At Horton & Storey, we understand the potential risks of gazundering and take a proactive approach to mitigate them.
As a homeowner, the prospect of being gazundered can be daunting. To avoid falling victim to this tactic, it’s essential to take the following steps:
Choose a chain-free buyer
When you have multiple interested parties, prioritize those not part of a chain. They are more likely to move quickly and won’t be burdened by additional costs or affordability issues that could lead to a lower offer.
Set a date for the exchange
As soon as possible, establish a target date for when you’ll aim to exchange contracts. This will keep all parties focused and motivated to move forward.
Stay in regular contact with your solicitor and agent, and ensure they are in touch with the buyer’s solicitor to ensure everything is progressing smoothly. Additionally, if possible, maintain open communication with the buyer to build a relationship and prevent them from resorting to underhanded tactics.
Be realistic about your price
Setting your house price too high increases the buyer’s chances of lowering their offer. Establish a fair price to avoid this from happening.
Get a good estate agent
A quality agent will know how to handle tricky buyers and keep the process on track to ensure a successful sale. You can see tips on how to choose HERE.
Don’t hide any problems with the property or the surrounding area. Being honest and upfront will prevent surprises later on and reduce the chances of the buyer lowering their offer or backing out.
Work out your finances
Even when a reasonable offer has been accepted, if you’re in a chain and need to move, calculate the lowest bid you would be willing to take. This will prepare you in case the buyer does reduce their offer, and you’ll know your bottom line.
Following these tips can mitigate the risk of gazundering and ensure a smooth and successful property sale.
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