gazump

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Gazump

In the sale of real estate, the unexpected raising of the price immediately before the deal closes. That is, after the parties have agreed to the price but before they have signed the appropriate papers, the seller may decide to raise the price. This surprise move is called a gazump. See also: Gazunder.

gazump

An action by a seller to increase the purchase price of goods or property after the buyer is emotionally invested but immediately before the paperwork is signed. Contrast with gazunder.

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A source close to the deal said: "The gazumpers would probably have increased their offer beyond the asking price, but when they heard they were bidding against the Queen, they tactfully withdrew.
Parish councillor and village hall trust fund chairman, Mr Gerald Brewer, said: "As we understand it, the gazumper has offered three times the pounds 12,000 we were offering.
Buying a property will never be like the virtually instantaneous transactions that occur when we buy groceries, but if the process is greatly accelerated potential higher bidders - gazumpers - simply won't get a look-in.
CONCERNS that government plans for Home Information Packs to beat gazumpers could bury the market in red tape deepened this week with news that overworked town hall staff could be drawn into property sales.
No, it's a fast track house sale, pushed through so quickly there is no time for gazumpers to get in on the act.
LAMBETH Building Society has launched an insurance policy against gazumpers.
MINISTERS declared war on gazumpers yesterday with new laws to speed up home buying.
The measures are designed to slash the time it takes to buy a house, currently an average 10-12 weeks so gazumpers will not time to make a better offer.
Buying a home is the biggest financial step of our lives, so gazumpers come top of most hate lists.
The RICS agrees that the way forward must be to speed up the whole selling process, thereby cutting down the time for potential gazumpers to step in.
Mr Clay said: "Potential purchasers can abuse the system every bit as much as gazumpers, though it is usually the latter that makes the headlines.
London is in the grip of a runaway boom with gazumpers sending the prices of luxury homes soaring.