Gazundering is back
Posted by markharrison on April 23, 2008
Alas, Gazundering is back.
This is (whatever the OED may say about chamber pots), the practice by which a buyer goes through the process of buying, and then, on the day of exchange, drops their offer.
Personally, I consider this (and the converse – gazumping, where a seller increases the price on that day) to be “dirty tricks” and neither use them, nor put up with them.
However, reports are that their use is on the up in some parts of the UK. I’ve just come off the phone from my solicitor, who tells me that neither is happening around here – initial offers are way below asking price, but it would appear that the people of West Sussex stand by the handshake and things go to exchange at the prices agreed.
The danger to the buyer, of course, is that they have made their outlay – paid their searches, and may even be in chains themselves – and may upset the vendor sufficiently that the deal doesn’t go ahead, even at the originally agreed price.
However, there is one weapon in the “victims” armoury that can be used – what I am now recommending, if you are gazundered, is to explain that you will be circulating the “buyers'” details to all local estate agents, with a covering note letting them know that they are a known gazunderer, and asking them to make this fact known (as part of their duty of care to their clients – the vendors) to any vendor considering selling to them.
In these Internet days, reputations are far more important, and easy to make clear 🙂