gazump
Verb: 1. To raise the price of something, especially a house or property, after a verbal agreement has been made with a buyer but before the contracts are formally signed and exchanged. 2. (Informal, chiefly British) To swindle or overcharge someone.
The verb "gazump" is primarily used in the context of property transactions. It describes an unethical practice where a seller accepts a higher offer from a new buyer after having already accepted a lower offer from an initial buyer. It implies a breach of good faith, though it may not be illegal depending on the jurisdiction and the stage of the transaction. It is often used in the passive voice (e.g., "to be gazumped").
- Verb (Active Voice):
- The seller decided to gazump us at the last minute, asking for £10,000 more.
- We were afraid the other bidder would gazump our offer.
- Verb (Passive Voice - Common):
- Our first-time buyers were gazumped and lost their dream home.
- I can't believe we got gazumped after our offer was accepted.
- "to gazump someone": The direct object is the person who is the victim of the action.
- A ruthless investor gazumped the young couple.
- "to be gazumped on something": Specifies the item (usually a property) that was the subject of the deal.
- They were gazumped on the Victorian terrace they loved.
- Gazumper (noun): A person who engages in gazumping.
- The gazumper profited from the heated property market.
- Gazumping (gerund/noun): The act or practice of gazumping.
- Gazumping is a frustrating reality for many home buyers.
- Outbid (in this specific context): To make a higher bid than someone else.
- Reneg on a deal (phrase): To fail to keep a promise or agreement.
- Swindle (general): To cheat someone out of money or property.
- Honor a deal/agreement (phrase): To fulfill the terms of a deal.
- Undersell: To sell at a price lower than expected or than someone else.
The core meaning of "gazump" is specifically tied to reneging on a prior agreement for financial gain, particularly in property sales. The secondary, more general meaning of "to swindle" is derived from this primary context but is less commonly used. The word is informal and carries a strong negative connotation of unfairness and bad faith.
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raise the price of something after agreeing on a lower price
-
rip off; ask an unreasonable price
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