Gazundered

Part of speech: verb

Definitions

1. Pressured into accepting a reduced price that a buyer demands at the final stage before a property sale is completed
2. Had a property deal undone by a buyer who lowers the offer just before contracts are exchanged
3. Made to accept a cut in the agreed sale price, sprung on the seller late in a house purchase

Etymology: "Gazundered" is the past tense and past participle of "gazunder", a word from the British property market. To gazunder is to lower a purchase offer at the last moment, after the seller has already agreed to a price and the sale is nearly complete, in the hope of forcing a concession. The verb is a blend of "gazump", which describes a seller raising the price after accepting an offer, and "under", since the buyer is pushing the price down instead. The name of the practice has a more earthy explanation. The word "under" is thought to nod to the chamber pot, which in parts of northern England was kept under the bed. Outdoor privies were common, so a household needed a pot for night-time use, and the bedroom pot was traditionally referred to as the gazunder.

Synonyms: undercut, lowballed

Antonyms: gazumped