Gazundering: An Issue In Stockport Property Market?
While the face of Stockport is evolving at a rapid rate, there is no denying that homeowners and vendors must overcome challenges when selling their home. At Peter Anthony, we are property market specialists and we have considerable experience in the Stockport property market. We are proud to say we have helped numerous Stockport homeowners sell their home, but we believe it is best to be prepared for every eventuality.
Hopefully you will not have to worry about gazundering but as it is an issue that is being mentioned more frequently than it has in the past decade, we believe it is best that you are aware of this issue.
Gazundering causes big problems for property owners looking to sell
Gazundering happens on the day when contracts are exchanged. A price will have been agreed by this point but in a gazundering, the buyer decides to lower their offer, often by a significant amount of money. This creates a situation where the seller must respond quickly, and it is a difficult decision to make.
Depending on what the vendors plans are, this sale is likely to be vital to their plans of buying property. If the lower bid still allows the vendor to afford their next move, it is likely that the seller will grudgingly accept the offer. However, if the lower bid is no longer sufficient enough for the vendor to purchase property, there is a difficult decision to make, and often in a very limited timeframe.
It is vital that homeowners have a budget in place that allows them to know the minimum offer they can accept when selling a home. Gazundering creates a challenging position for the seller but when you are aware of your budgetary limits, you have a clearer set of guidelines with which to make your decision. At Peter Anthony, we help you prepare for selling your home as best as we can, and while we hope that gazundering doesn’t happen to you, it has been happening more often in 2018 than it has in the past decade.
Prepare yourself for all eventualities when selling your home
Gazundering, like gazumping, is legal. It is an act that many people disapprove of and say is morally wrong but for a buyer looking to save money, it is easy to see why gazundering will sound like an appealing strategy.
It is not possible to fully remove the likelihood of gazundering, but a vendor can put measures in place that will minimise the impact. Knowing your budget, staying in regular contact with the buyer, going through the process as quickly as possible and setting a reasonable asking price in the first place are all measures that reduce the likelihood of gazundering happening.
At Peter Anthony, we are Stockport property market specialists and we offer a range of support and services when you sell your home. If you are looking for guidance from a leading local expert, please get in touch and we will be happy to help.