the housing market - we are also seeing an increase in the dreaded gazundering.
Question: What exactly is gazumping and gazundering and are they legal?
A Lambeth spokesman said: "The recent strong housing market has left people vulnerable to pitfalls like gazumping and gazundering, but with this simple, low-cost plan they can go ahead with confidence, knowing they're covered.
Gazanging has joined gazumping and gazundering as the newest term on the block referring to the property world," said Mr Williams.
Called gazundering, the new manoeuvre involves the buyer lowering their offer on the day of contract exchange in order to force a drop in price.
As for gazumping, the market, not Hips, has got rid of that and replaced it with its alter ego, gazundering.