Five ways to avoid gazundering

January 26, 2021 3:28 am

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In the current housing market, sales can fall through for myriad reasons, but a recent addition to the list is gazundering.

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This is the opposite of gazumping, where bids continue to come in at increasing levels. It describes a situation where the buyer reduces their offer after agreeing a purchase price. This can be devastating for the vendor, so how can you avoid it happening to you?

1. Set a realistic price

Be realistic about what your home is worth and try to achieve a fair price. Also, be aware of any work your purchaser may have to do after the sale, and perhaps do some of that work yourself. In addition, remember that kerb appeal is going to attract interest, so a bit of gardening and painting may be required.

2. Get the legal process underway

To best avoid the risk of the buyer wavering on your agreed sale price, you should ask your solicitor or conveyancer to get the legal process underway as quickly as possible. You will find tips on how to achieve fast conveyancing online at sites such https://www.samconveyancing.co.uk/news/conveyancing/5-top-tips-for-fast-conveyancing-132.

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Always remember to make contact with your own conveyancer as often as possible to monitor progress.

3. Set the exchange of contracts date

If you want to ensure that everyone stays on schedule during the conveyancing process, set a date for exchanging contracts. This focuses everyone’s mind and means the buyer has a date to work towards. The Law Society has produced a step-by-step guide to the protocol your conveyancer should be following (Conveyancing Protocol | The Law Society).

4. Prepare for the survey

The buyer will have your house surveyed after having an offer accepted. This is often the point where the deal can falter and the price alter with it. If you are aware of any problems that may be highlighted, for example, damp or a problem roof, you should fix them prior to sale. Getting the survey done as quickly as possible will move the whole process along.

5. Be aware of warning signs

The highest offer for your property may not be the best one to accept. It may be a ploy from the purchaser to secure your interest and then follow up with an attempt to gazunder you once the survey is done.

Follow the above advice and your sale should go through without any hiccups.