Gazundering is a term used in the United Kingdom to describe the practice of a buyer reducing their offer on a property just before the sale is due to complete. This can be a very stressful and frustrating experience for the seller, who may have already made plans to move or may have even sold their existing property.
There are a number of things that sellers can do to avoid gazundering. One is to get a watertight contract in place as soon as possible. This should include a provision that the buyer will forfeit their deposit if they gazunder. Another is to avoid accepting offers from buyers who are not financially qualified. This can be done by getting a mortgage pre-approval letter from the buyer’s lender. Finally, sellers should be prepared to walk away from the sale if the buyer gazunders. This may seem like a drastic step, but it is often the best way to protect yourself from financial loss.