Monday, October 11, 2010
Up to 25% of purchasers are attempting to renegotiate the price downwards at the last minute... Andrew Montlake, of mortgage broker Coreco, said gazundering was rife because of the current market conditions. 'We work very closely with agents and a number of them have reported a rise in the number of cases of gazundering in recent months,' he said. 'Buyers know that they hold all the cards at the moment so the conditions for gazundering are ideal. For sellers, of course, this type of activity causes considerable difficulties and distress.'