Gazundering - The Purchasers Revenge?

After years of climbing prices and vendors having the upper hand, the mortgage application figures show that the shoe is now firmly on the other foot. Finally, a buyers market....

However, this does pose its own inherent problems. Whereas in a rising market the vendor could ruthlessly raise his price towards the end of the conveyancing process, siting more interest and the fact that the conveyancing had taken four months in which time the price had risen by 10%. Now we are faced with the exact opposite.

The front page of every recession hungry tabloid is laden with doom and gloom stories and purchasers are now using this to their advantage. The difference being however that with Gazumping, the public were somewhat protected. If the purchaser was requiring a mortgage then the lender involved would send a surveyor to the property to give it a value, thus ensuring that even in a rising market the purchaser would not pay 'over the odds' as the lender themselves wouldn't lend the higher amount. With
Gazundering though there is no failsafe for the vendor, the only protection they have is the strength of their agents ability, not only to keep the current purchasers desire high but also to progress the sale swiftly and with professionalism.