verb
- to raise the price of a property after a buyer has agreed to purchase it at a lower price but before the sale is legally completed
Usage: British; informal; real estate
Examples
- We were gazumped at the last minute when the seller accepted a higher offer.
- The couple lost their dream home after being gazumped by another buyer.
- House prices were rising so quickly that many buyers were being gazumped.
- They gazumped us just days before we were supposed to sign the contract.
- To avoid being gazumped, some buyers offer more than the asking price.
- The seller gazumped three different buyers before finally completing a sale.