Gazundering

The practice of withdrawing a price already offered and making a lower offer. This is the other side of the coin to gazumping. When the property market is weak, a buyer may try to reduce his or her bid for a home prior to the exchange of contracts (when the transaction becomes legally enforceable).

The verb to gazunder, first made a widespread appearance in the UK property market in the lat 1980s. It is a blend of gazump and under, denoting the arbitrary reduction of an offered price by a purchaser, usually near to the date of exchange of contracts, putting pressure on the seller to accept a lower value rather than look for another buyer.

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