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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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.
The measures are designed to slash the time it takes to buy a house, currently an average 10-12 weeks, so gazumpers will not have time to make a better offer.
The Queen had to fend off a gazumper to tie up the deal on 18th century Birch Hall in Windlesham, Surrey.
London is in the grip of a runaway boom with gazumpers sending the prices of luxury homes soaring.
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.
Chain breakers and gazumpers are a major concern to more than half the housebuyers in Britain.
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.
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.