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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.
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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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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Some 45% of people surveyed think gazundering is a serious problem, up from 40% when similar research was carried out last year, the report from campaign group the HomeOwners Alliance, BLP Insurance and architects found.
The study by the HomeOwners Alliance found 21% of sellers' extra costs were caused by 'gazundering' - where buyers lower their offer just before completion to force the seller into accepting less.
And widespread gazumping and gazundering would thankfully become a thing of the past.
Financial penalties for sellers who opt for a better offer, or buyers who ruthlessly drop their price at the last minute, will reduce gazumping and gazundering as these practices are known.
Any hiccough after the acceptance of an offer can lead to the prospective purchaser gazundering [to use a technical term!] - or reducing the price.
"The dreaded gazumping or gazundering is totally avoided, thus guaranteeing peace of mind for both buyers and sellers."
A For those who don't know, gazundering is the opposite of gazumping.
Sam Williams, associate sales director for Taylor Wimpey North West, said: "After gazumping and gazundering, house hunters now have a new issue to deal with, the risk of being gazanged.
No property chain You are free of the nightmarish property chain and all that gazumping and gazundering.
I've heard people talking about gazundering - what is this and could I be vulnerable?
It cuts out practices like gazumping and gazundering. It gives people the opportunity to fight it out fairly and when the gavel goes down, the deal is done - no arguments.