To not know the difference between GAZUMPED and GAZUNDERED?!

[kathkim]

Not sure if I've even spelt that right.

I may be wrong but isn't gazumping when you've had an offer accepted on a house but then the seller accepts a higher offer? And gazundering is when you accept an offer and then the buyer keeps trying to knock the price down?

What WhingingTulip said.

A gazunder is another name for a potty, in the days of outdoor toilets, because it 'goes under' the bed!

Gazumping is when vendor accepts an offer but then accepts a higher offer from someone else. So the original prospective buyer has been gazumped. Gazundering is when the vendor has accepted an offer but prior to exchange of contracts the buyer lowers their offer, very shabby. So the vendor has been Gazundered.

yes, that is also the meaning of 'gezunder' that I knew from my parents....

both are products of the England/Wales house selling system, where the deal is not secure until exchange. (although other systems have different hassles). In a seller's market, another buyer may come in at the last minute before exchange and offer a higher price, tempting the seller to drop the original buyer who by then has spent a lot on surveys etc.

Gazundering happens in a buyers market - the buyer knows the vendor is desperate to sell and doesn't want the chain to come apart. So just before exchange they reduce their offer.

neither is a pleasant thing to do, although with the sums involved it is understandable that people try it on. The usual advice is to call their bluff and see if they actually want to lose the purchase. Also, accepting a gazump is risky because the offer may not go through to exchange and the seller has then lost both buyers.

sorry. The first description refers to gazumping.

On an unrelated note Gazundering in the SE is pretty much a waste of time and money.