gazump

Definitions

Banking

  • verb to stop someone buying a property for which he or she has already agreed a price with the seller by offering a higher price

Real Estate

  • verb to reject a previously agreed offer to buy a property after receiving a better offer from another buyer

Slang

  • verb to cheat (in a house purchase) by raising the price at the last moment, after agreement has been reached but before contracts have been formalised. An old expression from the language of swindlers, revived to denote a practice which became widespread during and after the dramatic rise in property prices in 1972. The word formerly existed in several forms (gazumph, gazoomph, gazumf, etc.) and is from Yiddish.
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