Saturday, September 6, 2008

Nothing wrong with gazundering

House sellers hit by race to gazunder

The practice of gazundering, in which homebuyers slash the price they are willing to pay just before contracts are exchanged, has returned, say estate agents. In some areas half of all sales are being hit by gazundering, according to the National Association of Estate Agents (NAEA). “We have seen a pickup in gazundering across the county and with sales of all values,” said Peter Bolton King, chief executive of the NAEA. “The government should stamp it out by introducing e-conveyancing and online transfers.” John D Wood, the estate agent, recently sold a property in Wimbledon, southwest London, initially on the market for £3.7m, for about £500,000 less than its asking price. “The agreed price was

Posted by bufferbear @ 11:31 PM (893 views)
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7 thoughts on “Nothing wrong with gazundering

  • Gazumping was okay, but gazundering must be stamped out…ffs

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  • “some sellers won’t only turn down the lower offer, but they will also simply refuse to do business with that buyer again.” Err.. and why exactly is that a problem for me?

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  • Gazundering should be actively encouraged to ensure that properties sell at the correct market value.

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  • the practice of gazumping and guzundering, are a useful tool for buyers and sellers both in rising and falling markets, a little last minute negotiation helps the market to keep moving. always 1 party will gain and 1 party will lose, and this is how it should be in a free market.

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  • I’m all for driving house prices down but gazundering and gazumping are wrong, after the price is agreed. Though I can understand that the market can change a lot if a sale takes a long time to go through, because of chains etc.
    If house sales could be completed in just a few weeks, as in Scotland and many other countries, by having people make legally binding offers it really would be better for everyone because they would know where they stood. Changing the purchase system is one way that the government could get the market moving without preventing HPC or a huge injection of taxpayer dosh.

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  • I have experienced both gazumping and gazundering in my lifetime. Both are very unpleasant experiences and part of a seriously flawed system. However the latter is more a result of overpricing than anything else.

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  • it_is_going_with_a_bang says:

    So what if it’s back – it’s life. Surely if a property is perceived to be worth less 4 or 5 months after the first offer then a buyer has the right to demand a lower price. In a crashing market i would have thought it would obviously be on the increase.

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