1. the practice of raising the price of a property after a buyer’s offer has been accepted but before the sale is legally completed
Usage: British; real estate

Examples

• The seller engaged in gazumping by demanding an extra $10,000 just days before closing.
• Gazumping left the young couple devastated after they had already arranged their mortgage.
• The real estate agent warned buyers about the possibility of gazumping in the current market.
• New regulations were introduced to prevent gazumping and protect home buyers.
• After experiencing gazumping twice, they decided to look for properties in a different area.
• The practice of gazumping has become increasingly common in hot housing markets.