We've now got "Gazanging"

Graham_Devon

Gazanging being a term to describe when the seller pulls out of the transaction at the last minute.

Research shows that gazanging happened in 54,000 cases in the first half of 2011, with the main reasons being that the seller simply changed their mind, or got cold feet.

Apparently it's now going to affect buyers more than gazumping did.

12% of sellers who "gazanged" stated they did so because they simply got cold feet, while 28% claimed they could not find a suitable home to buy.

Simple legal framework is being called for, as this is something else effecting the property market at the moment.

http://www.guardian.co.uk/money/2011/sep/19/gazanging-menace-homebuyers-property-market

After gazumping and gazundering, the property market has identified a new danger for would-be homeowners: gazanging. Volatile house prices and a lack of available property is driving the phenomenon of sellers pulling out at the last minute.

Research from the legal property website In-Deed suggests that sales fell through at the last minute for more than 54,000 homebuyers in the first half of 2011 because sellers changed their minds and opted to stay put.

The website, which has coined the term gazanging, said the incidence of sellers pulling out had risen by 20% over the first half of last year and was now more likely to affect buyers than gazumping – an unwelcome feature of the last property boom when sellers accepted an offer, only to renege on it for a higher offer from another buyer.

Percy1983

Sounds worrying, wasn't too worried about gazumping in the current market but this could cause me problems.

Surely they should at least be reasonsible for all fees paid by the buyer to date as they could have ran up a good few with a survey etc.

tyllwyd

I'm surprised that they've said it only applies to sellers - it seems to me that buyers are doing the same thing (although I suppose some of those buyers will be sellers as well if they are in the middle of a chain).

stonethrower

I don't know why they don't make these sort of things illegal, as far as I know its illegal in Scotland so it wouldn't be hard to change the law here.

Mallotum_X

Hasnt it always been so that some deals fail at the end, not sure its really telling us anything new.

PasturesNew

They still have to pay the EA though, as the EA's contract states they have to find a willing/able buyer, which they did.