Friday, January 14, 2011

Gazundering is now commonplace but is kept hush-hush

Gazundering on the rise as house prices fall

Figures from the Halifax show that UK house prices have continued to slip, falling 1.3% in December from the previous month. With agents desperate to keep buyers on board it is not surprising that gazundering - where buyers come in at the last minute requesting a price reduction for no reason - has become common place..................“Gazundering is commonplace but does not seem to receive the press coverage expressing the outrage that accompanies the opposite, gazumping, when a seller ups the price at the last minute. Interestingly gazundering is seen as fair game but gazumping as abhorrent.”

Posted by jack c @ 09:42 AM (1959 views)
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8 thoughts on “Gazundering is now commonplace but is kept hush-hush

  • mark wadsworth says:

    Gazundering is the sport of kings.

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  • Hmm.

    neither a gazumper nor a gazunderer be.

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  • sibley's b'stard child says:

    I have never bought or sold a home but – in theory – I find both practices equally distasteful (unless there was a very good reason ie unfavourable results of a survey).

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  • Er..

    a house a house my kingdom for a house

    ???

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  • ontheotherhand says:

    Distasteful? This is thousands of pounds you’re talking about. The British really do hate negotiation, especially if it involves tactics. If you ever buy a new car, just as you’re about to sign and with your pen dangling say, ‘Oh, I thought it included the xyz at that price.’ Close pen lid. Get up and say, “Well, I have to go to catch a plane. I’ll give you a call to talk about it when I’m back next week.’ All of a sudden, xyz is added.

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  • sibley's b'stard child says:

    OTOH, I hear what your saying and I no doubt live in a fantasy world of intact morals and scruples. Suffice it to say, i’d be pretty hacked-off if – as a vendor – i’d agreed (in principle) a price which the buyer then reneged on for no reason other than capitalising on circumstance. Equally, i’d be hacked-off if i’d agreed a price with a vendor and they reneged on that deal due to a more lucrative offer.

    All things being equal, I don’t see a place for either.

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  • It’s all fair game.

    Haven’t all here been gazumped. The rules have been set, no mercy.

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  • ontheotherhand says:

    SBC – that’s great to hear. Economists used to struggle to explain that kind of selfless behaviour since everything should have a price. e.g. Since it clearly saves time to jump a long sliproad queue at the last minute, and it has no cost, why don’t more people do it? The answer is that it does cost something. It costs you anguish by conflicting with the moral view of yourself and the set of behaviour that goes with that.

    My landlord bought from my previous landlord and never discussed the curtains before completion. They had once cost the seller a lot to put in, but were fairly old and probably useless elsewhere so worth nothing to him. To the buyer they represented a saving of hassle and the replacement cost. They couldn’t agree so I assume the asking price was high, and in the end the seller won the bluff, but I’m sure it soured the experience. Should he have given them for nothing since that expecation was genuinely inferred by the buyer and he should be happy of the house sale, or should he negotiate and play hardball and get a few thousand more for something worth nothing to him?

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