Think New York City real estate is expensive?

Yeah, I know you do.

Well, things are “worse” in London.

The Times has a story out today about a young couple looking to buy their first home. A fixer-upper, they cobbled together as much money as they could and found a nice little home.

For $4.34 million.

The story is funny because it includes the use of two terms I have never heard of (that’s called fractured English, people).

The couple made an offer on a home, which the sellers accepted.

Thrilled with the deal, they found a surveyor and a lawyer, but about two weeks later, the agent called to say they had been “gazumped,” a common term in British real estate that means someone had outbid them. They no longer had the house.

But, turnabout is fair play, as they say (who says that, I don’t know).

The couple found another home they liked and made an offer. Which was accepted by the sellers.

The couple decided to take advantage of the same flexibility in the system that had cost them their first house. With their offer accepted, they asked the owner for a discount, or, in local lingo, they “gazundered.”

“It’s the flip side of gazumping,” Ms. Chasanow said. “It’s not considered very nice. It’s just the way things are done in England.”

Um, yeah. Local lingo in Boston for this type of maneuvering would be called “screwing the other side to get a better deal”.

Source: In London, the Hunt for a Town House – By Beth Harney, The New York Times

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