A new phrase in property related transactional problems has been coined today.
Gazanging is not quite gazumping and it’s not gazundering either. It describes a ‘new’ situation entirely, according to online conveyancers In-Deed.
Sellers sometimes pull out of a sale because they receive a higher offer (gazumping), particularly prevalent in a sellers’ market. Buyers may try to renegotiate a lower price just before exchange of contracts (gazundering). The latter often takes place in a buyers’ market.
Both practices are a menace to the protracted and uncertain nature of conveyancing in the UK, an archaic method of transferring property title from seller to buyer. In fact, the process of conveyancing in England and Wales is positively Dickensian in method and that’s because it hasn’t changed in any great way since the day that Charles himself was putting quill to parchment.
In-Deed say that a further obstacle to a satisfactory home sale is now prevalent. Gazanging.
Gazanging, as they term it, is a situation whereby the property seller simply changes their mind about moving. For a variety of reasons this can happen quite a lot in teh wider market and where the owner cannot find a suitable alternative property, or they fear that the market is moving against them or perhaps mortgage issues are encountered.
Speeding up the conveyancing process would certainly assist matters in giving people less time to change their minds and less opportunity if the process was moving along quickly. But with the best will in the World, nothing will prevent ‘gazanything’ if the rules of conveyancing are not changed.
Ensuring that buyers and sellers are bound by some form of contractual obligation is vital to this. eMoov are pioneering in supporting this principle as the FIRST ONLINE ESTATE AGENT to become members of the e-Homebuying Form, a lobby group that exists to pressure Government to change our backward looking home moving process to one that is fit for the 21st Century. Like Scotland. New Zealand, The USA, Australia, Continental Europe and just about every other country in the World.
In the meantime though, do note this…. All of eMoov’s selling clients have paid an element of the estate agents fee in advance in order to save a typical TEN FOLD in commission compared to expensive High Street agents.
This means that our clients are naturally and indisputably more financially committed to moving. So, as a house buyer, you can be rest assured that eMoov’s sellers are far less likely to change their minds. Less likely to waste your money and to cause you anguish.
Or ‘Gazanguish’, as we like to call it.