Gazumping and gazundering

By
Real Estate Agent with RE/MAX Select NJ# 9483506

These are real estate Britishisms, adapted from somewhere east of England.  I heard them when house hunting in Maida Vale (sort of Westfield of London. . .okay more of a Bronxville/Scarsdale)

Gazundering is the act of sticking up the seller/landlord for a price reduction after negotiation and often close to closing.

Gazumping is the act of bouncing a buyer/tenant out of a deal, or forcing a last minute price bump, in relation to a better offer.

If I sound a little judgmental, maybe I am.  I love that "my word is my bond" thing, and the more cooked a deal is, the more the counterpart has arranged their lives around it's consummation, the more unconscionable I find the innocent sounding gazumping and gazundering.

But it's late, so nomenclature today, suggestions for prevention, tomorrow.

Please feel free to suggest your cures too!

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