gazump

Imagine you've finally agreed on a price for your dream house. But then, just before the final paperwork is signed, the seller suddenly asks for more money because another buyer has made a higher offer, or they drop your deal and take the better one instead. That, my friend, is what it means to be "gazumped."

The word is mainly used for property sales, especially in British English. It describes a seller who backs out of a verbal agreement so they can accept a higher offer from someone else. People usually see it as unfair, and it can leave the first buyer upset and out of pocket after paying for surveys, legal work, or other costs. In places like England and Wales, it can still happen before contracts are formally exchanged.

To "gazump" someone means to go back on an agreed price or arrangement at the last minute because a better offer has appeared, usually so you can gain more money. The word is strongly linked to property sales and is especially common in British English. It likely came into English in the early 20th century, probably from a Yiddish source connected with overcharging or cheating.

Today, "gazumping" is most commonly associated with property transactions, especially in the UK and also in Australia. It happens when a seller accepts a higher offer from a different buyer after already verbally agreeing on a price with the first buyer, but before legally binding contracts are signed. This can leave the original buyer in a difficult position, having already spent money on surveys, valuations, and legal fees for a home they may no longer be able to buy.

While it is frowned upon, it can still happen in markets where a verbal agreement does not yet give the buyer strong legal protection. It is a frustrating experience that shows how exposed buyers can be before a contract becomes binding.

The word is sometimes used more loosely outside real estate too. You could say someone "gazumped" you in another negotiation if they changed the terms at the last moment or ignored your agreement because a better deal came along. Even in those wider uses, the idea is the same: someone breaks their word for extra advantage. So be careful, and try to get important deals in writing as soon as you can.