Don't get Gazundered!

What is Gazundering and How to Avoid It

Don’t get Gazundered!

As a seller in today’s world, there are lots of terms to get to grips with. Gazundering and gazumping are just two of the main ones – both of which can cause big problems.

While gazumping mostly affects buyers, gazundering is something that hurts the seller the most and can be extremely frustrating.

If you’re wondering what gazundering is, whether it’s illegal and how you can avoid it when selling your home, here’s everything you need to know about the subject.

What is Gazundering?

Gazundering is when a buyer lowers their offer at the last minute, usually just before you’re about to exchange contracts.

It’s completely different to gazumping, which is when a buyer is outbid at the final hour and a seller accepts. But it’s just as big of a problem. Gazundering can lead to delays in the chain, a loss of money and even a fall through in the sale.

Is Gazundering Illegal?

If the next question you’re asking yourself is ‘Is gazundering even legal?’, unfortunately, yes it’s legal in the UK. The contract for the sale only becomes binding at the point of exchange, so gazundering is allowed by law. But whether it’s ethical is a different matter!

Why Does Gazundering Happen?

There are many reasons why a buyer could offer a lower price at the last minute. It could be for genuine reasons, like the survey showing costly works or they’ve been gazundered themselves and can no longer afford your home.

But it could be for other, less favourable reasons too. Some people gazunder because of a miscalculation in finances, a change of heart, or simply to be sneaky to get a cheaper deal.

How to Avoid Gazundering

While there’s always a risk of gazundering when selling your home, there are some things you can do to avoid it. Here are Stephens & Partners Estate Agents’s top tips on how to avoid gazundering.

1.   Get a Realistic Valuation

One of the best ways to avoid gazundering is to make sure you get a realistic valuation in the first place. If you know about issues with your property, be upfront about them with your estate agent. And don’t worry about losing buyers – there’s a market for everything!

2.   Consider Paying For Survey Issues

Sometimes, you don’t know about issues with your home until the survey. If problems are uncovered, consider whether you’d be prepared to fund the works fully or partially, by doing it yourself or accepting a lower offer. Either of these things could help keep the buyer on your side.

3.   Choose a Good Estate Agent

Choosing a good estate agent is always important. But it could also be the best trick in the book to avoid being gazundered! While an estate agent can’t prevent gazundering entirely, they can help you find a good buyer. They’ll establish how serious a buyer is and won’t pressure anyone into a sale they’re not committed to.

Are You Selling Your Home
?

If you’re selling your home, make sure you’ve got an expert on your side. Here at Stephens & Partners Estate Agents, our friendly team of agents are here to make the sale of your home go smoothly.

Give us a call on 029 2022 7603 or send us an email at info@stephensandpartners.co.uk for a chat with one of the team.

how can i sell my house

Struggling To Sell? How To Turn House Viewings Into Solid Offers

We know that it can be very frustrating for homeowners if your house has been on the market for a while without attracting any offers.

If this sounds familiar, here are a few common pitfalls that could be preventing potential buyers from making an offer on your home, and how you can fix them.

  1. It’s Overpriced

A common mistake among homeowners is to want to overprice their home deliberately with the intention of letting a buyer haggle so they can get the true asking price that they’ll be happy with.

The biggest issue with this is that when a property is overpriced it excludes a number of potential buyers. For example, a buyer with a £300,000 budget won’t spot a property that’s on sale for £310,000, even if £300,000 is the figure that the homeowner would actually be happy to accept.

It’s far better to allow your estate agent to price the property realistically in the first place!

  1. It’s Lacking Kerb Appeal

Be honest with yourself, does your property look attractive from the outside?

Research has found that a lot of buyers make their mind up about a property before they even step through the front door, so if your home is looking tired and worn on the outside, then it could be putting buyers off.

You don’t need to spend a fortune to improve the kerb appeal either. Just putting a couple of hanging baskets up and making sure the window frames are clean can make a big difference.

It could even be something as simple as cutting the front lawn or moving the wheelie bins so they’re not directly on show.

  1. It’s Not Being Marketed Properly

Let’s face it, most buyers will go online at the start of their property journey, utilizing social media, estate agents websites and property portals such as Rightmove and Zoopla.

Your estate agent should be advertising your property across a wide variety of media, both online and offline to ensure you are reaching a rounded audience.

Check with your estate agent that your property is being listed to its full potential. If it’s not, then it may be time to find a new agent!

  1. It’s Cluttered

Few things are as off-putting to a potential buyer than a house that’s packed full of clutter.

Buyers want to imagine themselves living in the property, so even though you’re still living there, make sure it’s as clean and tidy as possible before any viewings take place.

As much as possible you should be aiming to give buyers a blank canvas to work with so they can picture where their own furniture and possessions might go, so keep it tidy.

  1. You’re In a Long Property Chain

If you’re moving into a property that’s part of a long chain this could be enough to deter some buyers.

Although this usually can’t be helped, if there’s anything you can do to get out of the chain, such as renting a property in the short-term while you wait for your purchase to go through, then it may be worth considering – especially if you’ve been struggling to sell for months.

  1. Buyers Aren’t Seeing Its Full Potential

When you’re living in a property day to day it can be easy to forget how appealing it might be to a fresh set of eyes. It’s vital that your property is working as hard as it can for you to be sold.

For example, if you’ve been granted planning permission for an extension but you haven’t gone through with it, make sure your estate agent is aware. Similarly, if your neighbours have been granted planning permission with no problems then let your estate agent know about it.

These might seem like insignificant details to a seller, but to a buyer who’s trying to imagine the property in 5-10 years’ time, it’s great information to have.

And it’s not just big things like extensions either. Make sure your property is being displayed in its best possible light by making some subtle changes. Whether that’s using bright and airy colours to redecorate, or hanging up a mirror to make a room feel bigger, some minor changes can make a major difference.

  1. It’s Poorly Maintained

It’s easy to let things slide at home, particularly if the issues aren’t causing you any major headaches.

However, buyers will usually notice the little details that you have learned to ignore, such as a missing pane of glass, a wonky fence post or over-flowing gutters. Seemingly minor issues like these can be enough to put some buyers off, because they suggest that there could be bigger issues lurking too, even if you know there aren’t.

So before your next viewing, just make sure all those little odd jobs and easy fixes are completed, as they could be making a bigger difference than you realise.

Is your home up to scratch and ready for market? Let us advise you. Stephens & Partners Estate Agents are your local property experts for the Cardiff area.

Call us on 029 2022 7603 or email info@stephensandpartners.co.uk to find out how we can help you sell your home.how can i sell my house