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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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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."
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.
A spokesman for the Department for the Environment, Transport and the Regions said that housing minister Nick Raynsford is intent on passing legislation that will 'close the window on gazumpers'.
But a survey by pollsters MORI has discovered that one in three homeowners would renege on a deal if gazumpers offered them an extra pounds 5,000 before contracts were exchanged.
He started building a nest of grass and feathers weeks before she moved in, spinning round and round with his wings outstretched to make a bowl shape, and fighting off any gazumpers.
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. For pounds 30 it covers up to pounds 300 in legal fees, pounds 400 of mortgage arrangement, valuation and survey fees, and up to pounds 300 for any wasted household insurance on the property.
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.