Gazundering refers to the reduction in the offer price of a property after agreeing to a higher one; it is a situation whereby a prospective buyer or tenant directly or through his agent reduce the price or rent that had already been agreed upon (normally just before contracts are exchanged). This happens in a situation where there is no competition for the subject property. However, it is not right and it is normally wrong to do so, especially when genuine offer had be received and there was understanding that the prospective buyer or tenant would perform at agreed period of time. The action portrays the agents involved in such activities as ‘unreliable’ and this would be an indictment on the practitioners.
