Gazundering

[Cyberman]

The government introduces those useless and expensive HIPS, but has done nothing to tackle these kind of practices. We should have a system like Scotland in this country, where an accepted offer forms a contract to buy.

When an offer is made and accepted, normally a deposit is taken. The deposit should be set at such a level that the buyer will think twice before gazundering, as they risk losing that money. Simple!!!

[wobbegong]

I thought a "Gazunder" was another name for a chamber pot (a 'potty' to most of you lot), so called because it "gazunder" the bed. I kid you not.

[Mailman]

The government introduces those useless and expensive HIPS, but has done nothing to tackle these kind of practices. We should have a system like Scotland in this country, where an accepted offer forms a contract to buy.

Absolutely, once a price is agreed thats it!

Of course that means this country would have to adopt a common sense approach to its legislation, and lets be honest, its not like this countries laws are applied with any intelligence is it?

Then again, Scotland still has ist own problems with the offers over system! Surprised this country hasnt adopted that little gem!

Mailman

[Chugnut]

We should have a system like Scotland in this country, where an accepted offer forms a contract to buy.

That's a plus point for buying at auction. Once the hammer falls, there's no mincing about.

[oracleslave]

We should have a system like Scotland in this country, where an accepted offer forms a contract to buy.

Agreed.

[Bagpuss]

The government introduces those useless and expensive HIPS, but has done nothing to tackle these kind of practices. We should have a system like Scotland in this country, where an accepted offer forms a contract to buy.

[Turion]

I'd never even heard of this practice before, but CNN were making a big deal of it in the UK housing market last night.

This happens in a downturn, such as in the early '90's. Buyer agrees a price, and then later, decides to offer less. As there are no other buyers around, seller often will accept. Great Property doom story. Please post a link.

[Lockhouse]

I think what's happening is that people might have offered what was market price for a house 3 or 4 months ago - they're just coming round to exchange time now (especially if there's a chain involved) and the purchaser is realising that they are paying significantly over the odds in today's financial climate. Hence the vendor either readjusts their expectations or loses the sale.

[Dow Jones]

Common thing

Very common with expensive properties, last minute threat of withdrawal (on exchange day) can result in 10's of 000's 'enforced discounts'. Lot of solicitors now charge the other party if the deal doesn't go through.

[Spacecadet]

I'd never even heard of this practice before, but CNN were making a big deal of it in the UK housing market last night.