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Gazundering
 

 

When the purchaser of a property reneges on an agreement to buy and tenders a lower price than previously agreed. This usually occurs when prices are falling and properties are difficult to sell. It exploits the fact that if the seller does not accept the lower price they will have to bear the delay and costs involved in finding a new buyer at, possibly, an even lower price.

 

Reference: Oxford Press Dictonary of Economics, 5th edt.