Gazundering: When Home Buyers Drop Their Offer at the Last Minute

Gazundering is a practice in the property market where a buyer lowers their offer just before the exchange of contracts. This can leave sellers in a difficult position, as they may have already made plans based on the original price. The problem is small but growing, according to recent reports. One seller shared their experience: their buyer reduced the offer by £15,000 the day before the exchange. Such last-minute changes can be stressful and costly for sellers, who might have already committed to buying another property. To protect yourself from gazundering, experts suggest a few steps. First, try to get a non-refundable deposit from the buyer early in the process. This shows commitment and reduces the chance of a price drop. Second, keep communication open with your estate agent and solicitor to spot any warning signs, like delays or excuses from the buyer. Third, if possible, agree on a fixed price and a deadline for exchange. Some sellers also choose to have a backup buyer or continue marketing the property until contracts are signed. While gazundering is not illegal, it is seen as unethical. Sellers can refuse to accept a lower offer, but they risk losing the sale altogether. In a slow market, sellers may have little choice but to negotiate. Understanding these strategies can help homeowners avoid unexpected losses and make the selling process smoother.