Definitions

1. verb

to withdraw or cancel an offer to buy a property, especially in order to make a higher offer to the seller or another buyer

“The sellers had been gazumped by the new buyer who was willing to pay more for the house.”

2. noun

the act of withdrawing or canceling an offer to buy a property, especially in order to make a higher offer

“The gazump was a major problem in the real estate market, causing many buyers to lose out on their dream homes.”