| Gazundering: Buyer attempts to lower the sale price before exchange of contracts |
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Description
Who is the Rogue?:
Buyer
How does it work?: Gazundering is legal as the buyer is under no contractual obligation to the seller until exchange is made. Certain unscrupulous buyers wait until the last minute when the seller is at the most vulnerable to revise their offer down. It is particularly problematic and dishonest when there is a chain involved and all parties stand to lose a significant amount of money and time. How to avoid this scam?: Unfortunately, there is not much you can do to protect yourself especially if you're caught in a chain. Refusing the revised offer may cost you not only the house you're selling but also the one you're buying as you may be forced to pull out. Bridging loans are very expensive and should only be used as a very last resort. Scam reviews
Average Scam rating from: 5 user(s)
To write a review please register or login. 1 of 1 people found the following review helpful
Saturday, 23 February 2008 Written by JamieMerrill Victim?:
No
Comments: Hi Kelly and Jackton, I'm currently researching gazundering at the moment. Pleas respond to this post if you would like to help me and I'd be happy to pass over my contact details. My Location: London
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2 of 2 people found the following review helpful
Friday, 18 January 2008 Written by Kelly Victim?:
Yes
Comments: My agent has just informed me, that the buyer would like to offer a lower price, this is particulary annoying as I signed the sale agreement 5 days ago and have been waiting for the buyer to sign theirs. My so called agent has assured me they have signed their contract, but do not want to exchange until I accept their offer. To make matters worse my agent agrees with them. Either you want to buy the property or you don't. Don't let anybody hold you to ransom over your own property. Good luck My Location: LONDON
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3 of 3 people found the following review helpful
Tuesday, 18 September 2007 Written by jackton Victim?:
Yes
Comments: I'm currently suffering this. The buyers know that my previous sale fell through at the last minute and are hell bent on destroying me to get as much as they can. I've already had to agree to lower the price (which had already been lowered by 5K to get a quick sale after the first sale fell through) now they want most of the contents of my house.. AND they want me to provide them with a garden shed! I can't believe their solicitor is pushing all this. After the initial sale collapse, I had moved to my parents 50 miles away with my newborn baby, as all my belongings were boxed up, I'm desperate to move and they have me over a barrel. I'm due to move to my new home next Friday yet these "vultures" are stalling on signing the missives. It's time there was a time limit set on signing missives. My Location: Scotland
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1 of 1 people found the following review helpful
Saturday, 19 May 2007 Written by TallulahBelle Victim?:
No
Comments: I have to protest at this one... I'm currently buying a flat in London for the first time - it's important to realise that in this current climate, it may take a long time to get a valuation survey. In my case, it's taken 5 weeks to get a survey done on the property I'm hoping to buy. *If* I had found out that there was something wrong with the property, I would have been well within my rights to revise my offer downwards. Luckily this didn't happen in my case, but it's important to look at this 'scam' on a case-by-case basis. It's not always strictly blackmail on the buyer's part. My Location: North London
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7 of 7 people found the following review helpful
Sunday, 13 May 2007 Written by vincez Victim?:
Yes
Comments: I recently was a victim of gazundering and find it is a cruel and horrible thing to do to everyone caught up in a chain. My buyer waited until the very last minute before telling me he wanted £10000 off the agreed purchase price. I refused to accept it and unfortunately the chain collapsed and I lost the dream house I was after. Financially I couldn't make it but imagine other buyers would be forced into taking the reduced offer. I know some sellers overprice their properties but waiting until the very last moment to spring a "gazunder" is a disgusting practice. My Location: Crouch End, London
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