What is gazundering ?

The word gazundering and gazumping just hit the top of google trends today. What does it mean ? This words are related to property sales. Well It is a question of eradicating the obstacles with the good course of the transactions and to reduce the time between the first agreement and the final signature of the contract, in order to limit the risk that the agreement between the purchaser and the salesman is call into question. Indeed, it is not rare that this time is made profitable one of the parts to reconsider the agreement given: it is the gazumping , which consist in for the salesman giving the preference to a later offer of an higher amount, or, more rarely, the gazundering , desistance from the purchaser for a more attractive offer. The effects multiply the consequences on the market of these phenomena. The public authorities thus attempted to reduce the period of uncertainty which runs out between the first agreement and the signature of the contracts.

Tags: gazundering, gazumping, property sales, mortgages, homeowner, real estate.

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