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3 Aug 2018

What is ‘gazundering’ and how can you avoid it?

Author: Anthony Gibson

Gazundering is not a familiar term to many people, however for those of you already aware of its meaning, you’re unlikely to associate it with any fond memories.

The term gazundering refers to a buyer’s action; by which they lower their offer on a previously agreed sale price, just before a contract is signed. This doesn’t necessarily happen by fault of the buyer, nor does it always occur with malice – it could simply be a reaction to a concerning survey, or another event which has occurred within the chain, for example.

Another reason for a buyer to ‘gazunder’ you could be that they’re advised that your property has been down-valued by their mortgage surveyor.

How can you avoid it?

When it comes to selling your home, there’s a whole host of factors beyond your control. However, there’s a few things you can do to help avoid a situation resulting in being gazundered.

Choose an experienced estate agent – Making sure you have an experienced and reputable estate agent can be invaluable when selling your home. Their experience in dealing with people day in, day out, will enable them to advise you of the most genuinely interested buyers and offers worth considering.

Achieve an exchange date ASAP – Work towards an exchange date sooner rather than later, to hasten the deal and reduce the risk of your buyer changing their mind or casting any doubt over their purchase.

Be efficient to prevent or reduce delays – Speed is your ally. Work efficiently with your solicitor - any hold up can create space for the buyer to change their minds about purchasing your home. Make sure you’ve provided all required documentation to your solicitor ASAP, so they can act swiftly on your behalf.

Know your buyer(s) – Make sure you gather as much information on your buyer as possible. Your estate agent should know lots of key information and properly vetted your buyer.

Be transparent throughout – The last thing you want to do is give an already nervous buyer a last minute shock, leading them to reduce, or worse, retract their offer. When you first instruct your estate agent, make them fully aware of anything which could impact the sale of your home, regardless of how insignificant you may think it is. Scenarios could include: a leak in the bathroom which will be fixed before you exchange, a pre-planned holiday meaning you’ll be unable to exchange and complete around a certain date and any local planning issues.

In most cases, gazundering is a rare occurrence, but it is always best to be as prepared as possible for any outcome. Make sure you speak to your estate agent to clear up any worries you may have about your home – they are experts in their field and can help to guide you through the process.

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