Well, that's a new trick to try...

merrydance

Ah yes I work in an estate agents and the "term" I used for gazundering certainly happens, just this weekend in fact. The buyer pulling this stint doesn't seem to happen so much in a sellers market. Alter Ego is correct.

DaftyDuck

I don't think you've understood the terms... wherever you work!

AdrianC

merrydance wrote: »

This is happening increasingly in this sellers market.

The solicitor hasn't had it happen in the last 15yrs and only rarely before.
The EA has never had it happen.

Of course, that was just the start of the hilarity...

merrydance

Had a chat with my colleagues this scenario is also called gazumping, was a rare thing, but is increasing, especially in London and the south east. No need to be insulting Dafty, Alter Ego you are correct do you want my job! Only a receptionist I'm afraid.

AdrianC

The more usual use of the terms is...

Gazumping - a buyer's offer is going through, somebody else offers more before exchange, the vendors sell to them instead.
Gazundering - a buyer's offer is going through, they reduce their offer before exchange and threaten to pull out.

It's nearer to the former than the latter. Gazumping without the other seller.

Grenage

I think we'd all feel a lot better using these terms if they weren't so ridiculous.

DaftyDuck

I'm not being insulting, I'm merely stating that the term gazumping would not normally be used for these kinds of shenanigans. Adrian has used the term correctly.

The "correct" term for this is ghost gazumping. It's actually a very different kettle of fish to gazumping... It's also a nasty, ugly expression for an equally unpleasant act. The act isn't that new, but the expression is.

merrydance

I agree with you totally should be banned. It's stressful enough buying a house as it is.

oystercatcher

Something similar happened to my parents about 18 years ago. However as it was a rarely available property in a prime location they paid up.

They still complain about " Greedy Mrs X" though !

KerrBearrxo

Joskat wrote: »

Skip forward 3 years and planning permission has just been granted for building 70+ houses on the land at the back of the original house we wanted.............

And that is what we love to call good old karma.

lol!