Property Today

Property News

Published Date: 14 May 2008

Selling a house can be frustrating as it is. Gazundering adds extra pressure

Gazundering makes an unwelcome return

You've probably heard of gazumping, but what about gazundering? Well it's a damaging property practice and apparently on the way back.

Gazumping is where a property seller agrees a deal with you, and then accepts a higher offer from another buyer. Gazundering is almost like a buyer's revenge, where the buyer demands a drop in the property price at the very last minute, giving the seller the choice of losing some money or the entire sale.

Property lawyers Boodle Hatfield say gazundering is unethical but technically legal, and is likely to increase as buyers gain more power in a difficult market.

The firm's experts say there is evidence in some cases it is happening as late as the day contracts are exchanged.

They suggest you instruct your solicitor to take whatever steps are necessary to reduce the risk, such as reducing the amount of time for contracts to be exchanged. You should also consider in advance how much of a price drop you would accept if it happens.

Last Updated: 14 May 2008 01:47 PM

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