gazumpverb [ T often passive ]
uk/ɡəˈzʌmp/us/ɡəˈzʌmp/UK informalto refuse to sell a house that you own to someone you have agreed to sell it to, and to sell it instead to someone who offers to pay more for it:
Sally's offer for the house has been accepted, but she's worried she might be gazumped.
Thesaurus: synonyms and related words
Mortgages & real estate
- brick
- chain
- endowment policy
- estate agency
- Fannie Mae
- Freddie Mac
- freeholder
- holding
- home buyer
- housebuyer
- landholding
- leaseholder
- lessee
- negative equity
- open house
- owner-occupied
- rateable value
- real estate agent
- repayment
- title deed
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Negotiating prices
gazumping
noun [ U ] uk/ɡəˈzʌm.pɪŋ/us/ɡəˈzʌm.pɪŋ/
During the 1980s, practices like gazumping gave the property business in England a bad name.