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TheCountOfNowhere

Halifax: Jargon Buster: Gazundering...

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Just say this pop up ona website I was looking at for football news....

 

DTCMHzeXUAM44mw.jpg

 

WTF I thought.

 

Are they trying to make people feel bad about gazundering ?

 

Social engineering by bankers ? 

Edited by TheCountOfNowhere

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2 minutes ago, ftb_fml said:

Sounds a bit that way - all wrapped un in a misguided and patronising package that's clearly aimed at the under-12s..

Or football supporters in this case.

 

It's saying....it's not socially acceptable to offer less than you agree even if you find out rare football stickers a photo copy.

 

These people are sick. IMHO

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Gazundering used to be a real problem. Everybody in a chain would think they knew where they were then BAM somebody would say err actually I ain't paying x I can only pay x-n. Fair enough if (for example) surveyor uncovers something at a late stage, but if just a tactic  then annoying and timewasting for the legit participants. Dash it, there was a time when a gentleman's word was his bond and anyone who'd tried gazundering at Wibblecombe Horse Fair after a handshake deal would have been blackballed from the club.

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8 minutes ago, Funn3r said:

Gazundering used to be a real problem. Everybody in a chain would think they knew where they were then BAM somebody would say err actually I ain't paying x I can only pay x-n. Fair enough if (for example) surveyor uncovers something at a late stage, but if just a tactic  then annoying and timewasting for the legit participants. Dash it, there was a time when a gentleman's word was his bond and anyone who'd tried gazundering at Wibblecombe Horse Fair after a handshake deal would have been blackballed from the club.

There was a time people didnt use basic shelter as a speculative investment and magic up cash out of thin air to enslave young people for 40 years.

The rule book is out the window I'm afraid.

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1 hour ago, TheCountOfNowhere said:

Are they trying to make people feel bad about gazundering ?

It definitely looks like it - and aimed at the same part of the brain as 'forever home' and 'the wow factor'.

Strangely (not), their definition of gazumping is not all coojy-coojy baby-talk for kidults, it would appear that THAT is a perfectly reasonable and grown-up thing to do and does not deserve to have the piss taken out of it...

"Gazumping is when a seller of a property accepts an* verbal offer on the property from one potential buyer, but then accepts a higher offer from someone else." I mean, what sane person wouldn't?

https://www.halifaxjargonbuster.co.uk/gazumping/definition

*edit - sic. I reckon they correctly put 'oral' there to start with but the 15-year-olds in the office couldn't get past that so they changed it to 'verbal'.

Edited by North London Rent Girl

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HTB - the creepy head master has opened a new tuck shop with yummy new sweets but you have to go into his private apartment dressed in tight shorts afterwards...

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Easy credit conditions - the school bullies nick your pocket money and laugh as they flush your head down the loo

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Green belt / town planning laws - the older bullies eat all the yummy sweets until there are none left and you get a stick of celery

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21 hours ago, Funn3r said:

Gazundering used to be a real problem. Everybody in a chain would think they knew where they were then BAM somebody would say err actually I ain't paying x I can only pay x-n. Fair enough if (for example) surveyor uncovers something at a late stage, but if just a tactic  then annoying and timewasting for the legit participants. Dash it, there was a time when a gentleman's word was his bond and anyone who'd tried gazundering at Wibblecombe Horse Fair after a handshake deal would have been blackballed from the club.

Many may mock but I have been on the receiving end and it wasn't a pleasant experience.  It happened several months down the line and I had got to the stage of quotes from removal firms and incurred about £500 of expenses when my buyer tried this tactic. I didn't cave in but the chain fell apart so he f*****d everyone in the chain not just me.

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9 minutes ago, janch said:

Many may mock but I have been on the receiving end and it wasn't a pleasant experience.  It happened several months down the line and I had got to the stage of quotes from removal firms and incurred about £500 of expenses when my buyer tried this tactic. I didn't cave in but the chain fell apart so he f*****d everyone in the chain not just me.

Why didn't you just offer the next person down the chain the same amount less? Better than not backing down and pulling out.

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33 minutes ago, scb said:

Why didn't you just offer the next person down the chain the same amount less? Better than not backing down and pulling out.

Let's assumed this actually worked. Surely the first gazunderer, having observed his success, would just do it all over again! |

In a complex operation like a house chain there has to be a line drawn somewhere, even if only for the sake of the participants' sanity, otherwise deals could never be concluded if everyone changes their minds all the time.

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Just to translate it into current house prices (particularly South-East).

