gazumping

Definition

When a seller accepts a higher offer after already agreeing to sell to someone else, legal in some markets and utterly infuriating everywhere. It's the real estate version of being left at the altar, except the bride married someone richer.

Example Usage

We got gazumped at the last minute—seller took an offer that was 20k higher despite our accepted offer.

Origin

British slang from the 1920s, possibly derived from Yiddish 'gazumph' meaning to overcharge or swindle

Fun Fact

Gazumping is legal in most US states until contracts are signed, but is actually illegal in Scotland and Australia, where verbal agreements carry more weight.

Source: International real estate transaction terminology

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