In selling and buying property, a term used to describe when a purchaser has an offer accepted by the vendor but is then gazumped because someone else makes the vendor a higher offer which the vendor then accepts instead of the first person's offer Found on http://www.encyclo.co.uk/local/22643
Gazump is British slang for to cheat in a house purchase by raising the selling price at the last moment after an agreement has been reached, but before contracts have been formalized. Found on http://www.probertencyclopaedia.com/browse/ZG.HTM