Gazundering: Imaging a mate at school who says they're going to give you all their newborns, both kidneys and all the money they can raise by entering (with their partner) a lifetime of debt slavery, but later turns round and says he can only give you 1 newborn, 1 kidney and (still joint with their partner) a lifetime of debt slavery.

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It struck me that taxpayers have funded 800 million in bonuses to the board of Persimmon alone, at a time when the NHS can't afford to treat sick people inside our hospitals. This is the scandalous cost of inflating the house price bubble. Corbyn and Co don't even attempt to join the dots. The Tories are justifiably proud of dumping health care from the government portfolio of investments and replacing it with yachts and supercars for their friends and donors. 

IMG_20180109_194858.jpg

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2 hours ago, ingermany said:

It struck me that taxpayers have funded 800 million in bonuses to the board of Persimmon alone, at a time when the NHS can't afford to treat sick people inside our hospitals. This is the scandalous cost of inflating the house price bubble. Corbyn and Co don't even attempt to join the dots. The Tories are justifiably proud of dumping health care from the government portfolio of investments and replacing it with yachts and supercars for their friends and donors. 

IMG_20180109_194858.jpg

Savage. Take a bow. Possibly stealing this.

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17 hours ago, janch said:

Many may mock but I have been on the receiving end and it wasn't a pleasant experience.  It happened several months down the line and I had got to the stage of quotes from removal firms and incurred about £500 of expenses when my buyer tried this tactic. I didn't cave in but the chain fell apart so he f*****d everyone in the chain not just me.

And it's the whole 'it depends' scenario on something like this. I was selling and the investor did this to me on the day we were suppose to exchange.....and said he was going away for 3 weeks so I had time to think about his new offer. This was a positive market and I instructed the agent not to respond, remarket and resell. We did and the new buyer exchanged within 5 weeks at full asking ie more than first buyer. It was only then that the first buyer came back to ask if I had accepted his new offer....I told the agent under no circumstances were they to respond. That was 15 years ago....I wonder if he is still waiting. (Joking apart it was his solicitor who subsequently found out from my solicitor) 

Had the market been falling I may have taken a different view...this investor made the wrong decision in the wrong market. 

I have made a fortune because I don't gazunder. Agents have rung me with properties that the seller has already taken a hit on but the buyer is trying to squeeze more and the seller does not want to then get a last minute renegotiation - ie all trust has gone. Effectively stepped in on existing deals (at a discount) to keep the chain and my purchase is 'sold as seen' on the first handshake - subject only on proof of title and maybe no evidence of significant subsidence unless already declared. 

Obviously not in this market....I would not buy anything today because this current market is mental unless you factor in at least 50% drop in your offers already. One agent rang me with an opportunity and I genuinely said the numbers for me were so far away from reality that I wasn't interested to even hear their 'bottom number'. They gave me the number (30%) off asking. I said that was still 10% over 2014 price and it needs another 50%....may have burnt bridges but I am not buying anymore anyway. Just took the opportunity to spread a message. 

Edited by Pop321

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20 minutes ago, Pop321 said:

And it's the whole 'it depends' scenario on something like this. I was selling and the investor did this to me on the day we were suppose to exchange.....and said he was going away for 3 weeks so I had time to think about his new offer. This was a positive market and I instructed the agent not to respond, remarket and resell. We did and the new buyer exchanged within 5 weeks at full asking ie more than first buyer. It was only then that the first buyer came back to ask if I had accepted his new offer....I told the agent under no circumstances were they to respond. That was 15 years ago....I wonder if he is still waiting. (Joking apart it was his solicitor who subsequently found out from my solicitor) 

Had the market been falling I may have taken a different view...this investor made the wrong decision in the wrong market. 

I have made a fortune because I don't gazunder. Agents have rung me with properties that the seller has already taken a hit on but the buyer is trying to squeeze more and the seller does not want to then get a last minute renegotiation - ie all trust has gone. Effectively stepped in on existing deals (at a discount) to keep the chain and my purchase is 'sold as seen' on the first handshake - subject only on proof of title and maybe no evidence of significant subsidence unless already declared. 

Obviously not in this market....I would not buy anything today because this current market is mental unless you factor in at least 50% drop in your offers already. One agent rang me with an opportunity and I genuinely said the numbers for me were so far away from reality that I wasn't interested to even hear their 'bottom number'. They gave me the number (30%) off asking. I said that was still 10% over 2014 price and it needs another 50%....may have burnt bridges but I am not buying anymore anyway. Just took the opportunity to spread a message. 

30% off asking. 30% off a made up number

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  • 407 Brexit, House prices and Summer 2020

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