{"id":3774,"date":"2024-02-13T13:47:01","date_gmt":"2024-02-13T13:47:01","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=3774"},"modified":"2024-02-13T13:47:38","modified_gmt":"2024-02-13T13:47:38","slug":"sellers-gazundered-in-a-buyers-market","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2024\/02\/13\/sellers-gazundered-in-a-buyers-market\/","title":{"rendered":"Sellers gazundered in a buyer\u2019s market"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Gazundering<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Last year, there was a 97% increase<sup>1<\/sup> in people searching for the word <em>\u2018gazundering\u2019<\/em> \u2013 when a homebuyer reduces their offer on a property at the last minute, sometimes just before completion. This leaves the seller in a difficult position, often without much choice but to accept a lower price. Gazundering is indicative of a buyer\u2019s market where there are more properties on sale than people wanting to buy.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Gazumping<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>In periods where the tables are turned and the market favours the seller, gazumping may occur more \u2013 this is when a seller receives a higher offer from someone else, even though the transaction process has started with a different buyer.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Stricter rules in Scotland&nbsp;<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Interestingly, both gazundering and gazumping are not as commonplace in Scotland \u2013 while it does still happen, Law Society of Scotland has rules in place to prevent gazundering and gazumping. Solicitors acting on behalf of property buyers are not permitted to lower their initial offer, while those representing property sellers cannot accept an offer from another buyer.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>GetAgent.co.uk, 2023&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.<\/em><\/strong>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Gazundering&nbsp; Last year, there was a 97% increase1 in people searching for the word \u2018gazundering\u2019 \u2013 when a homebuyer reduces their offer on a property at the last minute, sometimes just before completion. This leaves the seller in a difficult position, often without much choice but to accept a lower price. Gazundering is indicative of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3775,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,76],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/3774"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=3774"}],"version-history":[{"count":3,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/3774\/revisions"}],"predecessor-version":[{"id":3778,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/3774\/revisions\/3778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/3775"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=3774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=3774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=3774"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=3774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}