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English definition of “gazump”

gazump

verb [T often passive] uk   /ɡəˈzʌmp/ UK informal us  
to refuse to sell a house that you own to someone you have agreed to sell it to, and to sell it instead to someone who offers to pay more for it: Sally's offer for the house has been accepted, but she's worried she might be gazumped.Mortgages and real estateRenting, hiring and hire purchase in general Renting propertyNegotiating prices
gazumping
noun [U] uk   /-ˈzʌm.pɪŋ/ us  
During the 1980s, practices like gazumping gave the property business in England a bad name.Mortgages and real estateRenting, hiring and hire purchase in general Renting propertyNegotiating prices
(Definition of gazump from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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