What Is Gazundering? (And Our Tips for Reducing the Risk)
Although it’s rare, gazundering can occasionally happen when selling your home. Here’s what you need to know.
Although it’s rare, gazundering can occasionally happen when selling your home. Here’s what you need to know.
What is gazundering?
Gazundering is a situation where a buyer makes an offer on your home, you accept it, and then the conveyancing process starts.
Then, like a bolt out of the blue, even just a few days before the sale is due to complete, the buyer drops their offer.
It’s one of those arghhh moments for sure.
And it can be very worrying and stressful.
According to one conveyancer, * gazundering has increased by 80% in just three years.
We think their customers have been particularly unlucky, as it’s very rare in our experience. But it’s sensible to be aware that it can happen and know what to do if it does.
Why do buyers gazunder?
There’s usually a reason.
Maybe their personal circumstances have changed.
Maybe they’ve overstretched themselves.
Maybe their buyer has gazundered them.
Sadly, though, although we hate to say it, some people are just chancers.
What to do
Although it’s tempting, try not to scream and shout and throw pots and pans around the kitchen.
Keep a cool head. Sit down with a cuppa and work out the best solution for you.
You could stand firm and hold out for the price you agreed.
You could accept the reduced offer if the numbers still work for you.
You could try to renegotiate a new price between the buyer’s original and reduced offer.
You might decide to put your home back on the market.
How to reduce the risk
Setting the asking price correctly in the first place is important.
A carefully chosen asking price should get you plenty of would-be buyers to choose from. It should also reduce the risk that your buyer will want or need to drop their offer.
Choose the right buyer. A buyer who is ready to proceed quickly and is committed to making a move is well worth having.
Make sure your home is sale ready. Fixing issues like damp, leaky roofs, or plumbing problems will mean buyers have no good reason to drop their offer.
Keeping close tabs on the conveyancing process can also help.
Choose the right estate agent.
An experienced, proactive agent can advise on an appropriate asking price, assess the quality of different offers, and help keep tabs on the sales process.
In the unlikely event you’re gazundered, a good agent can offer a friendly ear and help you work through your options to find the best solution.
If you’re thinking of selling your home, we’ll be happy to offer you an up-to-date valuation and expert marketing advice.
A friendly ear comes as standard.
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Buying and selling the ethical way
We are proud members of the Ethical Agent Network (EAN).
A national group of independent agents who have been independently evaluated to ensure we meet strict standards of honesty, service, professionalism, and community care.
To find out more about what we do and why we passed the EAN and are the only local agency in the network, contact us today.
* Source: Osbornes Law
