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gazump

to agree a fixed price for a house, and then to sell it to another buyer for a higher price

TRANSLATION

to gazump = beim Hauskauf den Preis nachträglich heraufsetzen to gazump (Brit.) (sl.) = entgegen vorheriger Zusage ein Haus an einen Höherbietenden verkaufen LEO 

STATISTICS

IN THE PRESS

If you put in an offer to buy a house which is accepted by the seller, but then the seller decides to go back on the agreement and accept a higher offer from a different bidder, then you have been gazumped.

(BBC News - 21st September 2005)
http://news.bbc.co.uk/1/hi/business/2946170.stm

Did you
know?

gazump
verb

1: rip off; ask an unreasonable price
2: raise the price of something after agreeing on a lower price

Synonyms:
overcharge, soak, surcharge, fleece, pluck, rob

Antonym:
undercharge

Source: WordNet ® 2.0, © 2003 Princeton University


gazump
noun

A situation in which the price for real estate or land is raised to a higher price than what was previously verbally agreed upon.

Source: Investopediacom


NOTE:
Be careful with this word, different dictionaries and sources give slightly different meanings (see above). I recommend the usage given by the BBC example above, and that given here below:


IMPRESS YOUR FRIENDS TODAY
say something like:

"Buying property in the UK can be a very tricky business. Many potential buyers are gazumped at the last moment."

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