Gazundering

Part of speech: noun, verb

Definitions

1. Lowering a property offer at the last minute, just before contracts are exchanged, to pressure the seller into accepting less
2. A buyer's late reduction of an agreed house price right before the sale is finalised, forcing the seller to accept a lower figure
3. The practice of a home purchaser cutting the offer at the final stage of a property deal to squeeze a lower price from the seller

Etymology: Gazundering is a British property term for a buyer who waits until the sale is nearly agreed, then demands a lower price, threatening to withdraw if the seller refuses. The word is a blend of "gazump", which describes a seller raising the price after accepting an offer, and "under", since the buyer's last-minute cut goes under the agreed figure. It is a neat piece of wordplay: one half of the name answers the other. The "under" half may also carry a homely echo. The word is particularly colloquial in the north of England, where it is said to refer to the chamber pot kept under the bed, since toilets were often outside or even down the street. The word is said to have been coined as a playful counter to the seller's trick, a pot tucked beneath the bed for a last-minute bargain.

Synonyms: undercutting