First home buyers defend guzundering
What is gazundering?
Under English law, the price you agree on is not definite until the `exchange of contracts'. Up until that time (usually 6 - 8 weeks after the seller accepts your offer for the property), the seller can choose to cancel the sale and accept a higher price from another buyer (if the market is moving upwards). Likewise, you have the right to cancel the agreement and buy a cheaper property (if you feel the price you originally offered was too high, or that prices may be falling.)
When the seller takes a higher price (or asks you for an extra £10,000 at the last minute), this is called `gazumping'. When the buyer demands a price drop at the last minute (usually to compensate for decling house prices in the area), this is called `gazundering'.
Is gazundering ethical?
Some people don't feel it is an ethical practice, but it is completely legal and therefore it is part of the game. If you don't play your gazunder card at the right time, you only hurt yourself.
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