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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.