G Is For Gazundering
G A Z U N D E R I N G
⠀⠀⠀⠀⠀⠀⠀⠀⠀
So we've all heard the term 'gazumping' but what the devil is 'gazundering'?!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
This is when a buyer of a property decides to make the seller a lower offer just before contracts are due to be exchanged 😱
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Now in some cases, this may happen for legitimate reasons. It could be chain-related, the property survey may have brought to light certain issues that could be costly for the new owner to rectify or maybe the mortgage lender isn't on board with the valuation...
⠀⠀⠀⠀⠀⠀⠀⠀⠀
On the flip side, gazundering can be used as, shall we say, an unethical tactic by a buyer to force a seller to accept a lower price at the 11th hour in order to make a saving on their purchase.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
This has obvious implications for the seller in that they may be forced to accept this lower offer to ensure that the chain above them doesn't collapse. They could even be left short for their own purchase 😬
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Now, we're not here to judge, but instead, here we offer some advice on ways to avoid being 'gazundered'.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🏠 Price your home realistically from the outset so there's less chance of a buyer lowering their offer at the last minute.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🏠 Be upfront about any issues with the property from the beginning so there are no surprises when the survey comes back.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🏠 If you can, keep your property on the market until contracts are exchanged - and the buyer has parted with their exchange deposit. This could potentially strengthen your position should a buyer try to pull a fast one!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🏠 Move quickly! Make sure that both you and your solicitor are on top of your paperwork and that your buyer's solicitor is moving at a good pace. It may also help to set a date for exchange to focus everyone's minds...
⠀⠀⠀⠀⠀⠀⠀⠀⠀
So we've all heard the term 'gazumping' but what the devil is 'gazundering'?!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
This is when a buyer of a property decides to make the seller a lower offer just before contracts are due to be exchanged 😱
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Now in some cases, this may happen for legitimate reasons. It could be chain-related, the property survey may have brought to light certain issues that could be costly for the new owner to rectify or maybe the mortgage lender isn't on board with the valuation...
⠀⠀⠀⠀⠀⠀⠀⠀⠀
On the flip side, gazundering can be used as, shall we say, an unethical tactic by a buyer to force a seller to accept a lower price at the 11th hour in order to make a saving on their purchase.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
This has obvious implications for the seller in that they may be forced to accept this lower offer to ensure that the chain above them doesn't collapse. They could even be left short for their own purchase 😬
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Now, we're not here to judge, but instead, here we offer some advice on ways to avoid being 'gazundered'.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🏠 Price your home realistically from the outset so there's less chance of a buyer lowering their offer at the last minute.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🏠 Be upfront about any issues with the property from the beginning so there are no surprises when the survey comes back.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🏠 If you can, keep your property on the market until contracts are exchanged - and the buyer has parted with their exchange deposit. This could potentially strengthen your position should a buyer try to pull a fast one!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🏠 Move quickly! Make sure that both you and your solicitor are on top of your paperwork and that your buyer's solicitor is moving at a good pace. It may also help to set a date for exchange to focus everyone's minds...
No comments
Leave a comment